Project Profile
Value: Undisclosed
Location: Gulf of Papua
Start-up Year: -
Area: -
Currently leased to Hillsborough 100% Operator. Under the farm-in oil search secures 30% of the licence equity in exchange for funding an extension of the current 3D seismic study over high graded areas in the licence.
Oil Search secures an option to increase its equity to 75% in exchange for a well carry.
The second phase of 3D seismic survey over PPL 234 and PPL 244 will recommence shortly, following a break during the SE trade wind season, with both the 2D and 3D seismic programmes due for completion in the first quarter of 2011.
Operators:
Hillsborough: Operator with 100% interest
Oil Search: Entitled to 30% of the licence equity