Roc Oil Farms-In to Offshore Taranaki

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Roc Oil farmed into PEP 38521, in the Taranaki Basin offshore New Zealand. Roc Oil will contribute towards the cost of the Tuatara-1 exploration well, operated by AWE New Zealand, to earn a 15% participating interest in the permit. The well is targeting roughly 80 MMbbl of potential recoverable oil reserves in a typical Taranaki basin-style trap, similar to the producing Maari oil field 50 miles (80 kilometers) to the northwest. Tuatara-1 will be drilled in 164 feet (50 meters) of water, around 9 miles (15 kilometers) offshore to the north of New Zealand's South Island. The farm-in agreement is still subject to governmental approvals. Following the approval, AWE will hold a 75% operating interest; Roc Oil will hold 15%; and Kea Oil and Gas Limited will hold 10%.

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