Trans-Orient has been awarded a 100% interest in its third onshore petroleum exploration permit (PEP 50940) that covers an additional
Trans-Orient CEO Garth Johnson commented, "This new permit is highly complimentary to the existing leads and unconventional fractured oil-shale opportunities identified in the Company's adjoining permit PEP 38348. Our field and subsurface work in PEP 38348 indicates that potentially large prospects extend into this new area."
PEP 50940 is located in the northern, oil prone area of the East Coast Basin where local oil and gas seeps confirm a working hydrocarbon system. The sparsely explored area has potential for both large conventional Miocene prospects and widespread unconventional fractured oil-shale opportunities. The organic-rich Waipawa Formation and the 300-500m thick Whangai Formation underlying this Permit are world-class source rocks that compare favorably with other source rocks such as the Bakken Shales and Barnett Shales of North America.
"This new area solidifies and builds upon our acreage position now totaling 2.27 million acres. Future drilling will target conventional exploration prospects and the unconventional fractured oil-shale opportunity where independent reports have estimated multi-billion barrel oil equivalent of prospective resources."
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