The purpose of this report was to provide an audit for the Joint Venture of current understanding of prospectivity and to recommend the necessary geotechnical studies required which will contribute to the discovery and exploitation of oil and gas within PEL 104 & 111. The possibility exists within PEL’s 104 & 111 to discover potentially large Permian oil and/or gas fields within a liquids rich corridor on the Patchawarra Shelf near the basin margin of the Cooper Basin. There are eight oil pools and thirty gas fields that have been discovered to date in the adjacent acreage to PEL 104/111 that have up to 168 MMbbls of oil in place and 1.4 Tcf of gas in place.