South Korea’s Korea Gas Corp has confirmed it is in negotiations with Santos Ltd to acquire a 15% interest ...
Permit Updates and Changes
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South Korea’s Korea Gas Corp has confirmed it is in negotiations with Santos Ltd to acquire a 15% interest in Santos’ proposed Gladstone coal seam gas-LNG plant in Queensland. The talks are also reported to include an offtake agreement for 2 million tonnes/year of LNG. If concluded successfully the deal will enable Santos to reduce its expected equity raising for the project by A$1 billion. Last month the company sold a 15% stake to France’s Total SA while its joint venture partner Petronas of Malaysia sold a 5% stake to Total. Santos is still scheduling a yearend date for a final investment decision on the project. It expects to begin production from the first 3.6 million tonnes/year train in 2014. Coal seam gas will be sourced from Santos’ fields in the Surat-Bowen basins of southeast Queensland. (Source: Oil & Gas Journal, 18/10/2010).
Dart Energy, the spin-off of Arrow’s international assets after the company’s takeover by Royal Dutch Shell and PetroChina, is on track in its off-market takeover bid for Apollo Gas, a senior Dart executive said. “The offer has been produced and the offer period will be open until December 2,” Dart chief executive officer Simon Potter told PetroleumNews. He added that the offer was subject to 90% acceptance by Apollo shareholders. The company has made an off-market bid for Apollo Gas offering three of its shares for every four Apollo shares held. (Source: PetroleumNews, 04/11/2010).
Shell announced on 08/11/2010 it was selling 10% of its issued capital in Woodside at a price of A$42.23 a share, reducing its shareholding in Woodside Petroleum Ltd from 34.27% to 24.27%. The move to sell shares in Woodside is part of Shell’s plan to boost its direct interests in assets. The company also stated that while Shell was committed to retaining its remaining shares in Woodside, it would be open to selling the rest of the stake in the event of a takeover of Woodside. (Source: PetroleumNews, Woodside ASX Announcement, 09/11/2010).
Drillsearch Energy will be able to focus on its core activities in the Cooper Basin after shareholders of its Canadian subsidiary, Circumpacific Energy Corporation (CER), voted in favour of selling the company to Western Petroleum Commodities. In August, CER entered into a definitive plan of arrangement for private company Western Petroleum to acquire all of the issued and outstanding common shares in the company. Drillsearch holds a 79.37% interest in CER and will receive about C$7.75 million (A$7.71 million) while CER shareholders would get around $9.6 million. As part of the agreement, Drillsearch will also purchase its interest in 8 exploration tenements known as the SWQ blocks in the southwest Queensland Cooper and Eromanga Basins. The purchase of the SWQ blocks will take place in parallel with the completion of the plan of arrangement. Final approval of the acquisition by the Supreme Court of British Columbia was received on 17/11/2010. The Arrangement is anticipated to be completed on 19/11/2010. (Source: PetroleumNews, 12/11/2010; Drillsearch ASX Announcement, 17/11/2010).
Apollo Gas says it will consult with the community and local stakeholders before it carries out any coal seam gas drilling in Sydney after concerns were raised about the lack of environmental scrutiny in approving gas exploration projects in New South Wales. The company was responding to media reports following the release of government documents detailing its exploration approval. Apollo’s wholly owned subsidiary, Macquarie Energy, has been granted approval from the NSW Department of Industry & Investment (DII) to drill a single exploration corehole in an industrial precinct in central Sydney. The precinct is in the suburb of St Peters and lies within the company’s PEL 463 permit granted in October 2008. The Greens called for a moratorium on CSG drilling in the state to allow for more environmental impact studies following the release of government papers which show that the Department of Environment has no role in the approval processes for CSG drilling. Apollo submitted a review of environmental factors as part of its environmental commitments to the DII, outlining that a consultation program would be carried out before any test drilling. (Source: PetroleumNews, 16/11/2010).
After three years, BG Group’s Queensland Curtis liquefied natural gas (QCLNG) project has moved a step closer to reality with the company taking the lead in the race to establish the world’s first coal seam gas to LNG project. The British giant made a US$15 billion (A$15.2 million) final investment decision on the two-train, 8.5 million tonne per annum project on Curtis Island near Gladstone. Over the next four years, QGC, BG’s Australian subsidiary, will construct the liquefaction plant, field facilities and a 540 kilometre underground pipeline network linking its CSG fields in the Surat Basin to the LNG plant on Curtis Island. First LNG exports from QCLNG are planned to start in 2014, underpinned by agreements in Chile, China, Japan and Singapore for the purchase of up to 9.5MMtpa of LNG. (Source: PetroleumNews, 01/11/2010).
Inpex and partner Total have taken another step towards making the final investment decision for the Ichthys Liquefied Natural Gas project with the release of invitations to tender (ITT) for the project’s key offshore facilities. The joint venture released the ITT for the semi-submersible central processing facility (CPF) for the project in the Timor Sea on Monday. The CPF will be one of the largest semi-submersible platforms in the world and the first in the Australian petroleum industry. It will remove water and raw liquids, including condensate, from the Ichthys gas field. The remaining ITTs for the major offshore engineering, procurement and construction contracts will be released before the end of the year. (Source: PetroleumNews, 02/11/2010).
The Darby Downs Power Station, powered by coal seam gas piped from Australia Pacific LNG gas fields, officially opened in Queensland on Friday, 05/11/2010. Construction of the 630-megawatt combined cycle plant, located 40 kilometres west of Dalby, included a 205km pipeline from the Wallumbilla gas hub near Roma to the Talinga gas production facility. The pipeline will provide up to 44 petajoules of gas to the station each year. Origin Energy and Queensland Premier Anna Bligh opened the facility, which is part of a $5 billion investment in the state’s energy infrastructure by Origin and Australia Pacific. (Source: PetroleumNews, 08/11/2010).
The Origin Energy and ConocoPhillips JV is awaiting federal environmental approval for the two-train Australia Pacific LNG project after receiving Queensland’s environmental go-ahead. The JV received the approval from the Queensland Coordinator-General, subject to strict conditions, for the development of a gas field over a 30-year period, a 450-kilometre transmission pipeline and an LNG facility on Curtis Island. (Source: PetroleumNews, 09/11/2010).
Shell has moved a step closer to becoming the pioneer for floating liquefied natural gas with federal Environment Minister Tony Burke approving, with strict conditions, the Prelude FLNG project off Western Australia. The minister said he took into consideration the significant economic benefits of the project, which will use world-first technology, when making the decision. “While there are significant economic benefits to these projects, which must be a consideration in my decision, my focus has been on protecting environmental matters,” Burke said. Shell will have to develop an oil spill contingency plan to the government’s satisfaction that specifies how the company will minimise the risk of oil spills and how it will minimise environmental impact in the event of an oil spill. If an oil spill did occur, Shell would have to pay for any environmental rehabilitation needed. The company would also have to address greenhouse gas emissions by developing a greenhouse gas strategy that would be publicly available. A final investment decision on the project is targeted by early 2011. (Source: PetroleumNews, 12/11/2010).
Apache Energy is planning to decommission the Legendre oil field in the Carnarvon basin off Western Australia during first-quarter 2011 after 10 years of production. Apache will begin to remove field infrastructure, including the Ocean Legend mobile offshore production unit, the Karratha Spirit floating storage and offloading vessel, and other associated equipment. Apache is planning on January 2011 as the base case for the start of decommissioning activities, but this could be extended depending on the movement of oil prices or the discovery of new finds in the vicinity. The timing will also depend on the availability of various specialised vessels, equipment and resources, some of which are shared with other Apache activities off Western Australia. Decommissioning process will take about 3-4 months. Legendre was found in 1965 by the Woodside-Burmah group and was the first oil discovery made on the North West Shelf. However it was deemed uneconomic for the next 35 years. The field was finally brought on stream in 2001 and had a peak production of 45,000 b/d of oil (Source: Oil & Gas Journal, 18/10/2010).
Empire Oil & Gas is making plans to return to the Eclipse 1 well in the onshore Perth Basin that was drilled in 2003 after a re-evaluation sparked by the success of Gingin West 1. The company is looking to re-enter Eclipse 1 and sidetrack from the 9 5/8-inch casing shoe to the reservoir objective D Sand, which had flowed gas mostly recently at Gingin West 1 as well as at Gingin 1 and Bootine 1. Empire said the original well was drilled to a total depth of 3,660 metres and did not intersect the D Sand. It had also encountered a potential 3m oil column in Shale Member C at 3,390 metres though this was not tested as it was not considered commercial at that time. Empire added that if hydrocarbons are found, the Eclipse structure had the potential to hold 64 billion cubic feet of gas and 2.5 million barrels of condensate in the D Sand. There is also potential for an additional 3MMbbl of oil within the Shale Member C as well as additional gas in the deeper parts of the D Sand and in the Lower Cattamarra coal measures. (Source: PetroleumNews, 26/10/2010).
An independent assessment of in-place geothermal resources at Green Rock Energy’s North Perth Basin permits has found the acreage could support the power-hungry Perth market. The assessment by Hot Dry Rocks Ltd found Green Rock’s seven permits, covering 2,100 square kilometres, has estimated stored heat resources of more than 1 million petajoules in hot sedimentary aquifer and engineered geothermal system reservoirs. The assessment also estimated an indicated geothermal resource of 26,000PJ. Green Rock said that if only 5% of the indicated resource estimate was produced for a project life of 25 years, it would generate 123 megawatts equivalent of electricity. Green Rock’s permits, GEP 23, GEP 24, GEP 25, GEP 26, GEP 27, GEP 28 and GEP 41 are close to power infrastructure and 275-330 kilometres north of Perth. The permits are also near the Dongara, Hovea and Mt Horner oil and gas fields. (Source: PetroleumNews, 29/10/2010).
Stuart Petroleum’s Acrasia 5 development well has intersected all four target oil reservoirs and will be brought online before the end of the year. The company ran wireline logs across all zones including the Hutton sandstone and Tinchoo formation primary targets, after the well was drilled to a total depth of 2,300 metres. The logs have indicated a total of 31.6m of net oil pay across the four targets – the Birkhead, Hutton, Poolowanna and the Tinchoo. Production casing is being run and the well is expected to be tied back to the Acrasia oil production facility and brought online before December 31. (Source: PetroleumNews, 04/11/2010).
Australian Worldwide Exploration Ltd (AWE), Sydney, intends to follow up what it sees as a major reserve potential in shale gas and tight gas acreage in the North Perth basin of Western Australia after analysis of the Woodada Deep 1 well suggested a resource of as much as 20 tcf of gas. AWE re-entered Woodada Deep 1 in April and carried out a core program and logging run across the prospective Carynginia shale formation, which has three distinct shale intervals. As a result, the company estimates that the middle shale section alone holds gross gas-in-place of 13-20 tcf. Using the recovery measure of 20% recovery, the recoverable reserve potential is in excess of 4 tcf. The next step will be a fracture stimulation test in the middle section of the Carynginia likely to be carried out in 2011. (Source: Oil & Gas Journal,10/11/2010).
New South Wales
In the Clarence-Moreton Basin, PEL 445 was renewed until 18/04/2013 over a reduced area. The licence now covers 7,098 sq km.
Also in the Clarence-Moreton Basin, Red Sky Energy is earning 30% in PEL 457 and PEL 479 with the drilling of Talma 1 and Annvale 1 wells.
In the Gunnedah Basin, PEL 467 is being renewed.
Planet Gas has entered Stage 2 of a farm-in agreement with Leichhardt Resources whereby Planet will earn a 10% equity in each of PEL 468, PEL 469 and PEL 470. Stage 2 consists of 30k of seismic in PEL 468 and PEL 470, 20k of seismic in PEL 469, one open hole well in each of PEL 469 and PEL 470 and two open hole wells in PEL 468 for a total cost of $3m. A successful result in any of the Stage 2 work programs will trigger Planet's participation in Stage 3 in which the company may earn another 40% in each of the PELs.
In the Surat Bowen Basin, the interests in the conventional resources in the Edendale FO Block PEL 6 E are Orion Petroleum 95% and Private 5%.
Interests in the CSG resources in the Edendale FO Block PEL 6 EC are Betel Gas 75%, Orion Petroleum 22.5% and Private 5%.
In the Surat Basin, PSPA 34 expired on 11/11/2010.
In the Sydney Basin, PSPA 35 expired on 11/11/2010.
In the Gloucester Basin, PSPA 36 expired on 11/11/2010. Pangaea Oil & Gas has applied for special prospecting authority PSPAPP 53 over the same area.
In the Sydney Basin, EL 6740 was renewed to 27/03/2013.
In the Gunnedah and Sydney Basins, geothermal permits EL 7507, EL 7508 and EL 7511 were transferred to Centennial Fassifern P/L.
In the Clarence-Moreton Basin, ELA 3788 was withdrawn on 03/11/2010.
Offshore in the Vulcan Basin, MEO Australia Ltd will acquire Silver Wave Energy's 100% interest in AC/P 50 and AC/P 51 for US$270,000 payable on receipt of regulatory approvals. Silver Wave has an option to acquire (buy back) 10% in each permit prior to the expiry of Year 3 by repaying 20% of MEO's costs. In a separate agreement, MEO has granted RedRock Energy P/L an option to acquire 5% in consideration for the technical work RedRock has undertaken on the permits to date.
Also in the Vulcan Basin, Cue Energy Resources has signed a conditional agreement for the sale of its 20% minority stake in the Cash-Maple gas field located in AC/RL 7. The sale is expected to be finalised in the near term.
In the Georgina Basin, Georgina Basin Energy (100% subsidiary of Australian Energy Corp) is acquiring Northern Territory Oil's interest in EP 127 and EP 128. The acquisition is subject to NT Government’s approval and will entitle Georgina Basin Energy to 75% in the permits. Baraka Petroleum will retain its 75% interest in an exclusion zone of 5 km radius around the Elkedra 1 well in EP 127. As part of the amended agreement, Georgina Basin Energy will have to complete one horizontal well of at least 500 metres through the basal Arthur Creek shale zone on either permit with multi-stage fracture stimulation.
The following 2010 Gazettals closed for bids on 11/11/2010 and are currently under consideration - AC 10-1 and AC 10-2 in the Vulcan basin and NT 10-1 in the Petrel sub-basin.
In the Cooper Basin, ATP 259P is being renewed.
Also in the Cooper Basin, Beach Energy will assume the operatorship of ATP 855P.
In the Galilee Basin, Mitsui will exercise its option to acquire 49% from Westside in ATP 974P and ATP 978P. The deal remains subject to regulatory approvals, the negotiation and execution of a mutually agreeable farm-in agreement and a reimbursement of 49% of Westside's costs to date.
In the Bowen Basin, Mitsui's option to acquire 49% in ATP 688P and ATP 769P has been extended to 31/03/2011.
In the Eromanga Basin, Kestrel Petroleum has transferred its interest in ATP 789P to Bounty Oil and Gas NL.
The following are new production licence applications in Queensland -
Application Basin Area km2
In the Cooper Basin, geothermal permit application EPG 52 was not accepted.
In the Otway Basin, Somerton Energy has agreed to acquire 100% in PEL 186 for a cash payment of $200,000 from Geothermal Resources. In accordance with Somerton's strategic alliance with Beach Energy Ltd, Somerton will offer Beach a 66.67% in PEL 186 on the same terms as the transaction between Somerton and Geothermal. If accepted by Beach, this will reduce Somerton's interest in PEL 186 to 33.33%.
In the Cooper Basin, Traditional Oil exploration P/L executed an agreement with Victoria Petroleum NL for the sale of Traditional's interest in PEL 88 and PEL 100. The transaction is subject to JV partners and regulatory authority approvals.
In the Eromanga Basin, the areas of exploration licence applications PELA 331 and PELA 560 were varied.
In the Arrowie Basin, exploration licence application PELA 562 was withdrawn.
The following petroleum exploration licences have had their expiry dates extended -
Licence Basin New Expiry Date
Bids closed for 2010 Gazettals S 10-1 and S 10-2 in the Duntroon Basin on 11/11/2010 and they are currently under consideration.
Exploration licences GEL 185 and GEL 211 in the Cooper Basin have had their expiry dates extended to 07/01/2012 and 13/05/2011 respectively.
In the Arrowie Basin, GEL 208 was renewed with a reduction in area until 21/11/2015. The licence now covers 985 sq km.
In the Cooper Basin, Eden Energy has sold its remaining 30% in GEL 185 to Origin Energy for $700,000 in cash.
The following petroleum exploration licences have had their expiry dates extended -
Licence Basin New Expiry Date
Beach Energy gave notice to T/38P FO and T/39P JV partners of its election to withdraw from its Bass Basin permits at the conclusion of the current permit terms.
SEL 15/2010 was granted on 10/10/2010 to KUTh Exploration P/L. The licence will expire on 09/10/2015.
In the Otway Basin, PEP 163 has had its expiry date extended to 18/01/2013.
Offshore, in the Gippsland Basin, VIC/P 59 has had its expiry date extended to 12/10/2012.
Onshore, in the Gippsland Basin, Beach Energy has started Phase 1 of farm-in to PRL 2, under which it will earn 15%. Somerton Energy will earn 5% from Beach by contributing to Phase 1.
The following 2010 Gazettals closed for bids on 18/11/2010 and are currently under consideration -
Offshore, in the Carnarvon Basin, W 09-18 Gazettal area was granted as WA-451-P to Woodside Energy Ltd, 100%. The licence will expire on 10/11/2016. Work Program is as follows -
Year 1 - geotechnical studies, 748k 3D seismic, 500k 2D seismic
reprocessing - $1.06m
Onshore, in the Perth basin, Cottesloe Oil & Gas P/L, an unlisted exploration company, has entered into an exclusive agreement with Empire O&G and ERM Gas P/L to farm in to a 24.99% interest in EP 389. The farm-in obligations to earn 24.99% are: to pay 60% of the drilling costs of Red Gully 1, 90% of the completion costs of Red Gully 1 (incurred only if a commercial discovery is made), 50% of seismic costs over 62 sq km at Gingin Brook. After the farm-in the participants in EP 389 will be: Empire Oil Company (WA) Ltd 52.61% (operator), ERM Gas P/L 12.4%, Wharf Resources plc 10% and Cottesloe Oil & Gas Ltd 24.99%.
Also in the Perth Basin, Greenpower Energy signed a farm-in agreement with US-based UIL LLC, which specialises in tight gas exploration in production. UIL will have the initial right to earn 50% in the conventional and tight gas contained in EP 447 by either carrying out, within 12 months, a 3D seismic survey or drilling an exploration well. UIL could then earn a further 25% by drilling a further exploration well in the second 12 month period. If a conventional gas discovery is made in either of those wells UIL will apply for a production licence. Greenpower will become entitled to a 10% well head royalty on the gas produced. UIL may then proceed with a third well in the further 12 month period, in which, if successful, Greenpower may elect to participate with a 25% interest. All of these arrangements apply only to conventional gas discovered and recovered. Greenpower has CSG rights within the tenement.
Offshore, in the Carnarvon Basin, Apache Northwest P/L is farming in to WA-359-P and WA-409-P. Apache will acquire a min of 1,000 sq km of 3D seismic over both permits in return for a 40% interest in both permits. Apache also has the option to commit to drilling one well in one of the permits in return for up to an additional 30%. Apache will become the operator for both permits.
Apache will also earn 65% in WA-418-P through a cash payment which includes recovery of sunk costs, paying the costs of an extensive 3D seismic data set covering the primary prospects in the permit and funding the drilling of an exploration well.
Also in the Carnarvon Basin, regulatory approval for the transfer of Gascorp's 15% in WA-361-P to MEO's subsidiary NW Shelf Exploration has been granted. Participants in the permit are now: North West Shelf Exploration P/L (operator) 50%, Mineralogy P/L 35% and Cue Exploration 15%.
Offshore, in the Exmouth Basin, Woodside acquired Hess Exploration's 50% interest and now is 100% holder of WA-404-P.
In the Canning Basin, Oil Basins earned 90% and operatorship in both Backreef area L 6 BR and the Backreef 1 well by funding 100% of the drilling and completion costs of Backreef 1.
In the Carnarvon Basin, Tap Oil agreed to sell its 75% interest in R 3 to Oil Basins Ltd for a cash payment of A$300,000 and the issue of 2 million of OBL shares. The deal is subject to relevant regulatory and stakeholder approvals.
In the Dampier Basin, EP 363 was relinquished on 29/10/2010.
In the Perth Basin, SPA 3/08-9 AO was withdrawn.
Offshore, in the Browse Basin, WA-332-P was relinquished on 12/11/2010.
In the Canning Basin, exploration permits EP 450 and EP 451 have undergone partial relinquishments and now cover reduced areas of 13,003 sq km and 13,620 sq km and respectively.
Also in the Canning Basin, exploration permit application 4/06-7 was awarded to ARC Energy Ltd 100% as EP 471 and will be transferred to Buru Energy (the application was lodged by ARC before the AWE takeover). The licence will expire on 24/10/2016. Work Program is as follows -
Year 1 -
G&G studies, 2D seismic reprocessing - $0.075m
Year 4 - 1 exploration well - $1.8m
Year 5 - G&G studies - $0.05m
Year 6 - 1 exploration well - $1.8m
In the Canning Basin, exploration permit application 10/08-9 EP was granted to Buru Energy Ltd as EP 472. The licence will expire on 24/10/2016. Work Program is as follows -
Year 1 -
225k 2D seismic - $2.25m
The following petroleum licences have had their expiry dates extended -
Licence Basin New Expiry Date
The following 2010 Gazettals closed for bids on 11/11/2010 and are currently under consideration -
The following geothermal exploration licences in the Perth Basin have had their expiry dates extended to 10/09/2016 - GEP 13, GEP 14, GEP 15, GEP 16, GEP 17, GEP 18, GEP 19, GEP 20 and GEP 21.
The New Zealand government has closed off all the Great South Basin and some of the offshore Canterbury Basin as a prelude to a competitive blocks offer, probably next year. The government’s Crown Minerals Group said on 18/10/2010 that the area would be unavailable for priority in time (PIT) applications, which allow explorers to bid at any time for any unallocated acreage or acreage freed up for various reasons, until further notice. The latest closure comes after July’s partial closure of the two basins to PIT applications and follows the withdrawal of ExxonMobil and Todd Energy from the Great South Basin permit PEP 50117 in October 2010 with Crown Minerals including the surrendered ExxonMobil-Todd lease in the latest closure. (Source: PetroleumNews, 20/10/2010).
Offshore, in the Taranaki Basin, PEP 38401 was relinquished on 05/11/2010.
Offshore, in the Taranaki Basin, APP 52200 was granted as PEP 52200 to Kea Oil & Gas Ltd 100%. The licence will expire on 21/10/2015. Work Program is as follows -
12 months -
400k 2D seismic reprocessing, technical studies, commit or
In the Solander Trough, APP 52359 was awarded as PEP 52359 to Solid Energy NZ Ltd 100%. The licence will expire on 09/11/2015. Work Program is as follows -
12 months -
technical studies, other activities
Onshore, in the Canterbury Basin, APP 52589 was granted as PEP 52589 to Rawson Taranaki Ltd 50% (operator) and Zeanco P/L 50%. The licence will expire on 09/11/2015. Work Program is as follows -
15 months -
geochemical sampling, 300k 2D seismic reprocessing, technical
studies, commit or surrender
Offshore in the Great South Basin, PEP 50117 was relinquished on 20/10/2010.
Offshore in the Taranaki Basin, Mighty River Power Gas Investments Ltd has withdrawn from PEP 38491. The participants in the permit are now Westech Energy New Zealand 55.56% (operator) and NZOG Offshore Ltd 44.44%.
Also in the Taranaki Basin, Peak Oil & Gas has entered into an agreement with New Zealand Oil & Gas Ltd to acquire a 10% interest in the offshore Petroleum Exploration Permit PEP 51311 by funding 20% of the dry hole costs (up to a cap of US$3 million) for the Kaupokonui exploration well.
Onshore in the Taranaki Basin, an interest transfer of 100% in PMP 38148 to Greymouth Petroleum Acquisition Company Ltd was approved by Crown Minerals on 22/10/2010.
Offshore in the Taranaki Basin, an extension of land application for PMP 38154 was withdrawn on 29/10/2010 and an extension of licence duration application has been submitted under the existing PEP 38459.
Papua New Guinea
In the Papuan Basin, Oil Search will farm in for 30% in PPL 276, PPL 312, PPL 338 and PPL 339 in exchange for funding of a seismic survey and studies and has and option to increase its equity to 80% in PPL 276, 70% in PPL 338 and 339 and 75% in PPL 312 in exchange for a well carry in each of the licences. The farm-in is subject to Ministerial approval.
The following exploration permit applications have been added to GPinfo this month -
Applicant Area km2
The area of APPL 356 and APPL 360 is currently being verified with PNG Department of Petroleum & Energy as these applications seem to overlap existing granted licences PPL 234 and PPL 265.
The following exploration permit applications in the Papuan Basin have been granted. Grant and expiry dates for these licences are being confirmed. Permit activity start date is used as a tentative grant date until further confirmation.
Application Licence Expiry date
Offshore, in the Papuan Basin, PPL 234 was renewed until 24/07/2014.
Onshore in the Papuan Basin PPL 239 and PPL 240 are being renewed with reduction in area. Government approval is pending.
Application for PRL 5 licence renewal was refused by the Minister of Petroleum and Energy on 05/11/2010 on the basis that the JV had failed to fulfil the licence conditions. The JV has made submissions to the Minister, demonstrating that it has in fact satisfied the licence conditions. JV will meet to determine the appropriate course of action.
Also onshore in the Papuan Basin, Talisman may increase its interest to up to a 70% in PPL 268 and PPL 269 through the expenditure of approximately US$50m and US$55m respectively.
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