GPinfo Update September 2017

  

 

Industry Summary

 

Santos has signed an agreement with ENGIE in Australia for the supply of gas to the Pelican Point Power Station that will help support South Australia’s energy needs. The contract is for 15 PJ, starting

 

The Woodside Petroleum-operated North West Shelf joint venture has begun production from the Persephone gas field in the Carnarvon basin off Western Australia. Peak production is estimated …

 

Permit Updates and Changes

 

Nation Energy and Paltar Petroleum have entered a settlement agreement under which Nation has to surrender all its rights under the May 2016 earning agreements with Paltar. The parties will undertake …

 

The year 4 work program conditions for WA-494-P have been suspended by 12 months from 07/06/2017 to 06/06/2018. The licence has had its expiry date extended to 06/06/2020. A change to year 4, 5 & 6 …

 

Industry Summary                                       

 

Company News

 

Santos has signed an agreement with ENGIE in Australia for the supply of gas to the Pelican Point Power Station that will help support South Australia’s energy needs. The contract is for 15 PJ, starting in January 2018. The contract will be fulfilled with a mix of GLNG gas and Santos portfolio gas. Santos managing director Kevin Gallagher said energy security for South Australia was a priority, and in the coming months, Santos will be announcing further domestic supply contracts to support the Federal Government’s efforts to deliver affordable and reliable energy to households and industry. (Source: Santos announcement, 14/08/2017).

 

Strike Energy and Orica International Pte Ltd have negotiated a new gas sales agreement (GSA) to replace the one entered into in 2014, and Orica has withdrawn its claim for repayment of a $7.5 million claim against Strike. The key terms of the new GSA are; Strike to supply Orica 64 PJ of gas from PEL 96 at a post rampup rate of 6.4 PJ per annum, supply is conditional upon the PEL 96 joint venture taking a final investment decision on a 50 TJ per day commercial project. Orica will have the first right of refusal for supply of gas produced from any commercial project in PEL 96 smaller than 50 TJ/day on which a final investment decision is taken. Additionally, Orica retains the right to the repayment of the $7.5 million it pre-paid for gas under the original deal if there is not significant progress towards the 50 TJ/day project. (Source: Strike Energy announcement, 17/08/2017).

 

Carnarvon Petroleum Ltd is pleased to provide an update on its 100% owned Buffalo project, which is located in WA-523-P in the North West Shelf, Western Australia. Carnarvon announced it had completed re-mapping based on state-of-the-art seismic reprocessing to support a new resource calculation, with the result that a highly commercial 31 mmbbl of oil (2C) could remain in the reservoir. That sits within a range of 15.3 mmbbl (1C) and 47.9 mmbbl (3C), which even at the lower end would be commercial and could generate $1.5 billion in revenue at current oil prices. The new mapping has provided greater clarity around the reservoir structure, with unproduced oil seen in higher structural locations immediately south and east of the previous production area. With the results independently verified by RISC, Carnarvon has moved to advance the project by funding the work required to advance the upgrade of resources to reserves with the start of field development planning and seeking a production licence over the field. (Source: Carnarvon Petroleum announcement, 28/08/2017, Energy News Premium, 28/07/2017).

 

Santos has signed a location swap agreement facilitating the delivery of at least 18 PJ per annum into the southern domestic market. The three-year agreement, with an option for an additional year, will see Santos take delivery of gas at Wallumbilla from January 2018. Santos will then provide an equivalent quantity of gas at delivery points in the southern domestic market. (Source: Santos announcement, 30/08/2017).

 

The new Labor government in Western Australia has announced a state-wide moratorium on fracking for unconventional gas. Premier Mark McGowan said the fracking would be halted until the completion of an independent inquiry chaired by Environmental Protection Authority chairman Tom Hatton. The moratorium, which is expected to last for 12 months, will stop companies including ASX-listed companies Buru Energy and AWE, as well as Japanese giant Mitsubishi, from exploring for onshore gas in WA, which contains some of the nation’s biggest untapped deposits. The government also placed a ban on fracking for existing and future petroleum titles in WA’s southwest, Peel and Perth metropolitan regions, while a moratorium had been placed on the use of fracking throughout the rest of the state. (Source: The Australian, 05/09/2017, Energy News Premium, 06/09/2017).

 

Santos and its GLNG joint venture partners will supply 30 PJ of gas to the east coast domestic markets over 2018 and 2019. The gas, which would otherwise have been exported as LNG, is being sold to east coast customers including power companies. (Source: Santos announcement, 07/09/2017).

 

State Gas Ltd has lodged a prospectus and is seeing admission to the ASX.  State Gas plans raise $5.25 million by issuing 26.25 million shares at $0.20 per share.  Triangle Energy will hold 35.47% of State Gas on its admission to the ASX.  The offer will close on 28/09/2017 and trading on the ASX (code GAS) is expected around 17/10/2017. (Source: Triangle Energy announcement, 08/09/2017).

 

New Zealand Oil & Gas Ltd has received a takeover letter from O.G. Oil & Gas Ltd stating that it plans to make a partial offer at $0.77 per share. The O.G. Oil & Gas Ltd proposal is not yet a formal offer and there is no certainty that it will develop into a formal offer. However, based on material disclosed, and if it becomes a formal offer, it appears superior to the offer from Zeta. (Source: New Zealand Oil & Gas announcement, 11/09/2017).

 

Empire Oil Company (WA) Ltd, a subsidiary of Empire Oil & Gas, has entered voluntary administration over a $15.1 million working capital loan relating to its Red Gully 1 well. Empire Oil & Gas has appointed Ferrier Hodgson's Andrew Smith, Peter McCluskey and Martin Jones as voluntary administrators of the subsidiary and the Red Gully-related assets. (Source: Empire Oil & Gas announcement, 15/09/2017, Energy News Premium, 15/09/2017).

 

Santos and its partner Origin Energy have signed an agreement to continue supply of ethane to Qenos, Australia’s only producer of polyethylene and polymers. Under the agreement, Santos and Origin will supply 27 PJ of ethane to Qenos for the remainder of 2017 and on until the end of 2019.The ethane is separated from the natural gas stream at Santos’ Moomba gas plant in South Australia and piped to the Qenos plant at Botany Bay in Sydney for use as feedstock for the manufacture of polyethylene. The product is used across a range of industries and applications, including consumer and industrial packaging, water conservation, waste management, and agriculture. (Source: Santos announcement, 08/09/2017).

 


 

Developments

 

The Woodside Petroleum-operated North West Shelf joint venture has begun production from the Persephone gas field in the Carnarvon basin off Western Australia. Peak production is estimated at 50 mmcfd, or a net 8 mmboe per equity partner. The field, located within Western Australia's oldest offshore production licence, WA-1-L, sits in 125 m of water 135km from the Karratha Gas plant. The project was brought online almost six months earlier than had been expected when the $1.2 billion Persephone project was sanctioned for development in 2014. (Source: Energy News Premium, 15/08/2017, Oil & Gas Journal, 16/08/2017).

 

The INPEX-operated Ichthys LNG project marked another major milestone with the safe arrival of its floating production, storage and offloading facility in Australian waters after completing the month-long journey from South Korea. The Ichthys Venturer will be permanently moored in the Browse Basin, about 220 km off the Western Australian coast. Ichthys Venturer joins the Ichthys Explorer central processing facility - the world's largest semisubmersible platform that was safely moored in the Browse Basin field recently. Once the Ichthys Venturer is moored, hook-up and commissioning activities will commence, with the company still expecting full production before the end of the March quarter next year. (Source: Energy News Premium, 15/08/2017). 

 

Armour Energy says it is on track to produce first gas from phase one of its Kincora gas project on Queensland's Roma Shelf by the end of September. It also hopes to complete restoration work on the Kincora to Wallumbilla pipeline and start gas sales from its Newstead gas storage facility at 5 TJ/d. Production is targeting 9 TJ/d from phase one, with the second phase to involve the drilling of new wells plus workovers and stimulations of existing wells to achieve a ramp up of gas production during 2018 to the limit of the Kincora Gas Plant. (Source: Armour Energy announcement, 17/08/2017, Energy News Premium, 18/08/2017). 

 

Shell has connected all 16 mooring lines of its Prelude floating LNG vessel in the Browse Basin, making it a permanent part of the region for many years to come. The mooring chains were pre-positioned on the seabed then lifted and secured to the facility, with hook-up and commissioning to then start, which is expected to take between 9-12 months to complete. It will then produce about 3.6 mtpa of LNG, and stay on location for 20-25 years. (Source: Energy News Premium, 21/08/2017).

 

Cooper Energy announces that the Final Investment Decision (FID) has been declared for the Sole gas project with the execution of a fully underwritten finance package. The Sole debt package will be provided in the form of a $250 million debt facility fully underwritten by ANZ and Hong Kong's Natixis, a further $15 million working capital facility provided by ANZ, plus a fully underwritten accelerated non-renounceable entitlement offer to raise a further $135 million. The finance package will fund the remaining Sole gas project capital cost, as well as provide additional funding and liquidity requirements associated with bank finance and capital expenditure identified for the company's offshore and onshore Otway Basin and Cooper Basin operations, and maintenance of the offshore Gippsland Basin facilities. With the successful FID Cooper has announced that its 2P reserves have increased by 362%, or 43 mmboe to 54 mmboe. (Source: Cooper Energy announcement, 29/08/2017, Energy News Premium, 29/08/2017).

 

Australia and Timor-Leste have resolved their long-running dispute over maritime boundaries in the Timor Sea, in what is being described as a landmark day in the relationship between the two nations. The Permanent Court of Arbitration has announced the parties reached an agreement over the disputed territory, which contains large oil and gas deposits worth an estimated $40 billion. The agreement addressed the legal status of the Greater Sunrise gas field, the establishment of a Special Regime for Greater Sunrise and a pathway to developing the resource, as well as sharing the revenue. The deal will be finalised in October. Until then, the details will remain confidential. (Source: ABC News, 03/09/2017).

 


 

Discoveries

 

AWE Ltd advises that preliminary analysis of wireline logs and pressure data from the Waitsia 4 appraisal well has confirmed the eastern extension of the Waitsia gas field, making Waitsia one of the largest conventional onshore gas discoveries in Australia. Strong gas shows were encountered across a 150m gross interval including the Kingia and High Cliff Sandstone reservoir targets. The gross Kingia reservoir interval of 42m contains 21m of net gas pay with reservoir quality similar to Waitsia 3. The Kingia net reservoir in both Waitsia 3 and Waitsia 4 is more than double that observed in other wells in the field. Waitsia 4 has been cased and suspended for future testing and production. (Source: AWE announcement, 22/08/2017).

 

 Permit Changes                                                                

 

Northern Territory

 

Beetaloo Platform

Nation Energy and Paltar Petroleum have entered a settlement agreement under which Nation has to surrender all its rights under the May 2016 earning agreements with Paltar. The parties will undertake a debt-for-equity exchange, with some damages and debts owed by Nation to Paltar to be converted to shares. In return, Nation will receive a 5% overriding royalty from Paltar on the any production from the areas previously subject to the EP136, EP143 and EP231, EP232, EP234, EP237 earning agreements.

Browse Basin

AC/RL8 was relinquished on 01/09/2017.

 

AC/RL9 is being renewed.

Daly Basin

Application EP348 was withdrawn on 07/09/2017.

McArthur Basin

Application EP353 has been varied and now covers a reduced area of 4262 sq km.

Timor Basin

AC/L5 is being renewed.

Queensland

 

Bowen Basin

Senex Energy Ltd 100% has been announced as preferred tenderer for gazettal area PLR2016/17-1-1 which closed on 20/04/2017.

 

ATP 759 has undergone a partial relinquishment and now covers a reduced area of 1352 sq km.

 

AGL has reached agreement to sell its 99% of ATP 1103 (and associated PCAs 135, 136, 139, 140, 141, 142, 143, 144, 145, 146, 147, 148, 149, 150, 151 and 152) and 50% of PL 191, PL 196, PL 223 and PL 224 to Shandong Order Gas Co Ltd and Orient Energy P/L. The deal is subject to pre-emptive rights and Australian and Chinese regulatory approvals.

 

Potential Commercial Area PCA 162 was granted to BNG (Surat) P/L 75% and CNOOC Coal Seam Gas Company P/L 25% on 01/09/2017. The licence will expire on 31/08/2032.

 

Potential Commercial Areas PCA 163 and PCA 164 were granted on 01/09/2017. The licences will expire on 31/08/2032. Interests in the CSG resource are OME Resources Australia P/L 75% and CNOOC Coal Seam Gas Company P/L 25% and in the conventional resource, interests are Hermes Holdings P/L 32.5%, Maple Leaf Energy P/L 32.5%, OME Resources Australia P/L 26.25% and CNOOC Coal Seam Gas Company P/L.

 

Potential Commercial Area PCA 167 was granted to BNG (Surat) P/L 75% and CNOOC Coal Seam Gas Company P/L 25% on 01/09/2017. The licence will expire on 31/08/2032.

 

Potential Commercial Area PCA 168 was granted to New South Oil P/L 75% and CNOOC Coal Seam Gas Company P/L 25% on 01/09/2017. The licence will expire on 31/08/2032.

 

PL 457 and PL 1012 were granted to Santos QNT P/L 50% and Australia Pacific LNG P/L 50% over the Kia Ora West and Kia Ora fields respectively on 06/09/2017. The licences will expire on 05/09/2032. As a result of the grant, ATP 337 has undergone a partial relinquishment and now covers a reduced area of 308 sq km.

Cooper Basin

Potential Commercial Areas PCAs 172, 173, 174, 175, 176, 177, 178 and 179 were granted to Icon Energy Ltd 100% on 25/08/2017. The licences will expire on 24/08/2032.

 

PL 1016 was granted to a Santos Ltd led consortium over the Whanto South West field on 18/08/2017. The licence will expire on 17/08/2029. As a result, ATP 1189 Wareena block has undergone a partial relinquishment and now covers a reduced area of 2596 sq km.

Eromanga Basin

Great Artesian has withdrawn from ATP 549 Cypress block and Australian Gasfields Ltd now holds 100% of all the blocks in ATP 549. The Cypress Block will expire once PL 1032 is granted.

 

ATP 631 is in the process of being renewed.

 

ATP 636 has been renewed to 03/04/2021.

 

ATP 642 has had its expiry date extended by two years to 30/06/2020.

 

ATP 661 has been relinquished and now reverts to vacant acreage.

 

ATP 669 has undergone a partial relinquishment and now covers a reduced area of 6465 sq km.

 

ATP 671 has undergone a partial relinquishment and now covers a reduced area of 6645 sq km.

 

ATP 672 has undergone a partial relinquishment and now covers a reduced area of 5564 sq km.

 

ATP 673 has undergone a partial relinquishment and now covers a reduced area of 6036 sq km.

 

ATP 794 Barcoo block has undergone a partial relinquishment due to the grant of ATP 2025 and ATP 2026. The Barcoo block now covers a reduced area of 621 sq km.

 

ATP 794 Barcoo Junction block has been relinquished as a result of the grant of ATP 2026.

 

ATP 794 Regleigh and Springfield blocks block will expire at the end of the licence term on 31/10/2017.

 

ATP 2025 was granted to Victoria Oil Exploration (1977) P/L 60% and Bridgeport Energy (QLD) P/L 40% on 11/08/2017. The licence will expire on 31/10/2017.

 

ATP 2026 was granted to Victoria Oil Exploration (1977) P/L 60% and Bridgeport Energy (QLD) P/L 40% on 11/08/2017 over an increased area of 1788 sq km. The licence will expire on 31/10/2017.

Surat Basin

The Queensland Government’s gazettal area PLR2017/18-1-1 was opened for application on 06/09/2017. The gazettal covers 77 sq km and will close on 08/12/2017. Click here for more information.

 

ATP 647 is being renewed. In addition, an application will be made for a Potential Commercial Area.

 

ATP 747 has been renewed to 31/05/2023.

 

ATP 754 has undergone a partial relinquishment and now covers a reduced area of 790 sq km.

 

ATP 810 is in the process of being renewed.

 

Potential Commercial Area PCA 160 was granted to QGC P/L 100% on 01/09/2017. The licence will expire on 31/08/2032.

Surat Bowen Basin

The Queensland Government’s gazettal area PLR2017/18-1-2 was opened for application on 06/09/2017. The gazettal covers 319 sq km and will close on 08/12/2017. Click here for more information.

South Australia

 

Ceduna Basin

A suspension, extension and variation for EPP43 was lodged on 11/08/2017.

Cooper Basin

Geothermal application GELA 658 has been varied and now covers a reduced area of 380 sq km.

 

Geothermal retention licenses GRL 3, GRL 4 and GRL 8 have been renewed to 10/05/2022.

 

The year 5 work program conditions for PEL 93 have been suspended by 3 months from 05/11/2017 to 04/02/2018. The licence has had its expiry date extended to 04/02/2018.

 

PRL 28 is being renewed.

 

Stuart Petroleum P/L 70% and Cooper Energy Ltd 30% have applied for PRLA 231, PRLA 232, PRLA 233, PRLA 234, PRLA 235, PRLA 236 and PRLA 237.

Pedirka Basin

PEL 160 was granted to Tri-Star Energy Company 100% on 01/09/2017. The licence will expire on 31/08/2022. 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, 40 km 2D seismic
Year 5 - 1 well

Tasmania

 

Otway Basin

Origin Energy Ltd has the right to acquire 29.23% of T/30P from Benaris Exploration (Otway) P/L. Origin will pay Benaris $190 million, for its 29.23% interest in T/30, 29.23% interest in VIC/P43 and its 27.77% interest in the Otway Gas Project. The acquisition is due to complete when Lattice Energy is divested. Origin has the right but no obligation to acquire the interests if the divestment of Lattice Energy does not proceed. Toyota Tsusho has pre-emptive rights for the Otway Gas Project.

 

Origin Energy Ltd has the right to acquire 27.77% of T/L2 and T/L3 from Benaris Exploration (Otway) P/L. Origin will pay Benaris $190 million, for its 29.23% interest in T/30, 29.23% interest in VIC/P43 and its 27.77% interest in the Otway Gas Project. The acquisition is due to complete when Lattice Energy is divested. Origin has the right but no obligation to acquire the interests if the divestment of Lattice Energy does not proceed. Toyota Tsusho has pre-emptive rights for the Otway Gas Project

Tasmania Basin

Terra Tasmania Resources P/L has applied for EL3/2017 over 2887 sq km.

 

EL30/2011 has been renewed to 23/11/2018.

Victoria

 

Gippsland Basin

Sequestration licence GGAP006386(V) will expire on 04/10/2022.

 

VIC/P47 is in the process of being renewed. The Moby Location in VIC/P47 was revoked on 15/08/2017.

Otway Basin

PRL 1 expired on 28/08/2017 and now reverts to vacant acreage.

 

Origin Energy Ltd has the right to acquire 29.23% of VIC/P43 from Benaris Exploration (Otway) P/L. Origin will pay Benaris $190 million, for its 29.23% interest in T/30, 29.23% interest in VIC/P43 and its 27.77% interest in the Otway Gas Project. The acquisition is due to complete when Lattice Energy is divested. Origin has the right but no obligation to acquire the interests if the divestment of Lattice Energy does not proceed. Toyota Tsusho has pre-emptive rights for the Otway Gas Project

 

A variation to the Year 5 work program for VIC/P44 was approved on 05/09/2017. Year 5 work program is for 537 sq km of quantitative interpretation study $0.5m.

Western Australia

 

Barrow Sub Basin

A suspension and extension for TP/8 was lodged on 05/09/2017.

 

A suspension, extension and variation for TR/4 was lodged on 30/08/2017.

 

Tap (Zola) P/L is withdrawing from WA-49-R.

 

A change to the WA-55-R work program has been approved –

Years 1-5 - geotechnical studies, engineering studies, gas marketing studies $1.2m

Bonaparte Basin

The Ascalon Extension Location WA-420-P LA has been extended to 17/11/2019.

Browse Basin

A suspension and extension for WA-281-P was lodged on 16/08/2017.

 

Total E&P Australia has transferred its 40% interest in WA-343-P to Total E&P Australia Exploration P/L.

 

The year 4 work program conditions for WA-494-P have been suspended by 12 months from 07/06/2017 to 06/06/2018. The licence has had its expiry date extended to 06/06/2020. A change to year 4, 5 & 6 work program has been approved –

Year 4 - integrate results from permit year 3, geotechnical studies $0.25m
Year 5 - geotechnical studies, mature drilling target $0.25m
Year 6 - 1 well $25m

 

A retention lease application over the Crown/Proteus Extension & Lasseter West location WA-502-P LC was lodged on 16/08/2017.

 

Retention lease applications over the Lasseter East Location WA-513-P LL and Lasseter South Location WA-514-P LL were lodged on 16/08/2017.

Canning Basin

A suspension and extension for EP 371 was lodged on 21/08/2017.

 

A suspension and extension for EP 428 was lodged on 28/07/2017.

 

A suspension, extension and variation for EP 487 was lodged on 25/08/2017.

 

Squadron Oil & Gas P/L 80% and Goshawk Energy (Canning Basin) P/L 20% have applied for STP-SPA-0069, STP-SPA-0072, STP-SPA-0079 and STP-SPA-0080.

Carnarvon Basin

The year 3 work program conditions for WA-208-P have been suspended by 3 months from 29/07/2017 to 28/10/2017. The licence has had its expiry date extended to 28/10/2019. A change to work program has been approved - 

Year 4 - 240 sq km 3D seismic reprocessing $0.45
Year 5 - G&G studies $0.4m

 

The years 1 - 3 work program conditions for WA-255-P have been extended by 3 months from 04/08/2017 to 03/11/2017.

 

The Cloverhill Location WA-268-P LC and Elfin Location WA-268-P LE have been extended to 03/09/2019.

 

The year 4 work program conditions for WA-28-P have been extended by 9 months from 26/09/2017 to 25/06/2018. The licence has had its expiry date extended to 25/06/2019. A change to the work program has been approved as follows –

Year 4 - geotechnical studies, 80 sq km wave equation based AVO inversion of Fortuna 3D seismic, prospect evaluation studies $1.15m

 

A retention lease application over the Isosceles Location WA-374-P LI was lodged on 24/08/2017.

 

A suspension, extension and variation for WA-389-P was lodged on 11/08/2017.

 

The Ragnar Location WA-430-P LR and Toro Location WA-430-P LT have been extended to 30/09/2019.

 

WA-461-P and WA-463-P were relinquished on 12/09/2017.

 

A location application for WA-474-P was lodged on 14/08/2017.

 

A change to the WA-482-P work program has been approved - 

Year 6 - 400 sq km FWI PSDM seismic reprocessing, G&G studies, QI studies $0.55m

 

Santos Offshore P/L, Eni Australia Ltd, Santos Ltd and Beach Energy Ltd have all withdrawn from WA-48-R. Quadrant Northwest P/L holds 100% participating interest in the permit.

 

WA-506-P is being relinquished.

 

WA-50-R has been renewed to 30/08/2022. Work program is as follows –

Year 1 - 77.1 sq km 3D seismic reprocessing, reservoir studies $0.325m
Year 2 - remapping of reprocessed 3D seismic, reservoir studies $0.225m
Year 3 - reservoir studies, subsurface static model $0.2m
Year 4 - reservoir studies 0.2m
Year 5 - commercial & engineering studies $0.175m

 

A variation for WA-511-P was lodged on 31/08/2017.

 

A suspension, extension and variation for WA-518-P was lodged on 09/08/2017.

 

Finder has assigned Woodside Energy Ltd a 90% participating interest and operatorship in WA-520-P under the farm-in agreement dated 18/07/2017.

 

WA-78-R was granted to Chevron Australia (WA-439-P) P/L 100% on 13/09/2017. The licence will expire on 12/09/2022. Work program is as follows - 

Years 1-5 - monitor & identify enabling technologies, monitor & review development options, update development costs $0.25m

Dampier Basin

A suspension and extension for WA-452-P was lodged on 07/09/2017.

 

The years 2, 3 & 4 work program conditions for WA-458-P have been suspended by 24 months to 06/07/2019. The licence has had its expiry date extended to 06/07/2021.

Perth Basin

Under the agreement between Pilot Energy and Empire Energy, dated 01/09/2015, Empire held an option to convert its working interest in EP 416 and EP 480 to a royalty interest. Empire has elected to retain its working interest in the permits, funding its share of the work program from 01/09/2017 onwards.

 

A suspension and extension for EP 447 was lodged on 23/08/2017.

New Zealand

 

Great South Basin

17GSC-R1 closed on 06/09/2017 and is under consideration.

 

A change to the work program conditions of PEP 20119 have been approved as follows –

120 months - submit a report on the prospectivity of the permit

 

PEP 54863 was relinquished on14/08/2017.

Northland Basin

17NRN-R1 closed on 06/09/2017 and is under consideration.

Pegasus Basin

17PEC-R1 and 17PEC-R2 closed on 06/09/2017 and are under consideration.

Southland Basin

17SLD-R1 closed on 06/09/2017 and is under consideration.

Taranaki Basin

17TAR-R1, 17TAR-R2 and 17TAR-R3 closed on 06/09/2017 and are under consideration.

 

PEP 53374 has undergone a partial relinquishment and now covers a reduced area of 481 sq km.

West Coast Basin

PEP 38526 expired on 4/09/2017. The area reverts to vacant acreage.

Papua New Guinea

 

Papuan Basin

Diamond Gas Foreland 261 BV has withdrawn from PPL 261. Santos (BOL) P/L and Foreland Oil Ltd now each hold 50%.

 

PPL 374 and PPL 375 were renewed to 29/06/2022. The licences cover reduced areas of 6929 sq km and 5572 sq km respectively. Work program is as follows:

Years 1-3 - G&G studies, 1000 km 3D seismic US$6m
Years 4-5 - G&G studies, 1 exploration well contingent on Years 1-3 results US$42m

 

PPL 378 is in the process of being renewed.

 

Diamond Gas Foreland 268 BV has withdrawn from PPL 426. Interests are now Talisman Energy Niugini Ltd 66.67% and Barracuda Ltd 33.33%.

 

Interest in PRL 40 are Repsol 60%, Kumul 20% and Horizon 20.

 

                                                                                                                                  

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