November 2015 GPinfo Update

Industry Summary

Company News

Crestal Petroleum Ltd has executed a share sale agreement with Locksley Holdings P/L under which Locksley or its nominee is to purchase Crestal subsidiary PNC Aust P/L, including the interests in PRL 108, PRL 109 and PRL 110, for $75,000. The sale requires approval from shareholders and, in the case of the petroleum assets, transfer approval from Senex Energy. (Source: Crestal Petroleum announcement, 13/10/2015).

Pilot Energy is pleased to announce that an independent audit of prospective oil resources for its WA-507-P exploration permit is complete, and confirms the potential for multi-million barrel oil discoveries. Gaffney, Cline & Associates (GCA) has estimated prospective oil resources cases for the three exploration leads identified by Pilot Energy. GCA concluded that the leads were more likely to be gas bearing, with a 30% probability of oil versus a 70% probability of gas, consistent with the established nature of the gas play versus the emerging oil play. GCA estimated the gross prospective oil resources to be 764 mmbbl (Best Estimate) in Dalia Updip, 381 mmbbl (Best Estimate) in Beta, and 436 mmbbl (Best Estimate) in Gamma lead. (Source: Pilot Energy announcement, 20/10/2015).

Santos has rejected a takeover attempt from Scepter Partners on the basis that it fails to reflect the underlying asset value of the oil and gas producer. Santos received an indicative, highly conditional and non-binding proposal from Scepter Partners to acquire all Santos shares for a cash consideration of $6.88 per share. The cash offer, valued at $7.14 billion, was handed to Santos on Tuesday and was subject to numerous conditions, some of which would be adverse to Santos’ continued evaluation of other alternatives in its current strategic review process, the company said. The Santos board met to consider the proposal but subsequently rejected it on the grounds it considered the offer opportunistic in nature and the belief it didn’t reflect the fair underlying asset value of the company. (Source: Santos announcement, 22/10/2015, Energy News Premium, 22/10/2015).

Beach Energy and Drillsearch Energy are pleased to announce they have entered into a binding Merger Implementation Agreement, recommended by the boards of both companies. Under the terms of the agreement, Beach has agreed to acquire all of the shares in Drillsearch that it does not already own via a Scheme of Arrangement. Drillsearch shareholders will receive 1.25 Beach shares for every Drillsearch share held. Based on the 1.25 exchange ratio, the consideration values Drillsearch at $0.83 per share and a market capitalisation of $384 million. A waiver from the Australian Securities Exchange been obtained, which would have required approval by Beach shareholders for the acquisition of Drillsearch shares from Seven Group Holdings. Consequently, a meeting of Beach shareholders in relation to the transaction will not be required. The transaction is subject to court approvals and other conditions. (Source: Beach Energy announcement, 23/10/2015 and 11/11/2015).

American Energy Partners (AEP) has entered into a bid implementation agreement with Armour Energy to acquire 13.62% of each Armour shareholders shares at $0.25 per share. This comes in addition to the original farm-out proposed by AEP which still stands, and the issue of 33.81 million shares and 24 million options to American Energy. Armour shareholder approval was received at the extraordinary meeting held 30/10/2015, enabling the farm-out to proceed (subject to the satisfaction of the remaining conditions). WestSide gave notice to Armour Energy to terminate its bid implementation agreement and its offer was withdrawn 05/11/2015. (Source: American Energy announcement, 27/10/2015 & 30/10/2015, WestSide announcement 05/11/2015).

Hibiscus Petroleum has signed a binding term sheet to acquire 100% of Hydra Energy Holdings P/L, subject to shareholder and regulatory approvals, and the satisfaction of conditions precedent to the binding term sheet. The transaction will be satisfied through the issue of new Hibiscus Petroleum shares at an issue price to be determined on the date that the fair market value of Hydra Energy is determined. (Source: Hydra Energy announcement, 11/11/2015).

Anadarko Petroleum Corp has withdrawn a nonbinding offer to acquire Apache Corp after the target company rejected its overture. The offer, which included “a modest premium,” was for an all-stock transaction, Anadarko said. “Our efforts to enter into a mutually acceptable confidentiality agreement for the purpose of exploring the merits of a potential transaction were summarily rejected and no discussions of substance occurred,” Anadarko said. It remains to be seen whether Anadarko’s offer sparks a new approach from another company, a further asset sell-off at Apache, or leads Anadarko into further all-scrip offers. (Source: Energy News Premium, 12/11/2015, Oil & Gas Journal, 11/11/2015).

The Tri-Star group of companies has commenced proceedings in the Supreme Court of Queensland against Australia Pacific LNG P/L seeking court orders that reversion has occurred for its 45% interests in coal seam gas assets in more than 60 petroleum tenements and tenement applications in Queensland. (Tri-Star Australia Holding announcement, 28/10/2014).

Tri-Star entities have served Australia Pacific LNG with a statement of claim in relation to the 2002 sale and purchase deed entered into between Oil Company of Australia Ltd (now Australia Pacific LNG P/L) and the Tri-Star entities. The statement of claim served does not differ from that filed with the Supreme Court of Queensland almost 12 months ago but not served in Australia Pacific LNG until yesterday. Tri-Star asserts in its statement of claim that reversion has occurred. Australia Pacific LNG is firmly of the view that reversion has not occurred and intends to strongly defend the action. (Australia Pacific LNG announcement, 21/10/2015).

Bass Strait Oil Company Ltd announced that the recently completed Gippsland Basin Technical Review has uncovered significant upside in Bass Strait Oil’s100% owned Leatherjacket oil discovery. The technical review also identified a number of possible oil targets on trend with Leatherjacket and revealed a notable gas play in the Emperor Formation which is similar in characteristic and on trend with the nearby Longtom gas field. The technical review of Leatherjacket undertaken by Bass Strait Oil, estimates that the net unrisked 2C contingent resource contained in the upper Latrobe group reservoirs in VIC/P68 are in the order of 8 mmbbls of recoverable oil. Mapping undertaken by the Bass Strait Oil technical team has also identified an additional number of targets on trend with Leatherjacket. These targets, including Leatherjacket itself, will be further evaluated following the acquisition of a 225 sq km 3D seismic survey during 2016/2017. (Source: Bass Strait Oil announcement, 28/10/2015).

Developments

The Santos-The SantosTled $18 billion Gladstone LNG Project on Curtis Island in Queensland has shipped its first cargo of LNG. The first cargo is being carried by the Malaysian-owned LNG ship Seri Bakti and will be delivered to South Korea in the coming weeks. Project construction began in 2011 and saw more than $15 billion invested Australia-wide according to outgoing Santos Chief Executive Officer David Knox. About $8 billion of that was in Queensland. It involved coal seam gas developments in the Surat and Bowen basins in southeast Queensland and a 420km gas pipeline to feed the two LNG trains on Curtis Island on the coast. Production from the first train commenced in September and work on the second train is continuing and is expected to be completed by the end of the year. First LNG from Train 2 is scheduled for the second quarter of 2016. (Source: Santos announcement, 16/10/2015).

SBM Offshore has been awarded the front-end engineering and design (FEED) contract for the large-scale turret mooring systems associated with Woodside Petroleum’s proposed Browse FLNG Project off Western Australia. SBM’s Browse contract is for three large-scale turret mooring systems for Browse, which are expected to be designs similar to and slightly larger in size than the Shell Prelude FLNG turret. The project’s reference case is based on three FLNG facilities to develop the Brecknock, Calliance and Torosa fields in the Browse Basin and is subject to final investment decision targeted for the end of the FEED in the second half of 2016. (Source: Energy News Bulletin, 20/10/2015).

Australia’s Department of the Environment has given its approval for Woodside Petroleum to develop the Torosa, Brecknock and Calliance fields in the Browse Basin using its proposed floating LNG option. The approval is a major milestone as Woodside and its partners drive towards an expected final investment decision in mid-2016. The government’s environmental assessment found that the development poses a low risk to threatened species, but there will be some conditions imposed. These include whale monitoring and the setting of speed limits around the facilities during whale calving season (July-November) and in the Scott Reef channel at all times. There also will be restrictions regarding artificial light intensity and noise control. (Source: Energy News Premium, 11/11/2015).

DNV GL has secured a contract to provide in-service verification and classification services to a range of facilities at the Ichthys LNG Project in Australia. DNV GL has provided vendor inspection, verification and offshore classification support to the $US34 billion venture since 2012. This latest contract will see it continue its support to the project as it transitions into operation in 2017. The primary scope of work includes verification of the Ichthys facilities; the central processing facility (CPF), floating, production, storage and offloading (FPSO), subsea production system, gas export pipeline, onshore combined cycle power plant and onshore LNG plant. DNV GL will also provide in-service classification of the CPF and the FPSO hulls. (Source: Energy News Bulletin, 21/10/2015).

New Zealand Oil & Gas (NZOG) has materially upgraded its developed reserves in the Kupe gas and oil field in the offshore Taranaki Basin, which it shares with Origin Energy, Genesis Energy and Mitsui. Following a review by NZOG, the company’s estimate of 2P developed reserves have increased by 34.7% from 4.2 mmboe to 5.6 mmboe. The reserves increase not only provides additional volume from within the existing development but it is expected that contracted volumes will be able to be supplied without the need for significant additional capital. (Source: New Zealand Oil & Gas announcement, 27/10/2015).

Inpex has announced that after almost 18 months, pipelay operations have been completed for the Ichthys LNG Project. At 890km in length, the 42-inch diameter gas export pipeline is the longest subsea pipeline in the southern hemisphere and the third longest subsea pipeline in the world. The gas export pipeline will deliver gas from Ichthys gas-condensate field offshore Western Australia to onshore gas liquefaction facilities at Bladin Point near Darwin, Northern Territory, for processing. Inpex will now work towards putting first gas into the pipeline. (Source: Energy News Premium, 06/11/2015).

Discoveries

Falcon Oil & Gas is pleased to announce that drilling operations have successfully concluded on the Amungee NW 1 well. Results encountered are very encouraging, with drilling confirming the continuation of the Middle Velkerri formation 25km east of the first 2015 Beetaloo Basin well drilled Kalala S1. Drilling also confirmed a gross interval of a more than 500m shale gas sequence with more than 150m of net pay and excellent gas shows from at least two prospective shale sweet spots within the Middle Velkerri formation. Falcon said total organic carbon estimates ranged 2.5% to 5% within the best shale units representing a “highly encouraging result in comparison with commercially successful North American shale gas plays”. Looking forward, Falcon also said a gas-mature, highly saturated shale gas interval was also identified in the “B Shale” as an immediate horizontal drilling target. Drilling of the horizontal well Amungee NW 1H is due to commence imminently, 12 months ahead of schedule. (Source: Falcon Oil & Gas announcement, 22/10/2015).

AWE’s Waitsia 1 well in the North Perth basin onshore Western Australia has recorded a strong gas flow during tests of the second zone at the field. The company said the well had achieved flow, constrained by tubing size, of 25.7 mmcfd of gas from the Kingia formation. When put with the flow of 24.7 mmcfd from the underlying High Cliff Sandstones earlier this month, Waitsia 1 is capable of a combined flow of at least 50 mmcfd, proving the field to be a significant discovery. The result will enable AWE to reduce the number of wells, and costs of the development program to achieve the targeted production rate of 100 mmcfd of gas. Engineering and planning for Stage 1 of development is well advanced and early stage production of 10 mmcfd is planned for mid-2016. (Source: AWE announcement, 27/10/2015).

Senex Energy has advised that the Efficient 1 gas exploration well in PEL 637 in the South Australian Cooper Basin will be cased and suspended for fracture stimulation and extended production testing. Efficient 1, designed to evaluate material gas accumulations in the Permian of the Allunga Trough, reached a total depth of 3196m, with hydrocarbon shows in the target zone. Efficient 1 is the first of two wells to be drilled in the permit as part of an exploration program with Origin Energy. The second well in the program is Ethereal 1. (Source: Senex Energy announcement, 04/11/2015).

Transerv announces that logs received from Warro 6 have highlighted the strong commercial potential of the Warro onshore field, with the results confirming the presence of a thick gas-bearing interval and a second zone of hydrocarbon-bearing sands. Preliminary interpretation of the logs shows the presence of a 315.5m gas interval from 4147m to 4462.5m in the main reservoir unit. Additional hydrocarbon bearing sands are also present between 4483m to 4520m, suggesting the gas column continues deeper than previously expected. The results of Warro 6 follow the similarly strong results received from the recent Warro 5 well, which encountered a 161m thick gas-bearing interval. Warro 5 and Warro 6 will now be fracced and tested. (Source: Transerv Energy announcement, 10/11/2015, Energy News Premium, 10/11/2015).

Permit Changes

New South Wales

In the Clarence/Moreton Basin, the NSW Government has agreed to pay Metgasco $25 million in return for cancellation of PEL 13, PEL 16 and PEL 426, and for Metgasco withdrawing its development application PPLA 9 and withdrawing legal action in relation to the suspension of its Rosella drilling approval. The NSW Government will return approximately $400,000 currently held as securities. Metgasco will be responsible for the decommissioning of its remaining two coal seam gas wells with the NSW Government refunding the remaining of the securities it holds (approximately $240,000) on completion of the 2 well program and final PEL 16 site inspections. Shareholders will be asked to vote on the deal at a shareholders meeting expected to be held on 16/12/2015.

Also in the Clarence/Moreton Basin, PEL 445 has been cancelled at the request of titleholder after the transfer of interests from Dart to AJ Lucas was not approved by regulatory authorities.

Northern Territory

On the Ashmore Platform, re-released area AC 14-1 closed on 29/10/2015 and is under consideration.

In the Vulcan Sub Basin, AC 15-1 and AC 15-2 closed on 29/10/2015 and are under consideration.

In the Browse Basin, AC 15-3 closed on 29/10/2015 and is under consideration.

In the Petrel Sub Basin, NT 15-1 closed on 29/10/2015 and is under consideration.

In the Bonaparte Basin, MEO is withdrawing from NT/P 68 Heron area. Retention lease application NT/P 68 B was lodged over Blackwood on 05/11/2015.

In the Timor Basin, Woodside has entered into a conditional agreement to divest its interests in the Laminaria-Corallina joint venture AC/L 5. Woodside did not disclose the buyer or any financial details. Completion of the transaction is subject to customary conditions, including regulatory approvals. Completion and transfer of ownership is expected to occur in Q2 2016.

In the Vulcan Sub Basin, AC/RL 12 was granted to PTTEP Australasia (Ashmore Cartier) P/L 100% on 10/11/2015. The licence will expire on 09/11/2020.

In the Amadeus Basin, EP 105 expiry date has been extended to 27/11/2016.

In the Amadeus Basin, EP 112 is being renewed.

Queensland

In the Bowen Basin, preferred tenders were not awarded for PLR 2014-2-1 and PLR 2014-2-2 and these areas now revert to vacant acreage.

In the Eromanga Basin, ATP 267 is being renewed over a reduced area of 67 sq km.

Also in the Eromanga Basin, Icon is seeking a joint venture partner for ATP 594.

In the Surat Basin, Bounty Oil (Ausam) has waived its pre-emptive rights with regards to the sale of Origin’s 50% of ATP 754 to Armour. Ausam will retain its 50% interest.

Also in the Surat Basin, Amour Energy is acquiring Origin's interest in PL 71 (Exploration %), subject to pre-emptive rights.

In the Surat Basin, Chelsea has applied to the DNRM to complete the transfer of 50% of PL 280 from Brisbane Petroleum.

In the Bowen Basin, PL 451 was varied and now covers 112 sq km.

In the Cooper Basin, the Santos-led consortium has applied for production licence PL 1013 over the Bolah field.

South Australia

In the Ceduna Basin, the years 1 and 2 work program conditions for EPP 43 have been extended by 12 months to 21/10/2016. The licence has had its expiry date extended to 21/10/2020. A change to the work program has been granted –

Years 1-3: 7367 sq km 3D seismic, 7367 sq km 3D seismic PSTM processing $64m

In the Cooper Basin, PEL 100 has been suspended from 09/09/2015 to 08/03/2016. The licence has had its expiry date extended to 04/09/2016.

In the Arckaringa Basin, PEL 123 and PEL 124 have been suspended from 12/10/2015 to 11/10/2016. The licenses have had their expiry dates extended to 02/10/2021.

In the Otway Basin, PEL 494 has been renewed to 23/03/2020 over a reduced area of 1277 sq km. Work program is as follows –

Year 1: G&G studies
Year 2: G&G studies, 1 well
Year 3: G&G studies
Year 4: G&G studies, 100 sq km 3D seismic
Year 5: G&G studies

In the Eromanga Basin, PEL 71 has been suspended from 26/09/2015 to 25/03/2016. The licence has had its expiry date extended to 06/05/2019.

In the Cooper Basin, Locksley Holdings P/L is purchasing PNC Aust P/L including the interests in PRL 108, PRL 109 and PRL 110, for $75,000. The sale requires approval from shareholders and, in the case of the petroleum assets, transfer approval from Senex Energy.

Geothermal

In the Arrowie Basin, GEL 156 is being renewed.

In the Cooper Basin, GEL 378, GEL 382 and GEL 386 expired on 28/10/2015.

Sequestration

In the Otway Basin, GSEL 654 was granted to Adelaide Energy P/L 70% and Somerton Energy P/L 30% on 27/10/2015. The licence will expire on 26/10/2020. Work program is as follows –

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

Tasmania

Offshore in the Bass Basin, T/18P was surrendered on 20/10/2015.

Also in the Otway Basin, a variation for T/30P was lodged with NOPTA on 26/10/2015.

Onshore, in the Tasmania Basin, ERA 981 will be available for application from 18/01/2016 to 22/01/2016.

Also in the Tasmania Basin, applications for ERA 1025 closed on 16/10/2015. The area did not receive any applications and now reverts to vacant acreage.

Victoria

Offshore in the Gippsland Basin, applications for V15-2 and V15-3 closed on 29/10/2015 and are under consideration.

Also in the Gippsland Basin, Years 4 and 5 of the work program for VIC/P 41 have been transposed and are now as follows -

Year 4: geotechnical studies $0.15m
Year 5: 1 well $30m

In the Gippsland Basin, VIC/P 54 expired on 13/10/2015.

Santos has reached agreement to sell its 35% non-operated interest in the Kipper gas field to Mitsui E&P Australia P/L for $520m. The sale is subject to customary consents and regulatory approvals and is expected to complete in the first quarter of 2016.

Onshore, in the Otway Basin, PEP 169 has had its expiry date extended to 24/10/2016.

Western Australia

In the Petrel Sub Basin, W14-1, closed on 29/10/2015 and is under consideration.

In the Browse Basin, W 14-2 and W 15-18 closed on 29/10/2015 and are under consideration.

In the Carnarvon Basins, W 14-6, W 15-13, W 15-16 and W 15-17 closed on 29/10/2015 and are under consideration.

In the Bonaparte Basin, W 15-2 closed on 29/10/2015 and is under consideration.

In the Rowley Sub Basin, W 15-5 closed on 29/10/2015 and is under consideration.

In the Carnarvon Basin, WA-202-P is being relinquished.

In the Carnarvon Basin, a location application was lodged over WA-253-P on 22/10/2015.

In the Carnarvon Basin, the Toporoa location application was lodged over WA-268-P on 19/10/2015.

In the Browse Basin, WA-314-P was renewed to 13/10/2020 over a reduced area of 1004 sq km. Work program is as follows –

Years 1-3: 76 sq km PSDM seismic reprocessing, 235 km 2D seismic reprocessing, G&G studies $2.5m
Year 4: 1 well $41m
Year 5: G&G studies $0.8m

In the Carnarvon Basin, a suspension and extension for WA-323-P was lodged on 29/10/2015.

In the Dampier Basin, a suspension and extension for WA-330-P was lodged on 29/10/2015.

In the Carnarvon Basin, a retention lease application was lodged over the Bunyip location (WA-335-P L) on 26/10/2015.

In the Carnarvon Basin, a retention lease application was lodged over the Tallaganda location (WA-351-P L) on 22/10/2015.

In the Carnarvon Basin, MEO is withdrawing from WA-360-P and WA-361-P.

In the Carnarvon Basin, a retention lease application was lodged over the Achilles/Satyr location (WA-374-P LA) on 22/10/2015.

In the Carnarvon Basin, a change to the WA-386-P work program has been approved –

Years 1-3: geotechnical studies, licence 213 km New Dawn 2D seismic, 45 km Duvalia 2D seismic, licence 3225 sq km 3D seismic, seismic interpretation $7.7m

In the Carnarvon Basin, the year 6 work program for WA-390-P has been extended by 12 months from 06/08/2015 to 05/08/2016. The licence has had its expiry date extended to 05/08/2016. A retention lease application was lodged over the Equus location (WA-390-P L) on 15/10/2015.

In the Dampier Basin, the year 3 work program for WA-452-P has been extended by 12 months to 29/11/2016.

In the Petrel Sub Basin, a change to the WA-459-P work program has been approved –

Year 5: 400 sq km 3D seismic $3.2m
Year 6: geotechnical studies $0.3m

In the Rowley Sub Basin, WA-462-P was relinquished 12/10/2015.

In the Rowley Sub Basin, the years 2 and 3 work program conditions for WA-479-P have been extended by 12 months to 12/08/2016.

In the Petrel Sub Basin, MEO Australia Ltd has reached a commercial settlement to allow Rex International to withdraw from its farm-in to WA-488-P. MEO has regained 100% participating interest in the permit.

In the Browse Basin, a change to the WA-514-P work program has been approved –

Years 1-3: 415 sq km Schild 3D seismic, 415 sq km pre-stack depth migration, 415 sq km simultaneous & stochastic inversion, G&G $4.809m

In the Great Australian Bight, a change to the WA-517-P work program has been approved –

Years 1-3: 2000 km 2D seismic reprocessing, G&G, seismic stratigraphic analysis, seepage study, 3D seismic planning $3.1m

In the Carnarvon Basin, Sona Petroleum has agreed to buy the Stag oilfield WA-15-L for $50 million. The deal is still subject to Securities Commission Malaysia’s approval, along with Sona’s shareholders, and will progress if there is no objection from the Australian Foreign Investment Review Board.

In the Perth Basin, Elixir Petroleum has signed an agreement with AWE Ltd to acquire its 57.5% working interest in the Cliff Head Oil Field, WA-31-L. AWE has granted Elixir an exclusivity period in which to conclude its due diligence on the project. Upon expiry of the initial exclusivity period on 30/11/2015, Elixir will be required to pay a 10% non-refundable deposit to extend the exclusivity period to 24/12/2015. The acquisition is subject to the usual conditions precedent. Settlement of the acquisition is expected to occur on or before 15/02/2016.

In the Dampier Basin, Hydra has executed a binding sale and purchase agreement to acquire 37.3684% in WA-8-L. Completion including transfer of operatorship is subject to the terms of the joint operating agreement and regulatory approvals.

In the Carnarvon Basin, WA-1-R has been renewed to 01/11/2020. Work program for a total of $250m is as follows –

Year 1: subsurface, marketing & commercial studies
Years 2-3: subsurface, marketing, commercial & environmental studies
Years 4-5: FEED, sub: surface, marketing & environmental studies

In the Barrow Sub Basin, Hydra Energy is divesting its interest in WA-33-R.

In the Dampier Basin, Hydra Energy is divesting its interest in WA-45-R.

In the Canning Basin, EP 129 is being renewed.

In the Barrow Sub Basin, EP 357 has expired. The area reverts to vacant acreage.

In the Canning Basin, EP 390 is being relinquished.

In the Perth Basin, EP 426 and EP 432 are being renewed.

In the Perth Basin, Pilot Energy is acquiring Caracal Exploration's 13.058% interest in EP 437. The assignment of interest to Pilot is conditional upon the approval of the DMP.

In the Barrow Sub Basin, EP 441 is being relinquished.

In the Canning Basin, an application has been lodged to suspend the work program and extend the licence date of EP 448.

In the Perth Basin, EP 454 is being renewed.

In the Canning Basin, EP 465 was cancelled by the DMP on 20/10/2015.

In the Perth Basin, EP 484 and EP 485 were relinquished 12/10/2015.

In the Canning Basin, subject to regulatory approvals, Oil Basins Royalties P/L and Backreef Oil P/L have a 2% ORR and 0.5% ORR respectively over EP 487.

In the Barrow Sub Basin, TP/23 is being relinquished.

In the Barrow Sub Basin, Hydra Energy has executed a binding sale and purchase agreement to acquire an additional 66.834% in TL/2 and 83.369% in TP/7. Completion including transfer of operatorship is subject to the terms of the joint operating agreement and regulatory approvals.

In the Barrow Sub Basin, R 4 has been renewed to 07/10/2020. Work program is as follows –

Year 1: engineering studies $0.05m
Year 2: engineering studies $0.05m
Year 3: marketing studies $0.03m
Year 4: marketing studies $0.03m
Year 5: field development studies $0.3m

New Zealand

In the East Coast Basin, PEP 38348 was relinquished on 28/10/2015.

In the Taranaki Basin, PEP 38746 has expired.

In the Great South Basin, PEP 50119 work program is now –

108 months: final interpretation report on the Carina 2S seismic survey
114 months: prospectivity report
144 months: 1 well
156 months: 1 well
174 months: 1 well

In the Taranaki Basin, Octanex is withdrawing from PEP 51906.

In the Canterbury Basin, PEP 52589 was relinquished on 04/11/2015.

In the Taranaki Basin, PEP 54879 work program is now –

18 months: 3 wells
24 months: 100 km 2D seismic reprocessing
54 months: 4.46 sq km 3D seismic
60 months: 2 wells, bio-stratigraphic analysis

In the Taranaki Basin, PEP 55784 was relinquished 09/10/2015.

In the Taranaki Basin, an extension of land has been granted over PMP 38161 which now covers 46 sq km.

In the West Coast Basin, PMP 50100 is being relinquished.

Papua New Guinea

In the Papuan Basin, Osaka's option to acquire an interest in PPL 372, PPL 373 and PPL 430 from Horizon lapsed during the last financial year.

Pacific Rubiales is withdrawing from PPL 475 and PRL 39.

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