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January 2014

GPinfo 5.8
This month in GPinfo we have added bottom hole location information for almost 400 deviated wells.  Also, the ability to save the contents of your Map Window to a geo-registered TIFF for import into third party software ...

2014 Proposed Offshore Acreage Release

This month, GPinfo includes the 30 proposed areas that have been shortlisted for inclusion in the 2014 Offshore Petroleum Acreage Release. These will be formally announced by the Minister for Industry ...

Industry Summary
On 11/12/2013 Senex Energy submitted a non-binding, indicative proposal to merge with AWE Ltd. AWE, with outside financial and legal advice, decided the deal was not in its shareholders’ best interest ...

Permit Updates and Changes
In the Clarence/Moreton Basin, Red Sky/Summerland Way has reached agreement to sell 20% of PEL 457 to ERM Gas for $250,000.  The deal is subject to shareholder approval and consent of JV party ...
 


 

GPinfo 5.8

The January update includes new software and data features requested by users.

GPinfo 5.8 will be installed automatically along with the monthly data update.

This is an essential software update.

New Data - Bottom Hole Locations

This month in GPinfo we have added bottom hole location information for almost 400 deviated wells.  This includes BHL Latitude, BHL Longitude, Measured Depth (referenced to RT) and True Vertical Depth (referenced to RT).  This substantial update is the first stage of a process which we hope to have completed by mid-2014 to provide reliable BHL data for all deviated wells in our database. 



Bottom Hole Locations have been sourced from Well Completion Reports, either from the Well Summary (if available) or from the Deviation Survey appendix -

1. Well Summary – If reported in Eastings and Northings, we have converted to Latitudes and Longitudes.

2. Deviation Survey – co-ordinates in the deviation survey are generally specified in one of the following formats -

    - Latitude/Longitude at Measured Depth.
    - Eastings and Northings at Measured Depth – we have converted to Latitude/Longitude.
    - Deviation in metres N/S and metres E/W at Measured Depth.  In this case, we have calculated the
      bottom hole location by adding or subtracting the deviation from the top hole eastings and northings
      and then converting to Latitude/Longitude.

Layer Wells (table PDWells)

New fields -

BHL Latitude - bottom hole latitude in decimal degrees
BHL Longitude - bottom hole longitude in decimal degrees
Deviated - yes/no flag

Note: The order of display of well attributes in the Details and Browser Windows has been altered this month.

If you are able to provide bulk Well Completion Reports for your area of interest this would expedite the exercise greatly. Please contact Angela Willett on 02 8925 7336 or by email.

New Software Feature - Save view as GeoTIFF

A new option Save view as GeoTIFF has been added to the File menu.  This saves the current contents of your Map Window to a geo-registered TIFF for import into third party software.



Use a higher resolution than the default (screen) resolution if you are displaying high-resolution imagery.

If you have any questions, please contact GPinfo Support on 02 9437 6255 by email.


2014 Proposed Offshore Acreage Release

This month, GPinfo includes the 30 proposed areas that have been shortlisted for inclusion in the 2014 Offshore Petroleum Acreage Release. These will be formally announced by the Minister for Industry, the Hon Ian Macfarlane at the APPEA Conference in Perth, WA on 07/04/2014.

From 2014, the Australian Government is releasing select areas for application under a cash bidding system.  The cash bidding system will be used to allocate offshore acreage in mature areas or areas containing known petroleum accumulations.  Four of the proposed 30 areas will be cash bidding areas.

Proposed areas and associated boundaries have yet to be finalised and remain subject to change until the 2014 Acreage Release is officially launched by the Minister at APPEA.  Any work or forward planning undertaken by companies in relation to the proposed areas prior to the official launch is done so at the commercial risk and cost of individual operators.

For further information
click here.


Industry Summary

Company News

On 11/12/2013 Senex Energy submitted a non-binding, indicative proposal to merge with AWE Ltd. The proposal involved a non-binding and conditional scrip-based takeover. AWE, with outside financial and legal advice, decided the deal was not in its shareholders’ best interest and, as a result, Senex withdrew the proposal on 15/12/2013. Senex proposed it would issue 1.9 Senex shares for every AWE share and would result in the merged company’s equity being held 53% by Senex and 47% by AWE. (Source: Senex Energy & AWE announcements, 16/12/2013).

In May 2012, Woodside and Japan Australia LNG (MIMI Browse) P/L entered into a long-term sales and purchase agreement for around 1.5 million tonnes of LNG a year from the Browse LNG Development. The agreement was conditional upon a final investment decision on Browse being taken by 31/12/2013. As a result of the Browse joint venture participants deciding not to proceed with an onshore development, both parties recognise that this condition will not be satisfied, and consequently, MIMI has terminated the agreement. (Source: Woodside announcement, 02/01/2014).

Woodside has finalised a sales and purchase agreement with Chubu Electric Power for the supply of 1.5 million tonnes of LNG for 3 years beginning in April 2014. The LNG will be sourced mainly from the Woodside-operated Pluto gas field project off Western Australia. (Source: Woodside announcement, 14/01/2014).

Strike Energy has entered into a gas supply option agreement to supply 30 PJ of gas with Orora Ltd. The gas is to be produced from Strike’s Southern Cooper Basin gas project, centred on the substantial gas resource discovered in the PEL 96 permit. Under the agreement, the 30 PJ of gas will be delivered over 10 years at 3 PJ per year beginning in 2017, the expected start of production from the project. Orora will pay an option fee to Strike, conditional on the PEL 96 joint venture proceeding with a pilot production test project. Orora can then exercise the option based on a decision to go ahead with development. (Source: Strike Energy announcement, 15/01/2014).

Rawson Resources Ltd has entered into an agreement to increase its interest in Otway Energy to 100%. Rawson will increase its interest in Otway for the consideration of $2 million and a royalty on future production. The details of the production royalty are being finalised. The transaction is conditional on Rawson shareholder approval. (Source: Rawson Resources announcement, 17/01/2014).

Royal Dutch Shell has at least three bidding consortiums for its estimated $A3 billion Australian service station and refinery assets, according to the Australian Financial Review. Sources to the newspaper claim that Swiss group Gunvor, Dutch energy trader Vitol and private equity firm TPG are believed to be circling the sale of Shell's downstream assets in Australia. The sources suggest a deal “could be signed as early as next week”, with the assets to include 900 service stations, the Geelong refinery and several import terminals. (Source: Energy News Premium, 09/01/2014)
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Developments

Atkins has been awarded a four-year, $19.3 million flow-assurance contract for the INPEX-operated Ichthys LNG Project offshore WA. Atkins will oversee the transportation of gas from the Ichthys field in the Browse Basin to onshore processing facilities in Darwin, with the gas undergoing preliminary processing in offshore facilities along the way. The gas will travel via an 889 km pipeline, with Atkins monitoring flow assurance, systems engineering and ad-hoc process engineering support through execute stage to initial start-up. (Source: Energy News Premium, 17/12/2013).

BG Group has reached a key milestone in the development of the Queensland Curtis LNG Project with first gas transported from the Surat Basin coal seam fields onto Curtis Island, where the liquefaction plant is located. Arrival of the gas completes a 2-year construction period to lay in excess of 46,000 sections of 1m pipe 540 km from the Queensland interior to the coast. The transportation of first gas to the island will allow commissioning work to begin on the first of two planned LNG trains on Curtis Island which is expected to start early in 2014. (Source: Oil & Gas Journal announcement, 16/12/2013).

Origin Energy has executed an agreement with the GLNG project participants for the purchase of 100 PJ of gas supply to the GLNG Project over a period of five years, commencing on 01/01/2016. The agreement provides Origin an option to supply additional volumes of gas into Origin’s portfolio during periods of high east coast gas or electricity market demand. (Source: Origin announcement, 19/12/2013).

Chevron Australia’s proposal to increase the footprint of its Gorgon gas development has been recommended for conditional approval today by the Environmental Protection Authority. The proposal aims to undertake clearing and earthworks of an additional 32 hectares on Barrow Island for extra construction laydown and operations support to the existing Gorgon project. The EPA's Paul Vogel says the agency has found that conditions set out in the original approval are adequate in managing any impacts on native flora and fauna. The EPA has recommended the proponent offset the impact to the area by extending the established threatened species translocation and reintroduction program for a further two years. "This offset represents a 10 per cent increase in the contribution, which is equal to the approximately 10 per cent increase in the project footprint from 300 hectares to 332 hectares." Vogel said. The EPA's report will now be handed to the Environment Minister for final approval. The decision is now open to appeal for the next two weeks. (Source: Energy News Premium, 06/01/2014).

Oil reserves in the West Seahorse field in Bass Strait offshore Victoria have been confirmed by an independent appraisal. Gaffney, Cline & Associates estimated that, as of 31/12/2013, the field’s proved plus probable (2P) oil reserves are 6.5 million bbl. Oil in place has been put at 10.3 million bbl plus an estimated 1.5 million bbl potential in secondary reservoirs. Commercial life of the field is expected to be 5-6 years.  The joint venture partners are also looking at the nearby exploration prospect named Sea Lion. A final investment decision for West Seahorse is expected in the next few months. The schedule calls for the field to be brought on stream in early 2015. (Source: 3D Oil announcement, 14/01/2014).


Chevron has been forced to stop using its Brolga camp near its Wheatstone Project after safety concerns were raised regarding its proximity to BHP’s Macedon project, which is now in operation.
Chevron bought the camp from BHP upon the completion of Macedon last year, intending to house some of its 3000 workers constructing the Wheatstone LNG project. “The shire approved Chevron’s application to change the use of the Macedon Camp near Onslow to enable occupation by Wheatstone Project workers at its 20/11/2013 council meeting,” a Chevron spokesman said.  “Risk studies have concluded the camp can be occupied while the Macedon Plant is operational and this is supported by the WA Department of Mines and Petroleum,” the spokesman said. “We will continue to work with the relevant parties to reach a resolution on the matter.” (Source: Energy News Premium, 09/01/2014)
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Discoveries

Santos has achieved an average gas flow rate of 3 mmscf/d from its Moomba 194 vertical shale gas well in the Cooper Basin. The well targets various unconventional and shale plays, conducting five standard fracture stimulation stages across selected targets across the Permian section. Initial production logging indicates all five zones are contributing to gas flow. Santos hopes that the well will provide a step towards commercialisation of the greater Nappamerri Trough, where Santos has an active exploration program underway to unlock the large Cooper Basin unconventional resource. (Source: Santos announcement, 19/12/2013).

Strike Energy is pleased to advise that the Southern Cooper Basin Gas Project appraisal drilling program has been successfully completed. At Klebb 1, wireline logs have shown over 145 metres of net coal with strong gas shows while drilling. Le Chiffre 1 encountered in excess of 105 metres of coal with elevated gas readings recorded across all coal intervals with gas concentration increasing with depth. Target coals at Klebb 1 are 35% thicker than at Le Chiffre 1, and confirm the presence of a substantial, continuous gas resource directly under the Moomba to Adelaide gas pipeline. Both wells have been designed for fraccing and initial pilot testing by the middle of this year. (Source: Energy World Corporation announcement, 09/01/2014).

Senex has had success at its Growler 13 and Vintage Crop 3 wells. The Growler 13 exploration well encountered 10 metres of oil-saturated mid-Birkhead sandstone and has been cased and suspended for future production and testing. Vintage Crop 3 intersected approximately 7 metres of interpreted net oil pay and will be completed for production in the Birkhead formation. (Source: Senex Energy announcement, 08/01/2014)
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Permit Updates and Changes

New South Wales

In the Clarence/Moreton Basin, Red Sky/Summerland Way has reached agreement to sell 20% of PEL 457 to ERM Gas for $250,000.  The deal is subject to shareholder approval and consent of JV party Clarence Moreton Resources.

Also in the Clarence/Moreton Basin, Red Sky/Summerland Way has reached agreement to sell 20% of PEL 479 to ERM Gas for $250,000 and an upfront payment of $750,000 in lieu of $1 million at time of renewal of PEL 479.  The deal is subject to shareholder approval and consent of JV party Clarence Moreton Resources
.


Northern Territory

In the Vulcan Basin, AC/P 17 was surrendered on 13/12/2013.

In the Bonaparte Basin, the year 5 work program for NT/P 48 has been extended by 9 months from 24/12/2013 to 24/09/2014. The licence has had its expiry date extended to 24/09/2014.

In the Bonaparte Basin, following the completion of the Blackwood 2 well, the deadline for Eni to drill a second Heron well in NT/P 68 as part of the farm-in agreement dated 17/05/2011 has been extended 12/02/2016. Furthermore, Eni has an option to increase its participating interest in NT/P 68 to 75% is by 02/07/2014.

In the Petrel Sub-basin, Tangiers Petroleum advises that the government has formally indicated that no further extensions of time will be granted for NT/P 81.  Consequently it is anticipated that the permit will be cancelled by NOPTA in the near future.

In the Money Shoal Basin, NT/P 83 was cancelled by NOPTA on 09/12/2013.

In the Beetaloo Basin, in November 2013 Falcon Oil & Gas Australia (FOAG) entered an agreement with CR Innovations AG (CRIAG) to acquire its 4% Overriding Royalty Interest in EP 117, EP 76, EP 98 and EP 99. FOAG will make a payment to acquire the first 3%, CRIAG has granted FOAG a five year call option to acquire the remaining 1%. Furthermore in December 2013, FOAG entered into an agreement with Malcolm John Gerrard, Territory Oil & Gas LLC and Tom Dugan Family Partnership (TOG Group) to acquire 7% of the remaining 8% private Overriding Royalty interest in the Beetaloo permits. FOAG will make an initial payment to acquire 5% and has a five year call option to acquire a further 2%. All ORRIs acquired will be immediately cancelled by FOAG. TOG Group will retain 1% ORR. EP 117, EP 76 and EP 98 are in the process of being renewed and EP 99 has had its expiry date extended to 31/12/2014.

In the Pedirka Basin, Santos chose not to take up the option on the EP 97 P, EP 97 S and EP 97 B blocks and the farm in did not proceed
.


Queensland

Note:  The naming convention for Queensland ATPs has changed this month.  Previously, exploration licences in Queensland included a 'P' at the end of the licence name to indicate a Petroleum licence.  Queensland no longer uses this convention and so we have followed suit and dropped the 'P' indicator from the permit name.  For example, ATP 269P is now ATP 269.

Offshore in the Gulf of Carpentaria, a suspension and extension for Q/23P was lodged with NOPTA on 16/12/2013 and is currently being assessed.

Onshore, in the Eromanga Basin, ATP 269 has been renewed to 31/12/2015.   Work program is as follows: 
Years 1-4: G&G studies, 1 exploration well (31/12/2011 to 31/12/2015).

In the Surat Basin, ATP 552 was not renewed and now reverts to vacant acreage.

Also in the Surat Basin, ATP 626 was relinquished. PCAs 17-26 are still under application.

In the Clarence/Moreton Basin, ATP 818 was relinquished and now reverts to vacant acreage.

In the Galilee Basin, ATP 1020 was not renewed and now reverts to vacant acreage.

In the Bowen Basin, ATP 1103 has undergone a partial relinquishment and now covers a reduced area of 3,846 sq km.

Also in the Bowen Basin, ATP 553 was renewed as ATP 1177.  The licence will expire on 30/11/2017.

In the Bowen Basin, the ATP 1103 JV partners, led by Arrow CSG (ATP 364) P/L have applied for potential commercial areas PCA 151 and PCA 152 over 200 sq km and 201 sq km respectively.

In the Surat/Bowen Basin, PL 498 has had its application area varied and now covers a reduced area of 218 sq km.

In the Bowen Basin, Arrow CSG (ATP 364) P/L 0.3%, AGL Energy Ltd 99% and CH4 Gas P/L 0.7% have applied for production licences PL 499 and PL 500 over 86 sq km and 112 sq km respectively.

In the Bowen Basin, the BG-led joint venture has applied for production licence PL 501 over the Cassio field.

Geothermal

In the Eromanga Basin, EPG 5 and EPG 6 expired on 31/12/2013 and now revert to vacant acreage
.


South Australia

In the Ceduna Basin, the year 3 work programs for EPP 37, EPP 38, EPP 39 and EPP 40 have been extended by 3 years, five months and 17 days from 13/01/2014 to 30/06/2017. The licenses have had their expiry dates extended to 30/06/2020.

In the Cooper Basin, Drillsearch and joint ventures participants Santos and Beach are looking to formally split PEL 106A and PEL 106B into completely separate permit areas.

In the Eromanga Basin, PEL 112 is being renewed.

In the Arckaringa Basin, PEL 118 and PEL 119 have been renewed over reduced areas of 4,909 sq km and 6,471sq km respectively. The licenses will expire 31/12/2018. Work programs are as follows -

Year 1: G&G studies
Year 2: G&G studies
Year 3: G&G studies
Year 4: G&G studies
Year 5: 1 well

In the Officer Basin, the year 5 work program for PEL 81 has been extended by 12 months from 25/06/2014 to 24/06/2015. The licence has had its expiry date extended to 24/06/2015.

In the Arckaringa Basin, SAPEX Ltd has applied for PELA 635 over 5,805 sq km.

In the Cooper Basin, PPL 56 and PPL 72 are being renewed.

In the Cooper Basin, suspension for PRL 17 dated 16/11/2012, from 27/11/2013 to 08/05/2014 has resumed. The licence has had its expiry date extended to 27/01/2015
.

Geothermal

In the Cooper Basin, GEL 281 and GEL 502 were surrendered with effect from 13/11/2013.

In the Cooper Basin, GRL 20 to GRL 24 are being renewed
.


Tasmania

Offshore in the Otway Basin, a renewal has been offered on T/34P.

Onshore Tasmania, the application for EL 45/2011 expired on 21/12/2013.


Victoria

Offshore in the Otway Basin, the La Bella 3D seismic survey is now complete.  AWE has the right to withdraw from the VIC/P 67 following review of the data, or if it elects to continue in the permit, AWE will assume operatorship of the permit for the two well drilling phase.   The decision to continue in the permit is expected to be made in mid-2014.

Onshore in the Gippsland Basin, Armour Energy has exercised its right to farmin to PRL 2.  Armour will hold an initial 15% working interest in PRL 2, and an initial 8.625% interest in the Trifon Block (15% of Lakes’ working interest) and has taken over as operator in return for agreeing to carry out the Phase 1, $10m work program within 12 months.  Armour can earn an additional 35% working interest (and 35% of Lakes' interest in the Trifon Block) by electing to do so within 2 years and by undertaking a further $40 million work program over an indefinite period.  Armour may withdraw from the agreement without cost providing it transfers its 15% working interest back to Lakes and resigns as operator.  Due to a moratorium on hydraulic fracturing in Victoria, the Phase 1 program and Armour's right to carry it out are currently suspended.

Geothermal

In the Otway Basin, GEP 6, GEP 8 and GEP 10 were renewed to 13/05/2018 over reduced areas of 2,260 sq km, 2,356 sq km and 1,935 sq km respectively.

In the Gippsland Basin, the GEP 11, GEP 12 and GEP 13 were renewed to 13/05/2018 over reduced areas of 3,674 sq km, 2,500 sq km and 2,277 sq km respectively
.


Western Australia

The Federal Court in Perth has dismissed the native title party appeal for 5/07-8EP in the canning Basin. The applicants of 5/07-8EP are now awaiting notification for the grant of the permit.

In the Dampier Basin, the year 5 work program for WA-1-P is now - Year 5: geotechnical studies $0.25m.

In the Carnarvon Basin, a location application was submitted over the Gungurru & Cherring field in WA-202-P on 17/12/2013.

In the Carnarvon Basin, WA-269-P is being relinquished.

In the Browse Basin, a retention lease application was submitted over the Mimia location WA-344-P L on 15/10/2013.

In the Carnarvon Basin, the North Scarborough location WA-346-P LS has been granted to BHP Billiton Petroleum (Northwest Shelf) P/L. The location will expire 13/01/2016.

In the Carnarvon Basin, the Eurytion Extension Location WA-374-P LE, Clio North Location WA-374-P LN and Clio South Location WA-374-P LS have been extended to 3/04/2016.

In the Canning Basin, Apache has an option to acquire 40% in WA-436-P and WA-438-P (20% from Carnarvon and 20% from Finder) to be exercised on or before 03/07/2014. Upon exercising the option, Apache will assume operatorship.

In the Petrel Sub-basin, Tangiers Petroleum advises that the government has formally indicated that no further extensions of time will be granted for WA-442-P.  Consequently, it is anticipated that the permit will be cancelled by NOPTA in the near future.

In the Dampier Basin, Riverina Energy has transferred all right, title and interest for WA-452-P to Santos Offshore P/L. Furthermore, the year 3 work program is now - Year 3: 230 sq km 3D seismic $3m.

In the Dampier Basin, Apache Northwest and Santos Offshore have transferred all right, title and interest for WA-52-R to Hydra Energy (WA) P/L as part of the terms and conditions contained in the sales and purchase agreement dated 24/12/2012.

In the Carnarvon Basin, L 13- 2 did not receive any bids and the area now reverts to vacant acreage.

In the Carnarvon Basin, EP 359 has been renewed over a reduced area of 556 sq km. The licence expires 17/12/2018 Work program is as follows -

Year 1: 1 well $2m
Year 2: geotechnical studies $0.1m
Year 3: 50 sq km 3D seismic survey $0.8m
Year 4: 50 sq km 3D seismic interpretation $0.2m
Year 5: 1 well $2m

In the Carnarvon Basin, the year 4 work program for EP 424 has been extended by 12 months from 13/07/2012 to 13/07/2013.  The licence has had its expiry date extended to 13/07/2015.

In the Canning Basin, Buru Energy has entered an agreement with Gulliver Productions and Indigo Oil to acquire an additional 25% interest in EP 438, increasing Buru’s interest to 62.5%. Once the transaction is complete, Buru and Mitsubishi intend to transfer a 50% interest in EP 438 to Apache as part of the transaction announced on 04/11/2013. On completion, interests will be Buru Energy 25%, Mitsubishi Corporation 25% and Apache Energy 50%. The transactions are due to be completed in Q1 2014.

In the Canning Basin, a partial surrender was approved for EP 474 on 07/11/2013.  The licence now covers 5,061 sq km. Furthermore, the year 1 and year 2 work programs are now -

Year 1: geotechnical studies, 400 km 2D seismic, 2D seismic reprocessing, 5000 km aero gravity $4.5m
Year 2: 1 well $4m

In the Canning Basin, a partial surrender was approved for EP 477 on 07/11/2013, the licence now covers 7,490 sq km. Furthermore, the year 1 and year 3 work programs are now -

Year 1: 7000 km aero gravity $1.1m
Year 3: G&G studies, 125 km 2D seismic $2.75m

In the Canning Basin, Special Prospecting Authority Application STP-SPA-30 was granted as SPA 13 AO to Amadeus Basin Oil & Gas P/L on 01/01/2014. The acreage will expire on 30/12/2014.

In the Officer Basin, Special Prospecting Authority Application STP-SPA-34 was granted as SPA 14 AO to Woolnough Dome Oil & Gas P/L on 01/01/2014. The acreage will expire on 30/12/2014.

In the Savory Basin, Special Prospecting Authority Application STP-SPA-35 was granted as SPA 15 AO to CSR Well 13 Oil & Gas P/L on 01/01/2014. The acreage will expire on 30/12/2014.

In the Carnarvon Basin, SPA 8 AO is under application as STP-EPA-124 by Fleet Resources P/L.

In the Canning Basin, SPA 7 AO is under application as STP-EPA-126 by Goshawk Energy P/L.

In the Canning Basin, application STP-EPA-44 has been varied and now covers a reduced area of 7,576 sq km.

In the Canning Basin, Buru has agreed to transfer its interests in L 15 and R 1 to Gulliver Productions P/L and Indigo Oil P/L. Gulliver will receive 80% of Buru’s interest. Indigo will receive 20% of Buru’s interest. The transaction is due to be completed in Q1 2014
.


New Zealand

In the Canterbury Basin, Discover Exploration Canterbury NZ BV has acquired 10% in PEP 38264.

In the East Coast Basin, PEP 38342 was relinquished on 19/12/2013.

Also in the East Coast Basin, NZEC has received final approval from NZ Petroleum & Minerals to acquire 80% ownership in PEP 38346
.

In the Taranaki Basin, Discover Exploration Taranaki NZ BV has acquired 10% in PEP 38451.

In the West Coast Basin, Aorere has completed its agreement to sell its interest in PEP 38526 to Mosman Oil and Gas subsidiary Petroleum Creek. Aorere gained a 40% shareholding in Petroleum Creek and Mosman committed to fund the current work programme for the permit. Mosman can exercise a call option to acquire Aorere’s Petroleum Creek shares by paying $900,000 in cash or in Mosman shares.  In either case, Aorere has a 2% royalty over all petroleum obtained from the permit.

In the Waikato Basin, PEP 38605 has expired. The area reverts to vacant acreage.

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


Papua New Guinea

In the Papuan Basin, PRL 38 over the Pandora gas discovery was granted to Talisman Energy Niugini Ltd 25%, Barracuda Ltd 10%, Kina Petroleum Ltd 25% and Wondecla Ltd 40%.  These interests reflect Kina's acquisition of an additional 5% from Wondecla in return for issuing 10 million shares to Wondecla (held in escrow for 6 months from date of issue).  The licence was granted on 30/11/2013 and will expire on 29/11/2018. Work program is as follows -

Years 1-3
: development studies, gas commercialisation studies, G&G studies (firm) & development studies domestic gas supply (contingent)
Years 4-5: engineering & environmental studies (firm) and appraisal/development drilling, FEED, environmental surveys, EIS (contingent)
Year 6: 1 well (firm
)


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