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Both licences are in the heart of onshore production territory in the Taranaki Basin, particularly PEP 38757 which is located between the commercial Waihapa field and the Cheal oil pool (which PEP 38738 operator Austral Pacific Energy is presently production testing).
TAG president and chief executive Drew Cadenhead said the company had already initiated a 3D seismic program in the PEP 38757 licence to delineate drillable prospects from existing leads and TAG company was focusing on lightly explored basins in New Zealand where it had interests in a high-impact prospect portfolio.
Industry sources say South Pacific Energy, one of the Dene Biddlecombe group of companies, may have retained a royalty or revenue stake in the licences despite TAG now holding 100% equity in the permits.
