RE: A tale of 3 East Coast Basins Thanks for sending. I agree with Sololeo that I found Todd fracking in taranaki to be very positive. Not just for east coast, but also for some of the deeper structures in taranaki. As far as read through into onshore east coast basin (tag´s target) from what´s happened offshore off of east coast (petrobras) and in the great south basin, i don´t think there is any read through. That would be like extrapolating results in the GOM to shale plays like the eagleford in south texas (there´s no relationship). Deepwater offshore companies are looking for large conventional fomations, whereas onshore east coast tag is looking to prove commercial production rates out of the two source rocks they´ve identified (and potentially find shallower, taranaki like conventional formations - again, these won´t be correlated to deepwater results). I don´t disagree with the notion that any discovery will take some time to get to full field development (service slate, infrastructure, etc). Of the two source rocks, the thinner, 70m thick shale potentially looks more promising - thinner of the 2, but still good thickness, comparable to the bakken). Has very high TOC, good thermal maturity. Probably has higher probability of proving up commercial rates. The ticker shale is very thick (200m+, vaca muerta like thickness, prime eagleford shale type thickness), but TOC is lower. However, a lot of the oil/gas seeps have been traced back to this thicker shale, potentially disproving low TOC, lack of thermal maturity. The shale specs are rough estimates for now, need logs/cores to get better information, so could be that thicker shale works. Would be great to have something like a vaca muerta but in a jurisdiction like NZ instead of argentina. Again, hard to tell now, but it´s nice option value, especially with Apache carry, and at this valuation I think there´s upside from the taranaki conventional work alone. Nice clean balance sheet too, which should only get cleaner as production grows and cash flow increases.