Todd Petroleum Mining Co Ltd and partner Beach Petroleum (NZ) Pty Ltd, wholly owned subsidiaries of Todd Petroleum Mining Co. Ltd and Beach Energy Ltd respectively, are offering a farm-in opportunity for exploration permit PEP 57080, located in the offshore Taranaki Basin. The companies each hold 50% interest and are offering up to 33% equity to assist in funding the Stage 2 work commitments, due before 1 April 2020. A contingent well is due to be drilled before 1 April 2021.  Under the renegotiated terms of the work commitments assigned to the permit which were approved on 12 October 2018, the commitments for Stage 2 includes the requirement to purchase 250 km of multi-client 2D seismic data, the reprocessing of a minimum of 75 km of 2D seismic data for AVO, a fault seal study for prospects within the Nimitz 3D data, as well as completing charge and flow path modelling for leads within the Nimitz 3D data, a lead prospectively study, a structural reconstruction study, and to test post-processing techniques on full and angle stack volumes of the Nimitz 3D as secondary deliverables. Todd has expressed potential willingness to farm-down a portion of PEP 38602, which contains the Karewa discovery, to progress exploration and appraisal of the Northern Taranaki Graben  The primary plays in the permit are fault bounded Eocene Tangaroa Formation basin-floor fan sands, with secondary targets in the Paleocene and Cretaceous stratigraphy. Regional data suggests porosity values of 13-22%, average permeabilities of 83 mD and a net to gross of 50-85% can be expected within the Tangaroa Formation sandstones. One of the principal prospects is the Kokako structure, a three-way dip closed target with 360 m of structural closure.Â  The Korimako structure, a three-way dip closed and fault bounded structure, is also prospective at the Tangaroa Formation level. Both prospects have thrust closures. Mean prospective resources for Kokato and Korimako prospects are 500 Bcf of gas and 25 MMbbl of condensate, and 684 Bcf of gas and 34 MMbbl of condensate respectively. Syn-rift coals and mudstones of the Cretaceous Taniwha Formation are the inferred source of hydrocarbons. The formation is expected to be approximately 1,000 m thick below Kokako and Korimako which have access to a large source kitchen located to the south of the permit. Potential seal is provided by tight carbonates and marls of the latest Oligocene to earliest Miocene Tikorangi Formation, the latter a proven sealing lithology in the basin. The formation is expected to be at least 50 m thick over Kokako and Korimako and is considered low risk. Todd reported that velocity analysis has suggested overpressure at the Kokako prospect.  The D1 and D2 deepwater Eocene slump leads offer further upside. These were originally estimated to contain P50 oil originally in-place of 650 MMbbl and 495 MMbbl respectively.  In the event of a success, the development and facilities concept may include a fixed platform, deviated development wells, co-mingled production piped to shore, horizontal directional drilling shore crossing, a high capacity onshore processing facility, onshore compression and tie-in to the Maui Pipeline.   PEP 57080 covers an area of 2,446 sq km and was awarded on 1 April 2015 after being applied for in the Block Offer 2014.Â  Participants in the permit are Todd Exploration Management Services Ltd (50% plus operatorship) and Beach Petroleum (NZ) Pty Ltd (50%).  Interested parties should contact:  Ian Brewer - Todd EnergyÂ Â Â Â Â      Email: ibrewer@toddenergy.co.nzÂ Â Â Â Â Â  Â Â Â Â Â Â Â Â Â Â Â      Tel: 0064 27 5345 548
Todd Petroleum Mining Co Ltd and partner Beach Petroleum (NZ) Pty Ltd, wholly owned subsidiaries of Todd Petroleum Mining Co. Ltd and Beach Energy Ltd respectively, are offering a farm-in opportunity for exploration permit PEP 57080, located in the offshore Taranaki Basin. 