The New Zealand Great South Basin occupies a remote deepwater area off the South Island. Despite the lack of commercial success, vast regions of the basin remain untested and Cretaceous reservoirs in the deepwater sector are believed to hold material liquid potential. The basin attracted high interest from Majors, foreign NOCs and New Zealand-based companies when a new swathe of acreage was released in 2007. Licensees have subsequently acquired significant volumes of 2D and 3D seismic data and undertaken extensive geological analysis. The first deepwater exploration well of the new wave is scheduled for 2017. This Exploration Basin report provides a detailed analysis of exploration in this basin, including discovery and development costs, location maps and information about licensing and fiscal terms. We evaluate the yet-to-find volume and value potential. This report is accompanied by multiple excel downloads which detail costs, volumes and value.