Todd Exploration Management Services Ltd and partner Beach Petroleum (NZ) Pty Ltd, wholly owned subsidiaries of Todd Petroleum Mining Co. Ltd and Beach Energy Ltd respectively, are understood to be 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 3 work commitments which includes the drilling of an exploration well before 1 April 2023.  Under the renegotiated terms of the work commitments assigned to the permit which were approved on 17 March 2020, the joint venture is now required to complete an updated prospectivity study of the permit area and make a drill or drop decision, before 1 April 2022. The Stage 3 work commitments remain contingent and include the drilling of an exploration well before 1 April 2023 (previously 1 April 2021), a surrender of 25% of the original permit area before 1 April 2024, and a further drill or drop decision before 1 April 2025.  As part of the Stage 2 work commitments, the joint venture has already completed the purchase of 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 the adjacent 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. 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 Kokako 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. 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 Â Â    Tel: 0064 27 5345 548
Todd Exploration Management Services Ltd and partner Beach Petroleum (NZ) Pty Ltd, wholly owned subsidiaries of Todd Petroleum Mining Co. Ltd and Beach Energy Ltd respectively, are understood to be 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 3 work commitments which includes the drilling of an exploration well before 1 April 2023. 