October 2013

Industry Summary
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 ...

Permit Updates and Changes
In the Sydney Basin, EL 5560 was renewed to 22/02/2016 ...

 


Industry Summary

Company News

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).

Geodynamics 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).

Origin Energy 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).

APA Group 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, 26/09/2013).

Confederate Capital 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).

Emerald 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 announcement, 08/10/2013).

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).

Green Rock Energy 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).

ERM Power 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 announcement, 03/10/2013).

Developments

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)
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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).

Discoveries

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
Ventura 2 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, 09/10/2013).

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)
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Permit Updates and Changes

New South Wales

Geothermal

In the Sydney Basin, EL 5560 was renewed to 22/02/2016.


Northern Territory

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 02/10/2018.

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
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Queensland

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 -

Years 1-3: 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 -

Years 1-4: 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 -

Year 1: 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 -

Year 1: 1 well (to 500-1200m), complete, stimulate & production test
Year 2: 1 well (to 500-1200m), complete, stimulate & production test
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 1: G&G
Year 2: 2D seismic, interpret Kaden 3D & reprocess existing 2D seismic
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 -

Year 1: 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 -

Year 1: 1 core, geological, engineering & financial project
Year 2: geological, engineering & financial project
Year 3: 1 core, 3 pilots, geological, engineering & financial project
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
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South Australia

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 information.

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 28/07/2019.

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 -

Year 1: 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.


Victoria

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 Ltd.

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 renewed.

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.

Geothermal

The following geothermal licences have been relinquished:  GEP 14, GEP 15, GEP 20, GEP 21, GEP 22, GEP 23 and GEP 24
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Western Australia

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 farm out 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 Moby.

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 1: geotechnical studies $0.5m
Year 2: 1250 sq km 3D PSDM reprocessing, 450 km 2D seismic reprocessing $3.4m
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 07/11/2018.

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 -

Year 1: 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 -

Year 1: 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 -

Year 1: 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 on 03/09/2014.

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.

Geothermal

In the Perth Basin, GEP 42 was relinquished on 13/09/2013.


New Zealand

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 53473
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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 -

21 months: 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 18.75%.

In the Taranaki Basin, the area of PMP 52278 has been extended and now covers 6 sq km
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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
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