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February 2014

DataReSource Well Data
GPinfo has joined forces with DataReSource to further enhance the well information that is available from GPinfo.  DataReSource currently has available over 150,000 data sets and plans to add ...

Industry Summary
ASF Group Ltd will become a cornerstone investor in Key Petroleum Ltd through a significant placement. ASF has agreed to take a 19.9% placement of shares in the capital of the Company at 1.3 cents ...

Permit Updates and Changes
In the Gunnedah Basin, Australian Coalbed Methane and Santos QNT have agreed to restructure current arrangements with regards to PEL 1 and PEL 12 to take account of current conditions in the CSG sector ...


DataReSource Well Data

GPinfo has joined forces with DataReSource to further enhance the well information that is available from GPinfo.

A hyperlink which appears below the basic well information in the Details Window connects to the DataReSource online search service, allowing users to directly access well logs, reports and many other data types direct from the GPinfo interface.

DataReSource currently has available over 150,000 data sets and plans to add over half a million further data sets to the web portal by the end of 2014. 



DataReSource is rapidly becoming a destination for people looking for hard to find data sets that often require detective work to uncover.  In the first 6 months of its operation, DataReSource has assembled hundreds of thousands of data sets from all over the Asia Pacific region, and has helped numerous companies find data that would otherwise have been lost to the industry. If you are looking for additional lost data feel free to contact DataReSource directly by email to info@dataresource.com.au for a free search consultation.

DataReSource Managing Director Zane Prickett stated - "We started the business with a fundamental principal in mind that data needs to be more accessible and data deemed lost needs to be found.  We see teaming up with GPinfo as an important step in making data easier to find for the industry".


Industry Summary

Company News

ASF Group Ltd will become a cornerstone investor in Key Petroleum Ltd through a significant placement. ASF has agreed to take a 19.9% placement of shares in the capital of the Company at 1.3 cents per share. As part of the investment, Ms Min Yang, Chairman of ASF Group, will join the Key board. (Source: Key Petroleum announcement, 20/01/2014).

Royal Dutch Shell plc has agreed to sell its 8% equity interest in the Wheatstone-Iago joint venture and 6.4% interest in the Wheatstone
LNG project in Western Australia for a cash consideration of nearly $1.14 billion to Kuwait Foreign Petroleum Exploration Co (KUFPEC) subject to closing.  Once the deal closes, KUFPEC’s stake of the Wheatstone LNG project will increase to 13.4%, Chevron 64.14%, Apache 13%, Kyushu Electric Power Company 1.46% and PE Wheatstone 8%. (Source: Energy News Premium, 21/01/2014).

The Jacka Resources board has withdrawn its recommendation of the off-market takeover by Tangiers Petroleum. Jacka informed Tangiers Petroleum on 07/02/2014, it would be exercising its right to terminate the bid implementation agreement as not all of the conditions required for a farm-in agreement between Tangiers and Galp Energia were in place by the 01/02/2014 deadline. Jacka has requested payment of the agreed $300,000 break fee from Tangiers, which is due to be paid on or before 11/03/2014. The Tangiers offer remains open for acceptance until 18/03/2014. Trading in the shares of both companies is currently suspended. (Source: Jacka Resources announcement, 10/02/2014).

Buru Energy has successfully completed its first load out of Ungani field crude oil from the Port of Wyndham. In accordance with the terms of the sales and purchase agreement, the oil has been shipped to an undisclosed refinery in Southeast Asia. The Ungani field, which lies onshore in the Canning Basin, is producing from the Ungani 1 and 2 wells. Ungani 1 is flowing at 1,500 bopd and Ungani 2 at 1,000 bopd.  A third well, Ungani 3, has encountered oil shows at the top of the same dolomite reservoir in keeping with the two producing wells. Buru has previously estimated the field reserves to be 5-20 million bbl. (Source: Oil & Gas Journal, 10/02/2014).

AWE has released a very encouraging independent resource estimate of its southern Perth Basin acreage. Gross unconventional prospective resources of 11.1 tcf of gas and 31 million barrels of natural gas liquids were projected to lie within the Perth Basin permits by Deloitte’s Calgary-based Resource Evaluation and Advisory practice. The assessment covered the Kockatea and Carynginia shale, the Irwin River coal measures and the High Cliff sandstone across onshore permits EP 413, EP 455, L 4 and L 5, with all four intervals having demonstrated successful production testing of gas. AWE is actively evaluating a further six onshore permits in the basin to determine the worth of conventional and unconventional exploration and appraisal opportunities in those areas. (Source: AWE announcement, 06/02/2014).

Developments

Toll has been awarded a $90 million contract by global oil and gas exploration and production company INPEX to design, construct and operate the Ichthys LNG Project’s offshore logistics base in the Northern Territory. The base will remotely support major offshore facilities in the Ichthys field, supplying materials to the project’s floating production, storage and offloading vessel and central processing facility. Toll will own the facility, which will also store and distribute spares, equipment and chemicals. Construction is expected to be completed in early 2015. (Source: Energy News Premium, 10/02/2014).

Shell has confirmed it is unlikely to approve development of the $11.4 billion Arrow LNG Project this year.
The Arrow Energy LNG Project was initially scheduled to be approved late last year, and while owner Shell says the facility is still in the pipeline, it will remain on the backburner for the time being. "We recently… postponed the final investment decision on the Arrow LNG Project in Australia. We didn't like the economics and inflation risks on these proposals," new chief executive Ben van Beurden said. (Source: Energy News Premium, 31/01/2014).

Santos, a key stakeholder of the 6.9 million tonne per annum-targeting PNG LNG Project, said the Papua New Guinean project was more than 90% complete, with first LNG exports due in the second half of 2014.  Santos said the LNG plant commissioning was ramping up, with gas circulating in the first of the two trains, refrigeration compressors being test run and the LNG loading jetty and tanks complete. (Source: Energy News Premium, 23/01/2014).

The Curtis Island-based Gladstone LNG Project Santos leads is also keeping to its 2015 first exports target. Santos said construction was more than 72% complete with more than 230 coal seam gas wells drilled in 2013. It said 90% of the modules to build the first train of the 7.8Mtpa project had been delivered to the island and pre-commissioning of the gas transmission pipeline was underway. (Source: Energy News Premium, 23/01/2014).

Discoveries

Beach Energy advises that the Bauer oil field in PEL 91 has increased in size following the drilling of the Bauer 12 appraisal well. Bauer 12 successfully intersected a nine metre oil column, five metres of which is in the Namur Sandstone. An additional four metre oil bearing interval was also intersected in the McKinlay Member. These results have extended the areal extent of the field, with preliminary mapping adding 2.5 million barrels to the 2P reserves of Bauer. Bauer 12 will be cased and suspended as a future oil producer. (Source: Beach Energy announcement, 14/02/2014).

Beach Energy Ltd and Drillsearch Energy Ltd are pleased to announce success from the first of five wells being drilled in a new campaign in PEL 91. The Chiton 3 well was drilled to appraise the northern extent of the Chiton field. Chiton 3 encountered 3.5 metres of oil within the Namur Sandstone and a further 3 metres within the McKinlay Member. It will now be cased and suspended as a future oil producer. (Source: Drillsearch Energy announcement, 21/01/2014).

Beach Energy, Chevron and Icon Energy’s Redland 1 vertical exploration well was drilled to a total depth of 3804 metres to evaluate the shale and basin-centred gas play in the north of the ATP 855 permit. Significant gas shows were encountered in the Toolachee and Daralingie formations, confirming the continuation of the gas play. The well will be cased and suspended pending subsequent hydraulic stimulation and flow testing as part of a multi-well stimulation campaign beginning in the Q3 2014. (Source: Beach Energy announcement, 05/02/2014).

Senex Energy has had success at its Acrasia 8 and Mirage 5 appraisal wells.  Acrasia 8 was drilled in PPL 203 and was cased and suspended after it intersected 29.8 metres of net oil pay across multiple horizons. Over in the Mirage Field, the Mirage 5 appraisal well was cased and suspended as a future oil producer after intersecting 12.1 metres of net oil pay in the Murta Formation. (Source: Senex Energy announcement, 05/02/2014).

The Spitfire 4 appraisal well was drilled in PEL 104 to assess the intra-Birkhead sand, which is the productive reservoir adjacent to the Growler oil field.  Interpretation of wireline logs indicates Spitfire 4 intersected a 20.8 metre gross sand interval within the Birkhead Formation, with 13.8 metres of net oil pay. The well will be completed for production in the Birkhead Formation. (Source: Senex Energy announcement, 05/02/2014)
.


Permit Updates and Changes

New South Wales

In the Gunnedah Basin, Australian Coalbed Methane and Santos QNT have agreed to restructure current arrangements with regards to PEL 1 and PEL 12 to take account of current conditions in the CSG sector in NSW and changes to the minimum work commitments recently agreed with the NSW Government.  Under the restructured arrangements:  the field work which has been on hold will be undertaken by Santos as operator when it is reasonable to do so; the minimum work commitments with the NSW Government will be met by the parties; the $13 million cap for ACM's share of costs will continue to apply until an agreed program of field work has been completed.

In the Sydney Basin, Ceemac P/L 100% has applied for PELA 158 over 2,870 sq km.


Northern Territory

In the Bonaparte Basin, Beach Petroleum (NT) P/L has earned 75% in EP 126, EP 135, EP 138 and NTC/P 10 through the farm-in with Territory Oil & Gas. Beach Petroleum has a right to earn up to 90% in the event that Territory Oil & Gas P/L elects at that point not to contribute.

In the Wiso Basin, Blue Energy has earned 10% working interest in EP 200, EP 205, EP 207, EP(A) 199, EP(A) 206, EP(A) 208, EP(A) 209, EP(A) 210 and EP(A) 211 under the farm-in agreement with Australian Oil & Gas through payment of back costs.

In the Pedirka Basin, the Colson, Dune and East Border blocks have been absorbed back into EP 97 now that Central Petroleum has acquired Rawson Resources’ interest and the Bejah, Simpson and Pelinor blocks have also been absorbed back into EP 97 now that the Santos farm-in is no longer going ahead.

In the Amadeus Basin, the Federal Minister for Indigenous Affairs has approved the agreement reached between Central Petroleum and the Central Land Council on behalf of the Traditional Owners. This together with the letter of no objection sent to the NT Government clears the last major hurdle to the issuance of production licence L 6.


Queensland

Offshore in the Gulf of Carpentaria, the Year 6 work program for Q/23P (1650 km 2D seismic, G&G studies) has been suspended and extended to 20/12/2014 with the licence now expiring on 20/12/2014.

Onshore, in the Eromanga Basin, Bounty Oil is no longer involved in the Utopia farmout block of ATP 560.  This block now reverts to ATP 560.  Bounty retains a 40% interest in production licence PL 214 over the Utopia field.

In the Surat Basin, CNOOC Coal Seam Gas has acquired an additional 14% in ATP 574 (both shallows and deeps and associated PCA 76, PL 392 and PL 393) from QGC.  Interests are:  Senex 30%, BG International (Aus) Ltd Partnership 28%, QGC P/L 23.625%, CNOOC Coal Seam Gas 17.5% and Tokyo Gas QCLNG P/L 0.875%.

Also in the Surat Basin, CNOOC Coal Seam Gas has acquired an extra 20% of ATP 621 (and associated PL 261 and PL 262) from QGC P/L.  CNOOC now holds 25% and QGC P/L holds 43.75%.

In the Surat Basin, CNOOC Coal Seam Gas has acquired an additional 20% of the BG farmout block of ATP 632 (and associated PL 201, PL 211 and PL 212) from QGC P/L. CNOOC now holds 17.5% and QGC holds 43.75%.

In the Surat Basin, CNOOC Coal Seam Gas has acquired an additional 20% of the BG farmout block of ATP 647 from Starzap P/L.  CNOOC now holds 25% and Starzap 43.75%.

In the Surat Basin, CNOOC Coal Seam Gas acquired an additional 13.75% in ATP 648 Shallows (and associated PL 257, PL 273, PL 274, PL 275, PL 278, PL 279, PL 442, PL 466 and PL 474) from QGC. CNOOC now holds 17.188% and QGC holds 30.078%.

In the Bowen Basin, CNOOC Coal Seam Gas Company P/L acquired 25% of ATP 684 from BNG (Surat) P/L. BNG (Surat) retains 75%.

In the Galilee Basin, Bridgeport has withdrawn the application for ATP 714.

In the Bowen Basin, ATP 751 was not renewed and now reverts to vacant acreage.

In the Bowen Basin, the beneficial interests in ATP 758 and ATP 806 (Conventional rights) are Hermes Holdings P/L 32.5%, Maple Leaf Energy P/L 32.5%, OME Resources Australia 26.25% and CNOOC Coal Seam Gas 8.75%.  In the Coal Seam Gas Rights of ATP 758 and ATP 806 (and associated PCAs 90, 91, 92, 93, 94, 95 and 96) OME Resources holds 75% and CNOOC 25%.

In the Surat/Bowen Basin, CNOOC Coal Seam Gas has acquired an extra 20% of ATP 767 from BG International (Aus) Ltd Partnership.  CNOOC now holds 25% and BG International (Aus) Ltd Partnership holds 73.75%.

In the Bowen Basin, CNOOC Coal Seam Gas has acquired an extra 20% of ATP 768 FO Block (and associated PL 501) from BG International (Aus) Ltd Partnership.  CNOOC now holds 25% and BG International (Aus) Ltd Partnership holds 73.75%.

In the Hillsborough Basin, ATP 787 was relinquished and now reverts to vacant acreage.

In the Drummond Basin, ATP 793 was not renewed and now reverts to vacant acreage.

In the Surat/Bowen Basin, CNOOC Coal Seam Gas has acquired an extra 20% in ATP 795 (and associated licences PL 311 and PL 312) from BG International (Aus) Ltd Partnership.  CNOOC now holds 25% and BG International (Aus) Ltd Partnership holds 73.75%.

In the Galilee Basin, ATP 799 was relinquished on 13/12/2013 and now reverts to vacant acreage.

In the Bowen Basin, CNOOC Coal Seam Gas has acquired 25% from New South Oil P/L in ATP 811 and associated PCAs 27, 28, 29, 30, 31, 32 and 33.

In the Clarence/Moreton Basin, ATP 812 was not renewed and now reverts to vacant acreage.

In the Surat/Bowen Basin, ATP 837 was relinquished and now reverts to vacant acreage.

In the Surat/Bowen Basin, ATP 852 now covers a reduced area of 792 sq km following the grant of production licence PL 498.  In addition, CNOOC Coal Seam Gas has acquired an extra 20% of ATP 852 (and associated PCA 106, PL 299, PL 397, PL 398, PL 399, PL 400, PL 401, PL 402, PL 463, PL 464 and PL 467) from BG International (Aus) Ltd Partnership.  CNOOC now holds 25% and BG International (Aus) Ltd Partnership holds 73.75% with Tokyo Gas QCLNG holding the remaining 1.25%.

In the Surat/Bowen Basin, PNC Aust's purchase of 100% of ATP 904 from Beach was subject to Ministerial approval.  After joint negotiations with the DNRM, the DNRM advised that the transfer and the later work program would be unlikely to receive Ministerial approval.  Beach withdrew the later work program application and relinquished the permit.  The DNRM approved the relinquishment on 24/1/2014.  The area now reverts to vacant acreage.

In the Cooper Basin, Bow Energy will transfer 100% of its interest in ATP 948 to Bridgeport on grant of the licence.

In the Surat/Bowen Basin, CNOOC Coal Seam Gas has acquired an additional 25% of ATP 965 from Pure Energy Resources P/L.  CNOOC now holds 25% and Pure Energy holds 73.75%.

In the Surat Basin, CNOOC Coal Seam Gas has acquired an additional 16% of PL 171 from Roma Petroleum P/L.  CNOOC now holds 20% and Roma Petroleum holds 43%.

In the Surat Basin, CNOOC Coal Seam Gas has acquired an additional 11.875% in PL 179, PL 180, PL 228, PL 229 and PL 269 from BG International Ltd.   Interests are now Australia Pacific LNG P/L 40.625%, QGC P/L 37.852%, CNOOC 14.844%, BG International Ltd 5.937% and Tokyo Gas QCLNG P/L 0.742%.

In the Surat Basin, CNOOC Coal Seam Gas has acquired an additional 14.125% from BG International Ltd in PL 247.   CNOOC now holds 17.656% and BG International holds 7.062%.

In the Surat Basin, CNOOC Coal Seam Gas has acquired an extra 16.998% of PL 276 and PL 277 from QGC P/L.  CNOOC now holds 21.248% and QGC holds 37.19%.

In the Surat Basin, CNOOC Coal Seam Gas has acquired 25% from the BG Group in PL 443, PL 458, PL 459, PL 461 and PL 472.  BG International (Aus) Ltd Partnership now holds 75%.

In the Surat Basin, PL 491 and PL 492 have had their application areas varied and now cover 225 sq km and 200 sq km respectively.

In the Surat/Bowen Basin, PL 498 was granted on 19/12/2013.  The licence will expire on 18/12/2014.  This replaces production licences PL 462, PL 465, PL 468 and part of PL 299.

In the Bowen Basin, CNOOC Coal Seam Gas holds 25% of the CSG rights in PCAs 102, 103, 104 and 105.

In the Bowen Basin, Australia Pacific LNG P/L 50% and Santos QNT P/L 50% have applied for PCA 153 and PCA 154 over 158 sq km each.

Geothermal

In the Eromanga Basin, EPG 41, EPG 44 and EPG 47 were relinquished and now revert to vacant acreage.


South Australia

In the Ceduna Basin, the year 1 and 2 work programs for EPP 43 are now -

Year 1: 2000 sq km 3D seismic $10m
Year 2: 3D processing & interpretation $1m

In the Cooper Basin, PEL 103 has been suspended for 6 months from 05/12/2013 to 04/06/2014. The licence has had its expiry date extended to 29/07/2015.

Also in the Cooper Basin, PEL 105 has been suspended for 6 months from 18/12/2013 to 17/06/2014. The licence has had its expiry date extended to 09/07/2014.

In the Cooper Basin, as part of the newly created Wet Gas Joint Venture with Santos, Drillsearch has established a formal split of the PEL 106 A and PEL 106 B permit areas into two licenses. PEL 106 A has become PEL 632 and PEL 106 B remains as PEL 106.  As a result of the division of PEL 106, PEL 632 was granted on 03/01/2014.

In the Cooper Basin, the PEL 113 Zulu farm-in did not proceed.

In the Otway Basin, Rawson Otway P/L and Energetica Otway P/L have transferred their interests in PEL 154 and PEL 155 to Otway Energy P/L. Otway Energy now holds 100%. Furthermore, Otway Energy has entered a royalty agreement with Hardie Energy for 5% to be paid on net proceeds from production less government royalties and is capped at $15 million. Shareholder approval is required.

In the Eromanga Basin, the year 4 work program for EP 183 has been extended by 6 months from 17/01/2014 to 17/07/2014. The licence has had its expiry date extended to 04/08/2015.

In the Otway Basin, the year 5 work program for PEL 494 has been extended by 12 months from 24/03/2014 to 23/03/2015. The licence has had its expiry date extended to 23/03/2015.

In the Otway Basin, the year 5 work program for PEL 495 has been extended by 12 months from 02/03/2014 to 01/03/2015. The licence has had its expiry date extended to 01/03/2015.

In the Cooper Basin, the PEL 516 Rowley farm-in did not proceed. PEL 516 R has been absorbed back into PEL 516.

In the Cooper Basin, New Standard Energy shareholders have approved the farm-in agreement with Ambassador Oil & Gas to assume 52.5% operated interest in PEL 570, leaving just a final regulatory step of South Australian Government approval to be completed.

In the Cooper Basin, Victoria Oil Exploration (1977) P/L 55%, Stuart Petroleum P/L 25% and Komodo Energy P/L 20% have applied for PPLA 251 over 1.0 sq km.

In the Cooper Basin, applications PRLA 105, PRLA 106 and PRLA 107 have been varied and now cover 83 sq km, 23 sq km and 94 sq km respectively.

In the Cooper Basin, Victoria Oil Exploration (1977) P/L 55% and Stuart Petroleum P/L 45% have applied for PRLA 116 over 64 sq km.

In the Cooper Basin, Victoria Oil Exploration (1977) P/L 55%, Stuart Petroleum P/L 25% and Komodo Energy P/L 20% have applied for PRLA 117 over 1.6 sq km.

Geothermal

In the Eromanga Basin, the year 5 work program for GEL 191, GEL 192 and GEL 193 has been extended by 6 months from 01/01/2014 to 30/06/2014. The licenses have had their expiry dates extended to 31/10/2014.

In the Cooper Basin, the area of GEL 211 has been extended and now covers 322 sq km.

In the Cooper Basin, GEL 220 was relinquished on 23/01/2014.

In the Arrowie Basin, GEL 254 has been renewed to 22/11/2018. Work program is as follows -

Year 1: G&G studies (in GEL 156 or 254)
Year 2: G&G studies (in GEL 156 or 254)
Year 3: G&G studies
Year 4: 1 well, G&G studies
Year 5: G&G studies


Tasmania

Offshore Tasmania, in the Bass Basin, Prize Petroleum Co Ltd (a wholly owned subsidiary of Hindustan Petroleum Corp Ltd) will acquire 11.25% of T/L 1 and 9.75% of T/18P for a total cash consideration of A$85 million.  AWE will receive A$80 million on completion of the sale, with a further A$2.5 million on completion of the BassGas Mid Life Enhancement project (2 development wells and installation of gas compression); and A$2.5 million if the MLE project costs do not exceed an agreed threshold. The sale is subject to standard JV and government approvals including approvals from the FIRB and the Reserve Bank of India.

In the Sorrell Basin, T/32P and T/35P were relinquished on 05/02/2014 and now revert to vacant acreage.

In the Otway Basin, T/34P was renewed to 13/01/2019 over a reduced area of 1,977 sq km.  Work program is as follows -

Year 1: 559 km 2D seismic reprocessing, geotechnical studies $0.62m
Year 2: 430 sq km 3D seismic reprocessing, geotechnical studies $1.2m
Year 3: geotechnical studies $0.7m
Year 4: 1 exploration well $30m
Year 5: geotechnical studies $0.5m

In the Gippsland Basin, NOPTA did not consent to Larus’ application to surrender T/46P.  The licence
will remain active until it expires (due 05/03/2014) or is cancelled.

Onshore Tasmania, EL 3/13 was granted to Petragas Ltd on 16/01/2014.  Licence will expire on 15/01/2019.


Victoria

Offshore in the Gippsland Basin, Cooper Energy's acquisition from Bass Strait Oil of 25.8% of VIC/P 41 and the option agreement in relation to VIC/P 68 were not approved by Bass Strait shareholders and will not proceed.

Also in the Gippsland Basin, the application for a suspension and extension of the Year 4 work program for VIC/P 42 was not approved.  The licence will expire on 17/09/2014.

In the Gippsland Basin, NOPTA did not consent to Larus’ application to surrender VIC/P 63 and VIC/P64.  The licences will remain active until they expire or are cancelled.

In the Gippsland Basin, the JV application to surrender VIC/P 66 was rejected by NOPTA.  The licence is in the process of being cancelled.

In the Gippsland Basin, Roc Oil and Beach Energy each hold 50% of VIC/L 26, VIC/L 27 and VIC/L 28 after the withdrawal of Pertamina and Sojitz effective 31/12/2013.

Geothermal

In the Gippsland Basin, GEP 6, GEP 8 and GEP 11 have had their expiry dates extended to 12/12/2018.


Western Australia

In the Browse Basin, the year 2 work program for WA-342-P has been extended by 6 months from 03/01/2013 to 03/07/2013. The licence has had its expiry date extended to 03/07/2016.

In the Carnarvon Basin, the Thebe location application was submitted 24/01/2014 over WA-346-P.

In the Carnarvon Basin, the year 4 work program for WA-350-P has been extended by 12 months from 22/02/2014 to 22/02/2015. The licence has had its expiry date extended to 22/02/2016.

In the Carnarvon Basin, MEO and Cue jointly marketed their respective interests in WA-360-P and WA-361-P to potential new entrants during Q4 2013 but did not receive an acceptable offer from a potential farminee. The farm-down process has been terminated. Furthermore, the year 4 work program for WA-361-P is now – Year 4: geotechnical studies $0.2m.

In the Carnarvon Basin, Shell decided not to pursue an application to renew WA-384-P. The licence is due to expire 20/02/2014.

In the Carnarvon Basin, WA-451-P is being relinquished.

In the Dampier Basin, the year 3 work program for WA-452-P has been extended by 12 months from 29/11/2013 to 29/11/2014. The licence has had its expiry date extended to 29/11/2017.

In the Barrow Basin, WA-10-L is being renewed.

In the Barrow Basin, Beach Energy Ltd has transferred its 16.67% interest in WA-41-R to Hydra Energy (WA) P/L.

In the Carnarvon Basin, Phoenix Resources has withdrawn from EP 435.

In the Canning Basin, Key Petroleum and Indigo Oil have sold their interests in EP 438 to Buru Energy with Key to receive a cash payment of $0.4m and Indigo $0.1m upon completion.

In the Canning Basin, L 12-12 and L 12-13 are to be re-released over reduced areas of 3,612 sq km and 2,879 sq km respectively. L 14-1 and L 14-2 are also to be released. The areas are proposed for release on 08/04/2014 with bids closing 23/10/2014.

In the Perth Basin, L 12-14 is to be re-released over a reduced area of 717 sq km. The area is proposed for release on 08/04/2014 with bids closing 23/10/2014.

In the Canning Basin, following the asset swap sale agreement announced in December 2013, Key and Indigo have acquired Buru’s interest in R 1 and L 15. Key has assumed operatorship.

In the Carnarvon Basin, Phoenix Resources plc has withdrawn with L 16.

In the Perth Basin, SPA 16 AO has been granted to Finder No 5 P/L on 14/11/2013. Acreage expires 13/11/2014.

In the Canning Basin, application STP-EPA-102 has been varied and now covers a reduced area of 1,535 sq km.

In the Carnarvon Basin, Tap is assessing if it will exercise its option and further participate in STP-EPA-110 and STP-EPA-111. A decision is likely to be made in the first half of 2014, after the native title process is finalised.

In the Canning Basin, STP-EPA-44 has reverted back to its original shape due to administrative error by DMP.

In the Ashburton Basin, Northern Star Resources Ltd has applied for STP-SPA-57.


New Zealand

In the Taranaki Basin, application APP 55491 has been varied and now covers 3.8 sq km.

In the Taranaki Basin, application APP 55921 has been withdrawn.

In the Taranaki Basin, Kea Oil & Gas Ltd has transferred its interest in PEP 51153 to Kea Petroleum Ltd.

In the Taranaki Basin, the work program for PEP 53537 is now -

18 months: studies, 400 km 2D seismic reprocessing, 100 km 2D seismic, 18 sq km 3D seismic
24 months: studies
36 months: 200 km 2D seismic or 100 sq km 3D seismic
48 months: 200 km 2D seismic or 100 sq km 3D seismic
60 months: 1 well, studies


Papua New Guinea

Barracuda Ltd (Santos) has reached agreement with Kirkland Ltd (New Guinea Energy) to acquire the company’s 50% interest in PPL 269 for a maximum total consideration of up to US$40 million.  The consideration includes payment of US$32 million cash on completion; US$2 million cash if a retention lease is granted over any area of PPL 269; and payment of a further US$6 million cash if a Petroleum Development Licence is granted over any area of PPL 269.  If a PDL is granted prior to a PRL, a one off payment of US$8 million cash will be payable instead.   Completion is conditional on receipt of certain government approvals.   In addition, a number of conditions need to be satisfied within 6-9 months – including that the variation to PPL 269 is approved by the Minister, and that Santos executes an on-sale agreement to on-sell a portion of the acquired 50% interest.   The implementation dates are as follows:  Execution Date 13/02/2014, Initial conditions to be satisfied/waived by Aug/Nov 2014 and remaining conditions (including government approvals and on-sale agreement) due by Aug/Nov 2015.

In the Papuan Basin, PPL 430 was granted to Ketu Petroleum 50% and Eaglewood Energy Inc 50% on 25/07/2013.  The licence will expire on 25/07/2019.

Also in the Papuan Basin, PPL 470 has been granted to Moonbi Energy Ltd 100%. An application by the Esso Highlands-led consortium to renew overlapping PRL 2 was refused. Grant and expiry dates for PPL 470 have yet to be verified.  PT Medco Energi Internasional holds 90% of Moonbi Energy with Moonbi Enterprises Ltd holding the remaining 10%.

In the Papuan Basin, PDL 1 has had its expiry date extended to 19/12/2035.


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