Project Profile
Value: Undisclosed
Location: Gulf Province within the eastern Papuan Basin
Start-up Year: -
Area: 3,159 km2
On 2nd September 2009, Kina was awarded 100% working interest in PPL 338. In October 2010 a farm in agreement was signed with Oil Search Limited, setting out the terms upon which Oil Search may earn up to a 70% participating interest in PPL 338.
PPL 338 covers an area of 3,159 km2 onshore Gulf Province within the eastern Papuan Basin. The licence comprises one large southern block of 30 graticular blocks (2,430km2) appended to the Uramu PRL and 3 smaller blocks in the north comprising 3 graticulars each.
PPL 338 is well located to existing infrastructure being approximately 75 km southeast of the Gobe oil fields, 30 km west of the giant Elk/Antelope gas discoveries, close to the town of Kerema and is 280 km west of Port Moresby.
It is about 30 km east of the Oil Search’s oil export pipeline and Interoil’s planned Elk/Antelope export facilities will traverse its eastern border area.
As a follow on from the re-interpretation of the existing seismic data, Oil Search are currently recording 57 km’s of seismic (the Iviri Seismic Survey) to locate an appropriate drilling location up dip of Iviri 1.
On receipt of the processed seismic data from the Iviri Seismic Survey, OilSearch will decide if a viable drilling prospect has been identified or if further seismic recording is required.
The PPL 338 licence has been extended for a further 5 years, with the effective start date of 31 January 2017. The original PPL 338 license expired in September 2015.
The new plan is as follows:
Years 1 & 2 – gravity/gradiometry survey.
Years 3 & 4 – seismic survey and drilling of one well. A second well may be drilled depending on the outcomes of the first well.
Year 5 – licence review
Operators:
Oil Search Ltd: Operator with 35% interest
Kina Petroleum: 30% interest
Total: 35% interest