Matakaea is the Maori name for the area which roughly translates as "Wandering Gaze"

The object in mid frame is the remnants of a septarian concretion, similar to the famous Moeraki Boulders which are located just across the bay, only these are older.
Some contain the fossilised bones of prehistoric creatures. The largest fossil found in New Zealand was discovered not far from here.

"The Otago Museum’s plesiosaur fossil was found at Shag Point below a 10 metre cliff.
It displays a life-like position, with skull and bones together, which leads us to believe it died a natural death as most body parts are present.
Found in 1983 by fossil collector Gary Raper, it is the largest fossil discovered in New Zealand at 8 metres long. Only the forelimbs and pectoral girdle are missing."