Project Profile
Location: Western Province of Papua New Guinea
Area: 649 sq km
Start-up Year: -
The licence is comprised of eight graticular blocks which cover a total area of 649 square kilometres and lie 30 kilometres south of the Ubuntu, in PRL 28, and Elevala and Ketu, in PRL 21, gas and condensate discoveries. PPL 430 is immediately adjacent to PPL 259, it is right in the heart of the very active PNG forelands gas and gas condensate fairway, characterised by very high success rates and in close proximity to over a trillion cubic feet of discovered gas.
PPL 430 carries a six-year term and work commitments in the first two years will include technical studies on the license and a 20 kilometre seismic shoot at a cost to the joint venture of no less than US$1 million. In the third and fourth year, contingent on the results of the seismic and studies carried out in the previous years, the joint venture will be required to drill an exploration well. In the final two years of the six-year term, depending on the results of the initial exploration well, Eaglewood and Horizon will need to drill another well.
Operators:
Horizon Oil: Operator with 100% interest