Project Profile
Estimated value: US$15 million
Location: Papuan Foldbelt, Central PNG Highlands
Area: 8,022 sq km
Located in the PNG Highlands, the licence is one of New Guinea Energy’s six in the Western Province region, and is adjoins several licences in which the acquirers had interests. PPL 277 license covers approximately 8,022 square kilometres and is located in the central Highlands of PNG.
The majority of the licence is in the Papuan Foldbelt which is high mountainous terrain. The licence lies immediately north of the Kutubu, Moran and Gobe/SE Gobe Oil Fields. 13 leads have been identified and there is oil and gas condensate potential throughout the block. 2008 fieldwork identified new seeps at the SE Wage Lead, additional fieldwork planned for 2011.
Operators:
ExxonMobil: 50% working interest
Oil Search: 50% working interest