PEP 38482 (Beach 20%)

The Taranaki Basin is New Zealand's primary hydrocarbon province. In August 2007 Beach agreed to earn a 20% in this exploration permit by participating in the Kopuwai-1 exploration well, which is due to spud late in September, 2007.

The Kopuwai prospect lies 15km to the north of the producing Tui area oilfields and is interpreted to lie on the oil migration pathway from the hydrocarbon source area that charges Tui. The prospect is a well-defined structural trap with more than 30 km² of areal closure and 70m of vertical relief interpreted. Beach assesses the prospect to have the potential to contain more than 100 million barrels of recoverable oil.