Magellan Petroleum Corporation
has signed a gas supply and purchase agreement with Northern
Territory Power & Water Corporation for the long-term supply of gas
from the Dingo field in the Amadeus Basin. Pursuant to the agreement,
Magellan will supply 31 PJ (30 bcf) of gas to Northern Territory Power &
Water on a take-or-pay basis over a 20 year supply period. Gas supply is
expected to being in early 2015. (Source: Magellan Petroleum
Corporation announcement, 12/09/2013).
and KUTh Energy have entered into a binding takeover bid
implementation agreement under which Geodynamics will make an off-market
takeover bid to acquire all of the ordinary shares in KUTh. Shareholders
will be offered one share in Geodynamics for every 5.5 shares in KUTh.
The offer is subject to a number of conditions such as a minimum
acceptance of 90% by shareholders, no better proposal, no material
changes to KUTh or Geodynamics and no material acquisitions or sales by
KUTh. (Source: Geodynamics announcement, 18/09/2013).
has signed a binding gas supply agreement with Esso Australia
Resources and BHP Billiton Petroleum (Bass Strait) to
purchase up to 432 PJ of natural gas from Longford in Victoria. Under
the agreement, gas supply will start in 2014 with annual contract
volumes to increase over the next nine years. There will be delivery
points in Sydney and Longford. The price for the gas supply will take
into account current market prices, but will be linked to oil prices.
(Source: Origin Energy announcement, 19/09/2013).
has announced a new gas transportation and storage services agreement
with Origin Energy to help increase gas transport from Victoria
into New South Wales. Under the new agreement, to enable increased gas
flow into NSW from Victoria, APA will increase the capacity of the
northern zone of the Victorian transport system by 59% by looping
sections of the Wollert to Barnawartha pipeline, which will cost about
$65 million. In addition to the increased transportation of gas from
Victorian sources, APA will also reduce some of the services from
Moomba. The agreement has a six year term and commences at the expiry of
the existing contract in December. (Source: APA Group announcement,
has made a proportional off-market takeover offer to acquire 30% of the
fully paid ordinary shares in Emerald Oil & Gas. Confederate is
proposing to offer Emerald shareholders 1.4c for each Emerald share for
30% of the shares held by each shareholder. Confederate said the
transaction was not subject to a minimum acceptance condition.
(Source: Emerald Oil & Gas announcement, 01/10/2013).
Oil and Gas
and Ochre Group Holdings have, following a re-appraisal of their
respective objectives, mutually agreed to terminate the Implementation
Deed previously announced on 01/08/213 and are not proceeding with the
proposed scheme of arrangement. (Source: Emerald Oil & Gas
Following the approval of two interdependent schemes between Moby
Oil & Gas and its shareholders and option holders, Moby has ceased
to be the parent company of Enegex NL. Furthermore, Moby was
delisted from the Official List of ASX on 09/10/2013 and Enegex NL was
admitted to the Official List of ASX on 03/10/2013. As part of the
demerger, Enegex acquired 14.875% in WA-342-P, 16.5% in WA-409-P and
19.25% in VIC/P 47 from Moby. (Source: Moby Oil & Gas announcement,
03/10/2013, Enegex announcement, 04/10/2013).
has completed an independent evaluation of contingent and selected
prospective resources in the Ocean Hill Block (STP-EPA-90, formerly L
12-7), booking a 2C contingent resource of 360 bcf of gas and 1,991
mmbbls of condensate. The evaluation was completed by DeGolyer and
MacNaughton. (Source: Green Rock Energy announcement, 04/10/2013).
has requisitioned a shareholders meeting for a vote on the removal of
three of four Empire Oil & Gas directors and appointing two of
their own directors. ERM Power has stated it has no intention to make a
takeover bid for Empire, it currently holds 9.51% interest in Empire.
Empire has made its case to shareholders to keep the board as it is,
stating the move would delay drilling plans in the North Perth Basin,
jeopardise the success of the “Across the Basin Farm-out” and delay
drilling of the Gingin/Wannamal gas prospects near the facility. Empire
is obliged to schedule a shareholders meeting before 27/11/2013.
(Source: ERM Power announcement, 27/09/2013, Empire Oil & Gas
Empire Oil & Gas has finished commissioning of the Red Gully Gas and
Condensate Processing Facility, after Alcoa gave a number of
extensions on the first delivery date. The facility is in a
post-commissioning phase for the next two months, this will allow for
full operational delivery of gas and associated condensate, and the
flexibility to finalise operational readiness of the flash gas
compressor. (Source: Empire Oil & Gas announcement, 16/09/2013).
Chevron Corporation has signed a binding long-term agreement with
Tohoku Electric Power Company to supply LNG from the Wheatstone
Project in Western Australia. Under the agreement, Chevron and its
joint venture subsidiaries will sell 900,000 tonnes per annum of LNG for
up to 20 years. The project will consist of two LNG trains with a
combined capacity of 8.9 million tonnes per annum and a domestic gas
plant. (Source: Chevron Corporation announcement, 01/10/2013).
Woodside’s North Rankin Redevelopment Project offshore
Western Australia has achieved start-up and has exported gas to the
Karratha Gas Plant. The development involved installation of a second
platform, North Rankin B, and modification of the existing North Rankin
A platform. The second platform will aid the recovery of about 5 tcf of
low pressure gas reserves in the North Rankin and nearby Perseus fields.
(Source: Woodside announcement, 07/10/2013).
Geodynamics has successfully completed the planned testing at the
Habanero Pilot Plant, shutting down after 160 days of operation. The
plant was commissioned on 30/04/2013 and has undergone a number of tests
after completion of the trial production. Prior to closure of the trial
the plant was operating at a rate of 19kg per second, with a production
well head temperature of 215°C. Geodynamics is now focusing on
developing a proposal for the next stage of development of an initial
commercial plant. (Source: Geodynamics announcement, 08/10/2013).
Origin Energy Limited, on behalf of the VIC/L 23 joint venture, today
announced the commencement of production from the Otway Gas Project’s
newly developed Geographe gas field in Bass Strait following
commissioning and testing. Otway Gas Project consists of two offshore
gas fields, Geographe and Thylacine and an onshore gas processing
facility near Port Campbell in south-west Victoria. (Source: Origin
Energy announcement, 29/07/2013).
The Proteus 1/ST2 exploration well has been production tested
following the confirmation of a gas discovery on 30/08/2013. Flow rates
measured up to 7.3 mmscfd of gas with condensate-gas ratios of 19-22
bbl/mmscf. This is the highest measured condensate ratio recorded from
the Poseidon project area. Based on analysis of the well data, Karoon
has estimated that future production wells drilled adjacent to Proteus
1/ST2 would be capable of flowing at rates exceeding 100 mmscfd.
(Source: Karoon Gas Australia announcement, 17/09/2013).
Bounty Oil & Gas’ Irtalie East 5 development well has been
successfully cased as a potential future oil producer. The well
encountered good oil shows and porosity between 9m and 12m of net oil
pay in Basal Birkhead/Hutton Formations. Oil shows and logs also
indicated a net oil pay of more than 1.5m over the Westbourne Formation.
(Source: Bounty Oil & Gas announcement, 16/09/2013).
Beach Energy’s Windmill 2 appraisal well in PEL 92 in the
western flank of the Cooper Basin has intersected 4m of net oil pay in
the Namur Sandstone reservoir. It also encountered encouraging oil shows
in the Birkhead formation within two separate sands totalling 2m in
thickness. The well has been cased and suspended for completion as an
oil producer. (Source: Cooper Energy announcement, 30/09/2013).
Senex Energy has cased and suspended the Kobari 2 well as a
future oil producer after intersecting good hydrocarbon shows in the
Murta Formation. Core was cut across a 24m interval of the Murta
Formation and oil shows were observed over a 22m interval. Net oil pay
will be determined from oil saturations and porosity in core.
(Source: Senex Energy announcement, 02/10/2013).
Senex Energy has had further success at their Acrasia 7 and
development wells. Acrasia 7 intersected net oil pay of 6.3m in the
Tinchoo and Poolowana Formations and Ventura 2 intersected net oil pay
of 13.4m in the Murta Formation and the McKinlay Member. The wells have
been cased and suspended as future oil producers. (Source: Senex
Energy announcement, 02/10/2013).
Senex Energy has delivered a significant new oil discovery with the
Dunlop 1 exploration well in the Cooper Basin. Wireline logging
confirmed a net pay of 3m in the McKinlay Member and a subsequent drill
stem test resulted in an oil flow of 1,200 bopd. Dunlop 1 will be cased
and suspended as a future oil producer to be brought on production this
quarter. (Source: Senex Energy announcement, 10/10/2013).
Beach Energy and Cooper Energy are pleased to report that Butlers
7, in PEL 92 on the western flank of the Cooper Basin, has
penetrated 5m of net oil pay in the Namur Sandstone. It has been cased
and suspended and will be completed as an oil producer to be linked to
existing Butlers production. (Source: Cooper Energy announcement,
Horizon Oil has encountered another significant gas/condensate
discovery at the Tingu 1 exploration well in PRL 21 in Papua New
Guinea. The company encountered elevated gas readings as the well was
drilled through the Toro Formation reservoir. Data from logging confirms
the well has encountered a liquid rich gas column in the upper part of
the Elevala Sandstone and a gas water contact in the reservoir. Horizon
will conduct a flow test to get more information on the reservoir and
the fluid make up. (Source: Horizon Oil announcement, 02/10/2013)
Permit Updates and Changes
New South Wales
In the Sydney Basin, EL 5560 was renewed to 22/02/2016.
In the Bonaparte Basin, a location application was submitted for NT/P
48 over the Evans Shoal gas field on 07/08/2013.
Also in the Bonaparte Basin, NT/P 76 is being relinquished.
In the Petrel Sub-basin, Tangiers Petroleum Ltd has terminated its
farm-out agreement with CWH Resources Ltd in relation to NT/P 81
as CWH did not meet the deadline to satisfy the conditions precedent.
In the Georgina Basin, EP 191 and EP 192 were granted to
Armour Energy Ltd 100% on 03/10/2013. The licenses will expire on
In the Victoria River Basin, EP 232 was granted to Paltar
Petroleum Ltd 100% on 03/10/2013. The licence will expire on 02/10/2018.
Onshore gazettal areas PLR 2013-3-1, PLR 2013-3-2, PLR
2013-3-3, PLR 2013-3-4, PLR 2013-4-1 and PLR
2013-4-2 closed on 10/10/2013 and are under consideration.
In the Cooper Basin, ATP 259P has been renewed to
31/12/2014. Work program is as follows -
G&G studies, 200 km 2D seismic, 350 sq km 3D seismic, 1 well (to 1980m),
2 wells (to 1370m), 1 well (to 2430m)
Year 4: G&G studies, 1 well (to 2430m), 1 well (to 1520m)
(01/01/2011 to 31/12/2014)
In the Surat Basin, the work program for ATP 336P is as follows -
desk top studies, convert core hole to pilot production, seismic
reprocessing, 2 core holes (to 830m), 1 well (to 980m)
(31/08/2011 to 30/092/2015)
Also in the Surat Basin, work program for ATP 337P is as follows
4 CSG exploration & appraisal wells, G&G studies
Year 2: 1 CSG appraisal well, G&G studies
Year 3: 2 CSG exploration & appraisal wells, G&G studies
Year 4: 1 CSG appraisal well, G&G studies
(1/10/2011 to 30/09/2015)
In the Bowen Basin, work program for ATP 526P is as follows -
1 well (to 500-1200m), complete, stimulate & production test
Year 2: 1 well (to 500-1200m), complete, stimulate & production
Year 3: 2 wells (to 500-1200m), complete, stimulate & production
test 1 well
Year 4: assess results
(01/11/2012 to 31/10/2016)
In the Eromanga Basin, ATP 549P has been renewed to 30/04/2017.
Work program is as follows -
Year 2: 2D seismic, interpret Kaden 3D & reprocess existing 2D
Year 3: 6 exploration wells
Year 4: depending on Year 3 results, plan to drill 6 appraisal
wells to determine size of field, G&G
(01/05/2013 to 30/04/2017)
In the Surat Basin, QGC P/L has transferred a 0.875% interest in ATP
574P (Walloon Coal Measures) to Tokyo Gas QCLNG P/L.
In the Surat Basin, Santos is transferring its 30% of ATP 665P
and ATP 708P to wholly owned subsidiary Bronco Energy P/L.
In the Bowen Basin, ATP 684P has undergone a partial
relinquishment and now covers a reduced area of 710 sq km.
Also in the Bowen Basin, Westside’s interest in ATP 688P is held
by wholly-owned subsidiary Westside ATP 688 P/L and its interest in
ATP 769P is held by Westside ATP 769P P/L.
In the Surat Basin, work program for ATP 689P is as follows -
1 CSG well (to 250m)
Year 2: technical evaluation
Year 3: 1 CSG well (to 250m)
Year 4: technical evaluation
(1/12/2012 to 30/11/2016)
In the Bowen Basin, work program for ATP 745P is as follows -
1 core, geological, engineering & financial project
Year 2: geological, engineering & financial project
Year 3: 1 core, 3 pilots, geological, engineering & financial
Year 4: geological, engineering & financial project
(01/11/2011 to 31/10/2015)
In the Bowen Basin, KIB Energy will earn 20% in the Marburg Prospect
in ATP 854P in two stages: Stage 1 - drill and evaluate the
Marburg 1 well; Stage 2 - complete, test and produce Marburg 1 and
carry out all work to lodge a production licence application. KIB
Energy will entirely fund Stage 2, and will fund up to a maximum of $5
million total expenditure for Stages 1 and 2.
In the Surat/Bowen Basin, ATP 868P has undergone a partial
relinquishment and now covers a reduced area of 309 sq km.
In the Eromanga Basin, ATP 927P was granted to Drillsearch Energy
Ltd 100% on 24/09/2013. The licence will expire on 30/09/2017.
Overlapping applications ATP 926P, ATP 928P and
ATP 929P have been refused.
In the Cooper Basin, QGC’s interest in ATP 940P is held by
wholly-owned subsidiary QGC (B7) P/L.
In the Bowen Basin, Arrow Energy has applied for potential commercial
area PCA 139 over 181 sq km.
Westside’s 50% interest in PL 94 is held by wholly-owned
subsidiaries Westside CSG A P/L 25.5% and Westside CSG D P/L 25.5%.
In the Bowen Basin, Senex has an agreement to transfer its entire 40%
interest in PL 231 to Triangle Energy (Global). The transfer is
subject to Senex submitting a compliant work program to the Department
and being approved.
In the Cooper Basin, PL 411 was granted over the Karnak field on
23/09/2013. The licence will expire on 22/09/2029.
In the Bowen Basin, PL 417 was granted over the Durham Ranch
field on 16/09/2013. The licence will expire on 15/098/2043.
In the Surat/Bowen Basin, PL 467 was granted over the Cameron
field on 23/09/2013. The licence will expire on 22/09/2043.
In the Surat Basin, Australian CBM P/L has applied for production
licence PL 493 over 224 sq km.
Also in the Surat Basin, Arrow Energy has applied for production licence
PL 494 over 224 sq km.
In the Cooper Basin, CO2013-A and CO2013-B are being
offered in the CO2013 Acreage Release. Bids close 29/05/2014. A
nominated zone CO2013-Z1 has also been included; any acreage
which becomes vacant as a result of relinquishment may be added to the
CO2013 Acreage Release as an additional area.
Click here for more
In the Officer Basin, the work program for PEL 138 has been
extended by 12 months from 24/08/2013 to 23/08/2014. The licence has had
its expiry date extended to 15/04/2018.
Also in the Officer Basin, the work programs for PEL 147 and
PEL 148 have been extended by 12 months from 22/08/2013 to
21/08/2014. The licenses have had their expiry dates extended to
In the Cooper Basin, the work program for PEL 516 has been
extended by 12 months from 03/11/2012 to 02/05/2013. The licence has had
its expiry date extended to 01/05/2016.
In the Otway Basin, PEL 629 was granted to Ouro Preto Resources
P/L on 02/09/2013. The licence will expire on 01/09/2018. Work program
is as follows -
1000 km seismic reprocessing
Year 2: 250 sq km 3D seismic, 2000 km seismic reprocessing, 500
sq km gravity gradiometry survey
Year 3: 1 well
Year 4: 3 wells
Year 5: 3 wells
In the Gawler Block, PELA 126 and PELA 153 have had their
applications varied and now cover areas of 3,127 sq km and 7,632 sq km respectively.
Offshore in the Gippsland Basin, pre-emption rights have lapsed in
relation to Cooper Energy's acquisition of 25.8% in VIC/P 41.
A final Deed of Assignment and Assumption is being finalised and will be
sent to JV parties for approval.
Also in the Gippsland Basin, Bass Strait has applied for a suspension
and extension of the Year 4 work program for VIC/P 42. In
addition, HIREX Petroleum Sdn Bhd and Bass Strait Oil Co will work
together over the next 3 months to use HIREX's proprietary evaluation
technology to reassess the prospectivity of the permit. HIREX may then
commit to acquire a 51% participating interest and the JV may commit to
drilling an exploration well in 2014/2015. HIREX is a 50:50 joint
venture between Hibiscus Petroleum Bhd and Rex International Holding BVI
In the Gippsland Basin, Enegex acquired 19.25% of VIC/P 47 from
Moby as part of the Moby demerger. Enegex did not acquire an interest in
VIC/P 41 as Moby disposed of its interest to a third party prior
to the implementation of the Schemes of Arrangement with Enegex.
In the Otway Basin, Tap Oil has an option to acquire an initial 10% in
VIC/P 67 from WHL Energy by paying up to a maximum of US$2.95
million of the Year 2 seismic commitment, with payment deferred to
31/03/2015. Tap will not be required to exercise the seismic option
until 10 days after AWE/Peedamullah confirms whether it will enter the
drilling phase. If the seismic option is exercised, Tap has an option
to acquire an additional 5% by paying 20% of the cost of the first
commitment well (Tap share US$7 million).
Also in the Otway Basin, VIC/RL 2 (V) is in the process of being
Onshore, in the Gippsland Basin, PEP 170 has had its expiry date
extended to 13/10/2017.
Also in the Gippsland Basin, Beach Energy and Somerton Energy have
withdrawn from their farm-in agreement with relation to PRL 2 Trifon
Block and their interests were re-assigned to Petro Tech Pty Ltd.
Petro Tech (Lakes) now holds 57.5%. Amour Energy has until February
2014 to match any other farm-in proposal from any third party, or to
match the terminated agreement with Beach and Somerton.
The following geothermal licences have been relinquished: GEP 14,
GEP 15, GEP 20, GEP 21, GEP 22, GEP 23
and GEP 24.
geotechnical studies $0.5m
In the Canning Basin, Oilex’s subsidiary Admiral Oil NL has been named
the successful applicant of L 12-8 and L 12-9.
In the Carnarvon Basin, Beach Energy Ltd and Eni Australia Ltd have
withdrawn from WA-208-P. Interests are now Apache Northwest P/L
47.701%, Santos Offshore P/L 36.235% and Santos Ltd 16.064%.
Also in the Carnarvon Basin, WA-261-P expired on 17/09/2013.
In the Browse Basin, the year 4 work program for WA-275-P has
been extended by 12 months from 07/09/2013 to 07/09/2014. The licence
has had its expiry date extended to 07/09/2015.
Also in the Browse Basin, Karoon is seeking to
30% in WA-314-P ahead of Grace 1 drilling and a 10% interest in
WA-315-P and WA-398-P.
In the Browse and Carnarvon Basins, as part of the Moby demerger, Enegex
acquired 14.875% in WA-342-P and 16.5% in WA-409-P from
In the Carnarvon Basin, an initial location application has been lodged
for WA-346-P over the Jupiter gas field.
In the Carnarvon Basin, WA-385-P has expired.
In the Carnarvon Basin, WA-389-P was renewed to 08/10/2018 over a
reduced area of 1,954 sq km. Work program is as follows -
Year 2: 1250 sq km 3D PSDM reprocessing, 450 km 2D seismic
Year 3: geotechnical studies $0.5m
Year 4: geotechnical studies $0.5m
Year 6: 1 well $40m
In the Carnarvon Basin, the WA-427-P year 5 and year 6 work
programs are now -
Year 5: geotechnical studies $0.2m
Year 6: 162 sq km 32 seismic reprocessing $0.35m
In the Petrel Sub Basin, Tangiers Petroleum Ltd has terminated its
farm-out agreement with CWH Resources Ltd in relation to WA-442-P
as CWH did not meet the deadline to satisfy the conditions precedent.
In the Rowley Sub Basin, the year 2 work programs for WA-464-P
and WA-466-P have been extended by 12 months from 07/011/2013 to
07/11/2014. The licenses have had their expiry date extended to
In the Browse Basin, the WA-477-P year 1 work program is now -
Year 1: 2714 sq km 3D seismic, 13km 2D well-tie line, 2714 sq km
gravity & magnetic data, 212 sq km 3D seismic reprocessing, 200 sq km 3D
survey reprocessing, studies $20.99m
In the Petrel Sub Basin, MEO Australia Ltd has transferred its interest
in WA-488-P to subsidiary Finniss Offshore Exploration P/L.
In the Carnarvon Basin, W 12-10 granted as WA-496-P to
Shell Development (Australia) P/L on 02/10/2013. The licence will expire
01/10/2019. Work program is as follows -
1650 km 2D seismic, G&G studies $5.2m
Year 2: 1260 sq km 3D seismic, G&G studies $13m
Year 3: G&G studies $1m
Year 4: G&G studies $1m
Year 5: 1 well, G&G studies $41m
Year 6: G&G studies $1m
In the Carnarvon Basin, WA-28-P was renewed to 25/09/2018 over a
reduced area of 324 sq km. Work program is as follows -
310 sq km 3D seismic $5.5m
Year 2: geotechnical studies $0.5m
Year 3: geotechnical studies $0.5m
Year 4: geotechnical studies $0.5m
Year 5: 1 well $35m
In the Dampier Basin, WA-52-R was granted to Apache Northwest P/L 55%
and Santos Offshore P/L 45% on 13/09/2013. The licence will expire on
12/09/2018. Work program is as follows -
seismic reinterpretation, engineering & technical studies $0.15m
Year 2: engineering, economic & technical studies $0.15m
Year 3: geotechnical, engineering, marketing studies $0.15m
Year 4: geotechnical & economic studies $0.15m
Year 5: oil market cost review $0.15m
In the Perth Basin, EP 430 is being renewed.
In the Canning Basin, New Standard Energy has acquired 35% in EP 417
from Buru Energy.
In the Perth Basin, Greenpower Energy is selling its 50% interest in
EP 447 to UIL Energy for $875,000 cash and $1.125 million worth of
shares in UIL. The sale is subject to fulfilment of certain conditions.
In the Kimberley Basin, special prospecting authority SPA 10 AO
was granted to Canning Petroleum P/L on 4/09/2013. The acreage expires
Also in the Kimberley Basin, special prospecting authorities SPA 11
AO and SPA 12 AO were granted to Canning Petroleum P/L on
8/08/2013. The acreage expires on 07/08/2014.
In the Perth Basin, GEP 42 was relinquished on 13/09/2013.
The 2013 Block Offer areas 13EC1, 13EC2, 13GSC,
13RNL, 13TAR, 13TAR1, 13TAR4 and 13TAR5
closed 26/09/2013 and are under consideration.
Three onshore areas 14ECT-R1, 14TAR-R2 and 14WEC-R1
and five offshore areas 14GSC-R1, 14NCD-R1, 14PEG-R1,
14RNL-R1 and 14TAR-R1 have been proposed for the 2014 Block
Offer. Instead of designating specific blocks, multiple 62.5 sq km
blocks are available for onshore and 250 sq km blocks for offshore, bids
accepted for single block or for several contiguous blocks up to certain
maximums. The areas are yet to be finalised.
Click here for more information.
In the Taranaki Basin, New Zealand Oil & Gas is seeking farm in partners
for PEP 51558, PEP 52181, PEP 52593 and PEP
In the Canterbury Basin, New Zealand Oil & Gas’ interest in
PEP 52717 is held by subsidiary NZOG Devon Ltd.
In the Taranaki Basin, PEP 51149 is being renewed.
In the Taranaki Basin, PEP 51153 has been renewed to 22/09/2018
over a reduced area of 104 sq km. Work program is as follows -
20 km 2D seismic, geochemical sampling, 1 well
30 months: 200 km 2D seismic reprocessing
48 months: 1 well or seismic
60 months: studies or 1 well, 160 km 2D seismic reprocessing
84 months: 7 km 2D seismic
96 months: 1 well
120 months: other activities
In the Taranaki Basin, PEP 51155 was surrendered on 13/09/2013.
In the Taranaki Basin, Mitsui E&P Australia P/L has divested its 35%
interest in PMP 38158 which contains the Tui Area Oil Project.
The respective joint venture interests are as follows: AWE 57.5%, New
Zealand Oil & Gas 27.5% and Pan Pacific Petroleum 15%. As part of the
agreement, Mitsui’s interest in the Oi 1 exploration well will be
assigned to AWE and New Zealand Oil & Gas. Interests for the Oi 1
exploration well are Pan Pacific Petroleum 50%, AWE 31.25%, and NZOG
In the Taranaki Basin, the area of PMP 52278 has been extended
and now covers 6 sq km.
Papua New Guinea
In the Papuan Basin, Sasol has sold its interest in PPL 287 to
Talisman. In addition, Santos is in exclusive discussions with Talisman
to acquire a 50% interest.
Also in the Papuan Basin, Santos has reached a binding agreement to
acquire 30% of PPL 426 from Talisman. The agreement is subject
to certain conditions and PNG Government approval.
For more information
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