Potential for NZ to become a major long term producer is going to rely on the the New Zealand goverment allowing companies in the region to continue fracking.... Tag Oil and Apache are going to break new ground and prove out if the shales on the east coast are feasible and can produce at economic rates.
Current Drilling/Completions all have upside our conventional lands are very prospective but the size of the pools they have went after quite small explaining the large decline in rates over 6 months ect. In alberta where netbacks are less than 50$/bbl companies are making money drilling 200-300bbl/day oilwells and spending alot more capital to do so and still making money. With that being said the conventional resourse that NZ has will be profitable and keep the company drilling for many years to come even if oil prices do dip. Its current Market Cap is ~150mln. Based off of current production and reserves this may be over priced but they also hold 2 000 000 acres of land that is under explored.
Lots of land means lots of potential, we are early in the drilling program lots more to be found some sucsess already. Shorters be ware ...!@