Project Profile
Location: PPL 437, in the Western Papuan Basin
Area: 1,530 sq km
Start-up Year: -
Kina Petroleum, along with Wondecia Limited, the PNG subsidiary of Cott Oil & Gas, has been successful in a joint application for a new licence, PPL437, in the Western Papuan Basin.
There are several leads already identified. In the Northern part of the licence, these leads include potential extensions of prospects already identified in neighbouring licences as well as a lead to the north of the Ketu discovery in PRL 21. In the eastern portion of the licence, a lead to the South East of the Ubuntu discovery has been identified.
The firm work program over the first 2 years of the licence comprises:
- Seismic reprocessing and acquisition of 50 kilometres of seismic data, with minimum commitments of US$200,000 and US$3,000,000 respectively; and either:
- Well (minimum commitment of US$20,000,000); or
- An additional phase of seismic (minimum commitment of US$3,000,000) in place of the well if the first phase of seismic does not permit identification of a suitable drilling target.
Operators:
Kina Petroleum: Operator with 50% interest
Heritage Oil: 42.5% interest