http://web2.encom.com.au/gpinfo/GPinfo_Update_2012.png

 



Monthly Update
The December 2013 data update is now available ...

Industry Summary
Empire Oil & Gas and ERM Power have reached an agreement to replace three board members with representatives from ERM.  Directors Craig Marshall, Neil Joyce and Jeff MacDonald resigned ...

Permit Updates and Changes
In the Barka Basin, the NSW Aboriginal Land Council has applied for PELA 150 over 6,305 sq km and PELA 152 over 4,338 sq km ...
 


 

Monthly Update

The December 2013 GPinfo update is now available.

Christmas Office Closure

Please note that our offices will be closed for the Christmas holiday from Tuesday 24th December to Friday 3rd January, opening again on Monday 6 January.  GPinfo support will not be available during this period.

All the very best wishes for a happy and peaceful holiday season to you and yours from the team at GPinfo.


Industry Summary

Company News

Empire Oil & Gas
and ERM Power have reached an agreement to replace three board members with representatives from ERM.  Directors Craig Marshall, Neil Joyce and Jeff MacDonald resigned 22/11/2013. Tony Iannello and Brett Heading will join existing member Bevan Warris on the Empire board.  ERM Power will look for an experienced CEO, an independent chairman and an independent non-executive director within six months.  At that time, Iannello will resign as chairman but remain on the board while Heading will resign from the board. The new board is set to launch an extensive review of Empire, including its financial position and operational matters. (Source: Empire Oil & Gas announcement, 22/11/2013, ERM Power announcement, 22/11/2013).

Armour Energy is pleased to advise that its Northern Territory conventional gas resources have increased tenfold based on the most recent estimates from SRK Consulting. The company’s mean prospective resource numbers have increased from 322 PJ to 3496 PJ, in addition to the company’s 18.8 tcf of unconventional gas mean prospective resource in the NT. SRK Consulting based its unrisked, mean prospective resource estimate of 2870 bscf on 55 of the company’s prospects and leads. (Source: Armour Energy announcement, 28/11/2013).

Origin Energy and QGC have signed a gas supply agreement providing Origin an additional pathway to monetise its gas portfolio. Under the agreement, Origin will supply QGC with up to 30 PJ of gas at Wallumbilla in 2014 and 2015 at an oil-linked price. The transaction retains Origin’s fuel flexibility with an option to call back certain volumes of gas into its portfolio during peak periods of usage or demand. (Source: Origin Energy announcement, 28/11/2013).

Tangiers Petroleum is to acquire Jacka Resources via an off-market takeover. Tangiers is offering 0.468 Tangiers shares for every Jacka share held. The offer ratio implies a value of 11.2 cents per Jacka share. Upon successful completion of the transaction, existing Tangiers and Jacka shareholders will own approximately 53% and 47%, respectively, of the issued ordinary shares of the combined entity. The Board of Directors of Jacka unanimously recommends that Jacka shareholders accept the offer, in the absence of a superior proposal. (Source: Tangiers Petroleum announcement, 05/12/2013).

Senex Energy
has identified more than 450 oil and gas leads and prospects generated in Cooper-Eromanga Basin permits after a year-long seismic survey and analysis of regional mapping. The data covers proven oil and gas fields in the western flank, northern permits and southern fields. Senex reports that 80% of leads relate to conventional oil, with the remainder relating to conventional gas. Those 80% of leads also relate to lower-risk structural traps while the remainder are stratigraphic traps. Senex intends to continue 3D seismic analysis of the region, converting prospects to drilling targets and installing additional production and transportation infrastructure. (Source: Senex Energy announcement, 10/12/2013).

Geodynamics is pleased to announce it has acquired more than 90% relevant interest in KUTh Energy and will now move towards compulsory acquisition of all the remaining KUTh shares. Shareholders were offered one share in Geodynamics for every 5.5 shares in KUTh. (Source: Geodynamics announcement, 12/12/2013)
.

Developments

ABB has been awarded a $33 million, four year contract to help improve plant productivity and availability at Queensland’s Curtis LNG. Under the long-term service agreement ABB will provide planned and unplanned maintenance services for the upstream and midstream facilities at QCLNG. There is the potential to extend the service term up to a period of 10 years.  (Source: Energy News Bulletin, 20/11/2013).

Woodside Petroleum plans to drill up to 64 production wells in its development of the Browse Basin Gas Fields. According to the Browse FLNG Development Environment Protection and Biodiversity Conservation Referral, the project is to be premised on three drill centres at the Brecknock and Calliance reservoirs and five drill centres at the Torosa reservoir. Those reservoirs have contingent reserves of 15.9 tcf of dry gas and about 436 million barrels of condensate. The entire project is expected to be in operation for 50 years. Woodside said the three floating production vessels used to extract the gas and liquids would each be capable of processing 3.9 to four million tonnes of LNG a year and 17,000 barrels of condensate a day. The project is expected to go into front-end engineering and design stage in 2014 with a final investment decision made in 2015. (Source: Energy News Premium, 06/12/2013).

The hull of Shell’s Prelude Floating LNG Facility has floated out of the dry dock at the Samsung Heavy Industries yard in Geoje, South Korea. Still under construction, Prelude FLNG will be the largest floating facility ever built, with a hull nearly half a kilometre in length at 488m, it is expected to produce 3.6 million tonnes per annum of LNG. The facility will operate for 25 years in a remote basin 475 km northeast of Broome, Western Australia, developing the Prelude and nearby Concerto gas fields. (Source: Energy News Bulletin, 04/12/2013).

Santos is seeking environmental approval for the development of up to an additional 6,100 coal seam gas wells for the Gladstone LNG Project. In a fact sheet posted on its website, Santos says the additional 6,100 wells were part of its gas field development project to secure gas supply for the next 30 years. The gas field development project is located across four local government areas including Maranoa, Western Downs, Banana and Central Highlands. The additional locations will expand the gas fields from approximately 6,887 sq km to 11,192 sq km. (Source: Energy News Premium, 02/12/2013)
.

Discoveries

Senex Energy is pleased to advise that the Burruna 3 oil well successfully appraised the Namur Formation intersected by the Burruna 2 discovery.  In addition, the well encountered approximately three metres of interpreted net pay in the lower Birkhead formation. Wireline logging is currently underway to confirm this discovery. (Source: Senex Energy announcement, 20/11/2013).

Senex Energy has discovered a new oil accumulation in the Patchawarra Formation at Worrior oil field.  Senex drilled the Worrior 8 development well and intersected a net pay originally of up to 18 m. Flow testing and petrophysical analysis, as well as good oil and gas shows, have indicated the formation is also potentially gas bearing.  Production testing of the well started on 16/11/2013 and it is currently shut-in for pressure testing.  Gas has flowed from the Patchawarra Formation at a rate of 700,000 cfd while oil flow has stabilised at 670 bopd. (Source: Senex Energy announcement, 22/11/2013).

The Utopia 16 development well has been cased and suspended as a potential Murta Zone oil producer. The well encountered oil shows and fluorescence in the M2 sand of the Murta Zone with petrophysics analysis of logs confirming a potential oil column of 7 m in low productivity sands. Oil was also encountered in the deeper Namur Sandstone. (Source: Bounty Oil & Gas announcement, 02/12/2013).

Senex Energy has delivered further success in the Cooper-Eromanga Basin in South Australia through its Acrasia 6 appraisal well. The well encountered good oil shows in the Hutton, Birkhead, Poolowanna and Tinchoo formations. Wireline logs indicate approximately 31 m of net pay across these four target zones, with an additional 15 m probable pay in the Birkhead and Tinchoo formations. (Source: Senex Energy announcement, 09/12/2013)
.


Permit Updates and Changes

New South Wales

In the Barka Basin, the NSW Aboriginal Land Council has applied for PELA 150 over 6,305 sq km and PELA 152 over 4,338 sq km.

In the Bancannia Trough, the NSW Aboriginal Land Council has applied for PELA 151 over 8,606 sq km.

In the Murray Basin, Grainger Energy P/L has applied for the following licences:  PELA 153 over 3,721 sq km, PELA 154 over 9,852 sq km, PELA 155 over 9,916 sq km, PELA 156 over 9,997 sq km and PELA 157 over 9,819 sq km
.


Northern Territory

In the Vulcan Basin, AC 13-1, AC 13-2, AC 13-3 and AC 13-4 closed on 21/11/2013 and are under consideration.

In the Browse Basin, AC/P 41 is being renewed.

On the Ashmore Platform, AC/P 47 was cancelled by NOPTA on 28/11/2013.

In the Money Shoal Basin, NT 12-1 was not offered or re-released and the area now reverts to vacant acreage.

In the Petrel Sub Basin, NT 13-4 and NT 13-5 closed on 21/11/2013 and are under consideration
.


Queensland

Gazettal areas PLR 2013-1-1, PLR 2013-1-2 and PLR 2013-2-1 closed on 22/11/2013.  The areas did not get bids and now revert to vacant acreage.

Gazettal areas PLR 2013-3-1, PLR 2013-3-2, PLR 2013-3-3, PLR 2013-3-4, PLR 2013-4-1 and PLR 2013-4-2 released under the cash-bid tender process closed on 10/10/2013 and are under consideration.

In the Bowen Basin ATP 553P will be renewed as ATP 1177P.  Work program is as follows -

Year 1: G&G studies
Year 2: G&G studies
Year 3: 1 CSG well, G&G studies
Year 4: G&G studies
(01/12/2013 to 29/11/2017)

In the Eromanga Basin, ATP 560P is being renewed over a reduced area.  Following the partial relinquishment, ATP 560P now covers 230 sq km, ATP 560P Utopia remains the same and ATP 560P Ueleven has been surrendered entirely.

In the Bowen Basin, ATP 693P has undergone a partial relinquishment and now covers a reduced area of 708 sq km.

In the Eromanga Basin, ATP 765P was granted to Santos QNT P/L 100% on 21/11/2013.  The licence will expire 30/11/2017.  Work program is as follows -

Year 1: G&G (including geochemical fingerprinting)
Year 2: 50 km 2D seismic
Year 3: G&G studies
Year 4: 1 well (to 1000m)
(21/11/2013 to 20/11/2017)

In the Bowen Basin, ATP 769P has undergone a partial relinquishment.  ATP 769P now covers 333 sq km, ATP 769P Central now covers 781 sq km and ATP 769P West now covers 522 sq km.

In the Galilee Basin, ATP 799P is in the process of being relinquished.

In the Eromanga Basin, ATP 820P was granted to Santos QNT P/L on 21/11/2013.  The licence will expire on 20/11/2017.  ATP 820P has been granted over 609 sq km, including previous ATP 616P.   ATP 616P was subsequently relinquished.   Work program for ATP 820P is as follows -

Year 1: 200 km 2D seismic reprocessing, G&G studies
Year 2: 100 km 2D seismic,
Year 3: G&G studies
Year 4: 1 well (to Murta or 1800m)
(21/11/2013 to 20/11/2017)

In the Surat/Bowen Basin, Red Sky/Cydonia has withdrawn from ATP 840P and their interest will be re-assigned to Clark Oil & Gas.

In the Georgina Basin, Central Petroleum and Total have agreed to increase expenditure for Stage 1 of the farmin to ATP 909P, ATP 911P and ATP 912P by US$35 million.  This additional funding will be spent on the three licences, bringing expenditure on the Queensland permits to $83.5 million. This effectively brings forward expenditure planned for Stage 2 and 3 and means that the farmout deal is likely to reach completion before the end of Stage 3.

In the Eromanga Basin, 100% of ATP 917P and ATP 927P will be transferred to Real Energy following the company’s successful IPO.

In the Eromanga Basin, the proposed work program put forward for application ATP 1161P is -

Year 1: 600 km seismic reprocessing, 500 km 2D seismic, studies
Year 2: 100 km 2D seismic, 100 sq km 3D seismic, 2 wells (to 1200m), 1 well frac & flow test
Year 3: 2 wells (to 2000m) 100 sq km 3D seismic, 2 wells to (1200m), frac & flow test
Year 4: 2 wells (to 2000m)

In the Bowen Basin, PLR 2013-1-3 closed on 22/11/2013.  The area is under application as ATP 1182P by U&D Mining Industry (Australia) P/L 100%.

In the Surat Basin, PLR 2013-1-4 closed on 22/11/2013. Three competing applications were received for the area and are currently under consideration:  ATP 1183P by NAVGAS P/L, ATP 1184P by Bridgeport Energy (Qld) P/L and ATP 1185P by Goshawk E&P P/L.

In the Surat Basin, PLR 2013-1-5 closed on 22/11/2013.  The area is under application as ATP 1186P by Goshawk E&P P/L.

In the Bowen Basin, PCA 146 has had its application area varied.

Also in the Bowen Basin, Arrow Energy has applied for potential commercial area PCA 150 over 115 sq km.

In the Cooper Basin, PL 36 has been renewed to 07/04/2023.

QGC P/L has finalised the farmout of 3.4375% to CNOOC Coal Seam Gas and 0.8594% to Tokyo Gas QCLNG P/L in PL 257, PL 273, PL 274, PL 275, PL 278, PL 279, PL 442, PL 466 and PL 474.  In addition, the BG Group’s interest in the licences is now held by BG Group subsidiaries QGC P/L 43.8281% and BG International Ltd 20.625%.

QGC P/L has finalised the farmout of 2.9687% to CNOOC Coal Seam Gas and 0.7422% to Tokyo Gas QCLNG P/L in PL 263, PL 276 and PL 277.  In addition, the BG Group’s interest in PL 276 and PL 277 is now held by BG Group subsidiaries QGC P/L 54.188%% and BG International (Aus) P/L 25.5%
.


South Australia

In the Duntroon Basin, the year 1 work programs for EPP 41 and EPP 42 have been extended by 12 months from 06/07/2014 to 06/07/2015. The licenses have had their expiry dates extended to 06/07/2020 and 06/07/2019 respectively.

In the Cooper Basin, Australian Oil Company have advised all outstanding issues to farm-out its 7.5% interest of PEL 182 in to Dome Petroleum Resources have been resolved. This was achieved by selling this stake to joint venture partners Senex Energy and Drillsearch Energy for $3.75 million. Interests are now: Victoria Oil Exploration (1977) P/L 56.5% and Acer Energy Ltd 43.5%.

In the Otway Basin, Cooper Energy has entered into agreements to exchange equity with Beach Energy that will result in Cooper Energy acquiring a 30% interest in PEL 494 and PRL 32, and reducing its equity in PEL 495 to 30%. Beach Energy will operate the three licenses.

In the Cooper Basin, New Standard Energy has executed a farm-in agreement with Ambassador Oil & Gas to assume 52.5% operated interest in PEL 570 by spending $42.5 million over the life of permit. The transaction was made through the 100% acquisition of Outback Energy Hunter P/L. The new deal supersedes an earlier Heads of Agreement between Ambassador and Outback Energy Hunter P/L. The agreement is awaiting New Standard shareholder approval in January 2014.

In the Cooper Basin, PPL 246 - PPL 250 were granted to Beach Energy Ltd 75% and Cooper Energy Ltd 25% on 21/11/2013 for an indefinite term.

In the Cooper Basin, PRL 16 has been renewed to 13/01/2019.

In the Cooper Basin, Beach Energy has applied for PRLA 85 - PRLA104
.

In the Cooper Basin, Senex Energy has applied for PRLA 76 – PRLA 84 and PRLA 105 - PRLA 107.

In the Cooper Basin, PNC Aust P/L has applied for PRLA 108 – PRLA 110.

Geothermal

In the Otway Basin, GEL 291 is being renewed.

In the Arrowie Basin, GEL 336 and GEL 254 have been consolidated as GEL 254. GEL 254 now covers 907 sq km
.

Sequestration

In the Cooper Basin, Beach Energy Ltd have applied for GSELA 634 over 1,923 sq km.


Tasmania

In the Sorrell Basin, T/32P and T/35P are in the process of being relinquished.  Surrenders were lodged with NOPTA on 14/11/2013.


Victoria

Offshore in the Gippsland Basin, V12-4 was not offered or re-released and now reverts to vacant acreage.

In the Otway Basin, V 13-1 closed on 21/11/2013 and is currently under consideration.

In the Gippsland Basin, Strategic Energy Resources Ltd assigned its interest in VIC/P41 to wholly-owned subsidiary Shelf Oil P/L in July 2013.  Oil Basins Ltd recently reached agreement to acquire Shelf Oil P/L from Strategic Energy Resources.  Oil Basins will issue Strategic 7 million new Oil Basins’ shares at 2 cents per share for 100% equity in Shelf Oil.

In the Gippsland Basin, Year 1 of the work program for VIC/P 44 has been suspended by 6 months until 07/052014.  The permit term has been extended to 07/05/2018.

Also in the Gippsland Basin, Seaquest Petroleum has agreed to take over as operator of VIC/P 47 and Bass Strait has agreed to transfer its 40% to Seaquest.  Changes are expected to be lodged with NOPTA shortly.  In addition, Oil Basins has a conditional exclusive option over Strategic Energy Resources' 25% interest.   Exercise is subject to NOPTA approving a variation and extension to the permit work program which was lodged with NOPTA on 15/11/2013.   As consideration, Oil Basins will issue Strategic Energy Resources 6 million Oil Basins’ shares at 2 cents per share.

In the Gippsland Basin, production licence VIC/L 31 was granted over the West Seahorse field on 05/12/2013 for an indefinite term.

Onshore, in the Murray Basin, VIC/M-13 (1) and VIC/M-13 (2) closed on 21/11/2013 and are under consideration.

In the Gippsland Basin, V13-1 (V) and V 13-2 (V) closed on 21/11/2013 and are under consideration.

In the Otway Basin, PEP 163 has had its expiry date extended to 18/10/2015.

In the Gippsland Basin, PEP 166 has had its expiry date extended to 02/10/2016.

Also in the Gippsland Basin, PRL 2 has had its expiry date extended to 26/02/2019
.


Western Australia

W 13-1, W 13-3, W 13-9 - W 13-18 closed on 21/11/2013 and are under consideration.

In the Carnarvon Basin, the year 5 work program for WA-255-P has been extended by 6 months from 15/11/2013 to 15/05/2014.The licence has had its expiry date extended to 15/05/2014.

In the Browse Basin, the year 4 work program for WA-302-P has been extended by 6 months from 22/09/2013 to 21/03/2014.The licence has had its expiry date extended to 21/03/2015. Also, the year 4 work program is now -geotechnical studies-$1.28m.

In the Barrow Basin, a retention lease application has been lodged over the Kultarr location WA-334-P L
.

In the Carnarvon Basin, the year 4 & year 5 work programs for WA-347-P are now: Y4-geotechnical studies-$0.8m; Y5- exploration well-$45m.

In the Carnarvon Basin, the application period for the Equus location WA-390-P L has been extended to 01/12/2015.

In the Bonaparte Basin, the year 6 work program for WA-402-P has been extended by 6 months from 11/01/2014 to 11/07/2014.The licence has had its expiry date extended to 11/07/2014. Also, the year 6 program is now: Y6-1490 sq km 3D seismic-$13.6m.

In the Browse Basin, the year 5 & year 6 work program for WA-414-P are now: Y5-150 sq km 3D seismic-$0.9m; Y6-geotechnical studies-$0.3m.

In the Canning Basin, EP 371 is being renewed.

In the Perth Basin, EP 437 is being renewed.

In the Canning Basin, Key Petroleum, through its wholly owned subsidiary Gulliver Productions P/L, has been named the preferred applicant for gazettal L 12-10. L 12-10 is under application as STP-EPA-102
.

In the Canning Basin, L 12-11 is under application as STP-EPA-97 by UIL Energy Ltd.

In the Perth Basin, L 11-8 and L 11-9 are under application as STP-EPA-98 and STP-EPA-99 respectively by UIL Energy Ltd
.

In the Carnarvon Basin, applications STP-EPA-110 and STP-EPA-111 have been varied and now cover reduced areas of 7,645 sq km and 7,715 sq km respectively.

Geothermal

In the Perth Basin, GEP 1 and GEP 2 were relinquished on 19/11/2013.

Also in the Perth Basin, GEP 22 was cancelled by the DMP on 03/12/2013
.


New Zealand

2014 Block Offer areas 14GSC-R, 14RNL-R1, 14TAR-R1 and 14TAR-R2 have been extended to include the parts of the 2013 Block Offer
that were not granted.

In the Taranaki Basin, MultiClient Geophysical P/L has applied for prospecting permit APP 55921. We are awaiting verification of the boundary for APP 55921 and hope to include it in the January 2014 data update.

In the East Coast Basin, Schlumberger Seaco Inc have applied for prospecting permit APP 56061 over 51,784 sq km.

In the Taranaki Basin, PEP 51149 has been renewed to 22/09/2018 over a reduced area of 218 sq km. Work program is as follows -

24 months: 400 km 2D seismic reprocessing, 90 sq km 3D seismic reprocessing, 60 km 2D seismic
32 months: 1 well
36 months: 60 km 2D seismic
48 months: 90 sq km 3D seismic
75 months: 1 well
102 months: 30 km 2D seismic
114 months: 1 well

In the Taranaki Basin, PEP 51152 has been renewed to 22/09/2018 over a reduced area of 53 sq km. Work program is as follows -

20 months: 100 km 2D seismic reprocessing, 50 km 2D seismic or 15 sq km 3D seismic
48 months: 15 sq km 3D seismic
60 months: 1 well
84 months: 1 well
108 months: 1 well

In the Taranaki Basin, Kea Petroleum plc has signed a non-binding Heads of Agreement with an ASX listed company for a staged farm-out of PEP 51153.  Further details of the transaction are expected to be announced in early 2014.

In the Taranaki Basin, PEP 51154 has been renewed to 22/09/2018 over a reduced area of 48 sq km. Work program is as follows -

20 months: 100 km 2D seismic reprocessing, 15 km 2D seismic
48 months: 4 sq km 3D seismic
60 months: 1 well, studies
66 months: studies
84 months: 25 km 2D seismic
96 months: 1 well

In the Taranaki Basin, PEP 51558 was surrendered on 02/12/2013.

In the Taranaki Basin, PEP 51906 has been renewed to 18/11/2021. Work program is as follows -

18 months: 1500 km 2D seismic reprocessing
30 months: 750 km 2D seismic or 1000 km 2D seismic
52 months: 1 well
60 months: 310 sq km 3D seismic
72 months: 400 sq km 3D seismic
96 months: 1 well
132 months: 1 well

In the East Coast Basin, PEP 52976 has been granted to ECEV II Ltd 100% on 29/11/2013. The licence will expire on 28/11/2018. Work program is as follows -

12 months: geological mapping
18 months: 145 km 2D seismic reprocessing, 40 km 2D seismic
30 months: 1 well
36 months: 50 km 2D seismic
48 months: 1 well
60 months: 1 well

In the Taranaki Basin, 13TAR1 has been granted as PEP 55768 to AWE holdings NZ Ltd 51% (operator) and Mitsui E&P Australia 49% on 05/12/2013. The licence will expire on 31/03/2024. Work program is as follows -

12 months: 330 km 2D seismic reprocessing, 30 sq km 3D seismic
24 months: studies
36 months: 60 sq km 3D seismic, 1 well
60 months: 1 well
120 months: 1 well

In the Taranaki Basin, 13TAR4 has been granted as PEP 55769 to Tag Oil (NZ) Ltd 100% on 05/12/2013. The licence will expire on 31/03/2024. Work program is as follows -

12 months: studies
18 months: 100 km 2D seismic
36 months: 1 well
48 months: 1 well
60 months: studies
96 months: 1 well, studies
108 months: studies
120 months: 1 well

In the East Coast Basin, 13EC1 has been granted as PEP 55770 to Eastern Petroleum (NZ) Ltd (operator) 60% and East West Petroleum (NZ) Ltd 40% on 05/12/2013. The licence will expire on 31/03/2024. Work program is as follows -

12 months: 1km 2D seismic reprocessing
18 months: 60 km 2D seismic
36 months: 1 well
48 months: 40 km 2D seismic
60 months: studies
96 months: 1 well, studies
108 months: studies
120 months: 1 well

In the Reinga Basin, part of 13RNL has been granted as PEP 55781 to Statoil Lambda Netherlands BV 100% on 05/12/2013. The licence will expire on 31/03/2029. Work program is as follows -

18 months: 3500 km 2D seismic, 2000 km seismic reprocessing, studies
36 months: studies
54 months: 1000 sq km 3D seismic, studies
72 months: studies
84 months: 1 well
180 months: 1 well

In the Taranaki Basin, 13TAR5 has been granted as PEP 55784 to Petrochem Ltd 100% on 05/12/2013. The licence will expire on 31/03/2024. Work program is as follows -

18 months: 100 km 2D seismic reprocessing
48 months: 20 km 2D seismic
60 months: 1 well
120 months: 1 well

In the East Coast Basin, 13EC2 has been granted as PEP 55789 to Mont D'Or Resources Ltd 100% on 05/12/2013. The licence will expire on 31/03/2024. Work program is as follows -

12 months: 1675 km gradiometric and magnetics data, studies, 100 km 2D seismic reprocessing
24 months: 85 km 2D seismic
36 months: studies
60 months: 1 well
84 months: 85 km 2D seismic
120 months: 1 well

In the Taranaki Basin, part of 13TAR has been granted as PEP 55790 to Octanex NZ Ltd 100% on 05/12/2013. The licence will expire on 31/03/2026. Work program is as follows -

12 months: 2100 km 2D seismic reprocessing, studies
24 months: studies
36 months: 250 km 2D seismic
48 months: 250 km 2D seismic
60 months: studies
72 months: 1 well, studies
84 months: studies
96 months: studies
120 months: studies
144 months: 1 well

In the Great South Basin, part of 13GSC has been granted as PEP 55792 to NZOG Developments Ltd 100% on 05/12/2013. The licence will expire on 31/03/2029. Work program is as follows -

12 months: 20 km 2D seismic, 1km 2D seismic reprocessing, studies
24 months: 500 sq km 3D seismic
36 months: studies
84 months: 1 well
180 months: 1 well

In the Taranaki Basin, part of 13TAR has been granted as PEP 55793 to Woodside Energy Holdings P/L (operator) 70% and NZOG 2013 T Ltd 30% on 05/12/2013. The licence will expire on 31/03/2026. Work program is as follows -

9 months: studies
12 months: 900 km 2D seismic
15 months: 900 km 2D seismic
24 months: studies
72 months: 1 well
144 months: 1 well

In the Great South Basin, part of 13GSC has been granted as PEP 55794 to Woodside Energy Holdings P/L (operator) 70% and NZOG 2013 O Ltd 30% on 05/12/2013. The licence will expire on 31/03/2029. Work program is as follows -

9 months: studies
12 months: 900 sq km 3D seismic
15 months: 900 km 2D seismic
24 months: studies
84 months: 1 well
180 months: 1 well


Papua New Guinea

In the Papuan Basin, Eaglewood Energy has farmed out 20% of PPL 259 to Ketu Petroleum, a wholly-owned subsidiary of Horizon Oil Ltd. Horizon will pay Eaglewood approximately US$3.75 million for Eaglewood's exploration costs.  In addition, Horizon will fund its 35% participating interest and will be required to pay US$5 million of Eaglewood's expenses for the next PPL 259 well. The farmout is conditional on regulatory approvals and other customary conditions.

Also in the Papuan Basin, Kina Petroleum and Hunt Energy have terminated their farm-in agreement in relation to PPL 340 with Hunt being unable to complete the due diligence required under the agreement.

In the Papuan Basin, production licence PDL 10 is expected to be issued over current PRL 4 by the end of 2013.  A Unitisation Agreement has been executed between the PPL 259 and PRL 4 partners.  Eaglewood will formally become a participant in PRL 4.  Equity participation will be determined over the next 3-4 months.

InterOil Corp has agreed to sell a gross 61.3% interest in PRL 15 to Total SA. Total also has an exclusive right to negotiate a farm-in to all of InterOil's exploration licences in PNG including PPL 236, PPL 237 and PPL 238.  Total will make fixed payments to InterOil of US$613 million on transaction completion (Q1 2014), US$112 million on final investment decision for a new LNG plant and US$100 million at first LNG cargo.  In addition, variable payments for amounts in excess of 3.5 TCF equivalent will depend on certification following 3 appraisal wells to be drilled. Total will carry the cost of the appraisal well program. Furthermore, Total has agreed to pay US$100 million per TCF equivalent for volumes over 1 TCF equivalent for additional resources discovered from 1 exploration well.

In the Papuan Basin, InterOil has been granted retention licence PRL 39 over the Triceratops field.  Grant and expiry dates have yet to be confirmed
.


For more information please contact GPinfo support on +61 2 9437 6255 or e-mail to info@gpinfo.com.au.

To unsubscribe click here.

Pitney Bowes Software
Level 7, 1 Elizabeth Plaza
North Sydney NSW 2060
Australia

© 2013 Pitney Bowes Software