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March 2014

APPEA Conference 2014
The 2014 APPEA Conference will be held in Perth from 6 to 9 April.  As usual we will be in attendance.  Please drop by our booth which this year will be in the main foyer near the registration desk ...

Industry Summary
Magellan Petroleum Corporation has entered into a definitive agreement to sell the Palm Valley and Dingo gas fields to Central Petroleum Ltd through the sale of its wholly owned subsidiary ...

Permit Updates and Changes
In the Surat Basin, application PELA 149 was nullified as it did not meet Section 10 of Petroleum (Onshore) Act 1991 which says an application for a petroleum title must relate to one area only ...

APPEA Conference 2014

The 2014 APPEA Conference will be held in Perth from 6 to 9 April.  As usual we will be in attendance.  Please drop by our booth which this year will be in the main foyer near the registration desk.  You don't need to be a conference delegate to be able to access this part of the convention centre so we hope to see you there.  In attendance will be Dan Haigh, Angela Willett, Catherine Speed and Cynthia Thomas.

The 2014 editions of the Petroleum Permits of Australasia Map and Book will be released on Sunday 6 April and will be available for purchase at the conference and by mail order from our Sydney office once the conference is over.  A copy of the order form will be included with next month's edition of the newsletter.

The April update of GPinfo will be released on Tuesday 8 April to coincide with the official announcement of the 2014 Federal Offshore Acreage Release by The Hon. Ian Macfarlane, Federal Minister for Industry. The update will also include details of various state onshore gazettals which are confidential until their announcement at the conference

Industry Summary

Company News

Magellan Petroleum Corporation has entered into a definitive agreement to sell the Palm Valley and Dingo gas fields to Central Petroleum Ltd through the sale of its wholly owned subsidiary Magellan Petroleum (NT) P/L in exchange for $35 million in cash and Central stock. Of this consideration, $20 million is payable in cash and approximately 39.5 million shares in Central upon transaction completion. Jarl P/L will also become a Central Petroleum subsidiary. Jarl distributes the royalties to third parties. Completion is expected to occur by 31/03/2014 and is subject to certain customary conditions. (Source: Magellan Petroleum announcement, 18/02/2014).

The merger between Torrens Energy and Phoenix Oil and Gas, announced in December 2013, will result in the new entity changing its name to High Peak Royalties Ltd to better suit the new direction of the merged entity. The merged entity will continue to focus on oil and gas royalty opportunities, both in Australia and other favourable investment jurisdictions, but will also actively seek other royalty opportunities. The merger is expected to be completed in April 2014. (Source: Torrens Energy announcement, 17/02/2014).

Senex Energy has signed a gas sales agreement with the Santos-operated South Australian Cooper Basin Joint Venture for the supply of raw gas over two years from its Hornet gas field in the Cooper-Eromanga Basin. Raw gas will be supplied from the Hornet gas field in PEL 115 at up to 10 mmcfd beginning in September this year. The deal will allow Senex to monetise the gas during the appraisal stage without the risk of penalties for non-delivery. The raw gas comprises natural gas condensate and LPG, and Senex will be paid for each component. (Source: Senex Energy announcement, 03/03/2014).

Strike Energy has entered into a gas supply option agreement with Austral Bricks for 12.5 PJ of gas from its gas reserves in the Southern Cooper Basin gas project over 10 years. The agreement complements a deal reached with Orora for the supply of 30 PJ of gas, announced last month, and will deliver 1.25 PJ to Austral each year for the 10-year period under the same key terms. The gas will be delivered at a fixed price over the period, beginning in 2017, the scheduled start of production at the project. (Source: Strike Energy announcement, 27/02/2014).

Woodside has signed a sales and purchase agreement with Korea Gas Corporation for a maximum supply of 2.2 million tonnes of LNG over a three-year period from its 4.3 million tonne per annum Pluto LNG plant. The agreement is subject to a number of conditions and the gas will be sourced from previously uncommitted volumes.  Existing sales deals struck with foundational buyers Kansai Electric and Tokyo Gas in 2007 have been reduced from 3.75 mtpa to 3.25 mtpa. (Source: Woodside announcement, 28/02/2014).

Following the successful completion of the recent PEL 96 appraisal program, Strike Energy has announced an increase in its best estimate of prospective resources in the Cooper Basinís PEL 96 permit to 6.8 tcf of recoverable gas, with 4.5 tcf net to Strike. Strikeís focus is on bringing about rapid commercialisation of the gas reserves lying within its phase 1 area of the permit. The estimated prospective resource in the phase 1 area has been increased to 1.2 tcf. Data from the Le Chiffre and Klebb wells is responsible for the increase in estimated reserves. (Source: Strike Energy announcement, 19/02/2014).

Landbridge Group Co Ltd has made an off-market takeover bid for all of the shares in WestSide Corporation at 36c per share. WestSide is reviewing the terms of the intended bid and has advised its shareholders to take no action as there is no guarantee of a formal offer eventuating. The bid is conditional on the approval of various third parties, including Chinese and Australian government regulatory approvals, and Landbridge undertaking due diligence. (Source: Westside Corporation announcement, 10/03/2014).

A geotechnical evaluation of FAR Ltdís offshore Dampier Basin exploration permits has identified multiple prospects with total prospective resources estimated at 447 million barrels of oil equivalent net to the company. The evaluation assessed extensive vintage 3D and 2D seismic data covering the WA-457-P and WA-458-P permits as well as exiting well data to produce resource estimates. Oil is expected to be the dominant hydrocarbon phase in WA-458-P, with nearby discoveries proving prospective for the liquid.  The permit is expected to hold about 359 mmbbl of oil net to FAR. WA-457-P permit is the site of the Dampier 1 well drilled in 1968 and will be the focus of a work program designed to identify better quality sands than the ones that failed the vintage well.  The Dampier structure is thought to potentially contain a total of 800 bcf of gas and 16 mmbbl of associated condensate, with 459 bcf and 9.2 mmbbl net to FAR. (Source: FAR Ltd announcement, 11/03/2014).


The INPEX-operated Ichthys LNG Project has celebrated a key milestone with the first block of the keel for the Floating Production, Storage and Offloading (FPSO) vessel recently laid down at a ceremony in Daewooís South Korean shipyard where the FPSO is being built. Speaking at the event, Ichthys managing director Louis Bon said the keel laying was significant as it is the structure around which the FPSO would take form. ďThe FPSO is the facility that will be used for condensate dewatering, stabilisation, storage and export Ė so its importance cannot be overstated.Ē Once complete the facility will be towed 5,600 km to the Browse field in northern offshore Western Australia, where it will be permanently moored to the seabed for the life of the project.  (Source: INPEX announcement, 19/02/2014).

UGL Ltd and the Kentz engineering group has won a $US640 million contract for the Ichthys LNG Project for structural, mechanical and piping construction work. Awarded by engineering, procurement and construction contractor JKC Australia, the UGL Kentz joint venture is expected to start work in August and to end before the start-up of the Ichthys plantís second train. (Source: Energy News Bulletin, 27/02/2014).

Engineering group Monadelphous has landed a $680 million construction contract for mechanical works at the Ichthys Project onshore LNG facilities in Darwin. The agreement is with lead contractor JKC Australia, a joint venture between Japan-based JGC Corporation and Chiyodoa Corporation along with Kellogg Brown & Root. The scope of work comprises the construction of piping, mechanical and structural steel for the utility and offsite area. Work will start immediately and is due to be completed by mid-2016. (Source: Energy News Premium, 24/02/2014).

Exxon Mobilís $19 billion PNG LNG venture will export first gas four months ahead of schedule. Exxon CEO Rex Tillerson told analysts in the US the first LNG would come on stream mid-year with first cargo scheduled for as early as 01/07/2014.  The two-train, 6.9 million tonnes per annum-capacity PNG LNG project is due to start production in late 2014 and was also estimated to produce an average of 19,200 barrels per day of condensate back in 2009. Tillerson said a third train was also being looked at and there was space at the Port Moresby site for third and fourth trains. (Source: Energy News Premium, 11/03/2014).

At its investor update in New York this week Chevron revealed the Gorgon LNG Project in Western Australia, which is targeting 15 million tonnes per annum, was 78% complete while first gas was expected in mid-2015 instead of the March quarter of that year. The Australian Financial Review reported that Chevron was marketing LNG from a potential fourth train at Gorgon while analysts were expecting Chevron to benefit from high spot prices for the 35% of the gas under the foundation project which is not under long term contracts. (Energy News Premium, 13/03/2014).


Bauer 13 was designed as a vertical development well, targeting the McKinlay/Namur reservoirs on the south east end of the field. Bauer 13 intersected a 13 metre oil column, with 8 metres of net oil pay within the highly productive Namur reservoir. The well has been cased and suspended as a future oil producer. (Source: Beach Energy announcement, 05/03/2014).

Tap Oilís discovery of 112 metres of net gas pay at its Bianchi 1 discovery in the Carnarvon Basin has led to estimates of gross 2C contingent resources of 638 PJ held within the WA-49-R retention lease and a net resource to Tap of 64 PJ. Tap will book an additional 16 PJ of net 2C resources in the WA-49-R retention lease for the Bianchi 1 discovery, while it has already booked 48 PJ of net 2C contingent resources for the nearby Zola and Antelope discoveries. The basis for moveable hydrocarbon confirmation at the Bianchi 1 well was wireline samples recovered from four gas-bearing reservoirs. (Source: Tap Oil announcement, 26/02/2014).

Oil Search is preparing to plug back and suspend the Mananda 7/ST4 well located in exploration permit PPL 219 in the Papuan Basin, Papua New Guinea as a potential future oil producer. The well reached a total depth of 2,540 metres, encountering hydrocarbons in the Toro and Digimu sands. (Source: Oil Search announcement, 06/03/2014).

Central Petroleumís Surprise West 1 well in the Northern Territory has commenced production, with initial flow rates of 675 barrels of oil over a 24 hour period without the help of a pump. The well has exceeded the companyís expectations, flowing at a rate of around 70% higher than the maximum flow rate achieved during the extended production test. (Central Petroleum announcement, 13/03/2014).

Senex Energy has added to its impressive drilling track record in the Cooper Basin, casing and suspending two wells for future production. The companyís Vintage Crop 4 well intersected approximately 2.5 metres of net oil pay in the McKinlay member and approximately 8 metres of net oil pay in the Murta formation. Mirage 6 was also cased and suspended after it intersected 11.6 metres of net oil pay in the sandstones of the Murta formation. (Source: Senex Energy announcement, 05/03/2014).

Permit Updates and Changes

New South Wales

In the Surat Basin, application PELA 149 was nullified as it did not meet Section 10 of Petroleum (Onshore) Act 1991 which says an application for a petroleum title must relate to one area only.

In the Clarence/Moreton Basin, PEL 426 is in the process of being renewed.

On the New England Fold Belt, Trough Exploration P/L 100% has applied for special prospecting authority PSPAPP 63.

Northern Territory

In the Browse Basin, INPEX Browse Ltd has transferred its interest in AC/P 36 to INPEX Browse E&P P/L.

Also in the Browse Basin, AC/P 48 is being relinquished.

In the Petrel Sub-basin, NT/P 81 was cancelled on 04/03/2014.

In the Georgina Basin, EP 103 and EP 104 have had their expiry dates extended to 20/05/2015.

In the Amadeus Basin, EP 115 is being renewed.

In the Georgina Basin, Statoil has served default notices for cash calls it claims have not been paid by partner Baraka Energy & Resources, despite the fact Baraka has disputed upcoming work programs. Baraka gave notice under the joint operating agreement that it was electing not to contribute to the EP 127 and EP 128 work programs, stating they were 'invalid'. Statoil advised if the default notices were found to be invalid it would lead to the forfeiture of Baraka's interest in the permits. Baraka has hit back, stating its election not to participate in the work programs was valid, deeming the default notices invalid. The company also reiterated that the work programs were not in its view validly adopted. Baraka will take legal action against the default notices and will file for an injunction to stop the forfeiture of its interest. Also, EP 127 has had its expiry date extended to 13/12/2015.

In the Pedirka Basin, EP 134 is being renewed.

In the Amadeus Basin, Magellan Petroleum Corporation has entered into a definitive agreement to sell the Palm Valley OL 3 and Dingo gas fields RL 2 to Central Petroleum Ltd through the sale of its wholly owned subsidiary Magellan Petroleum (NT) P/L in exchange for $35 million in cash and Central stock. Completion is expected to occur by 31/03/2014.

In the Amadeus Basin, RL 2 has been renewed to 03/02/2019.

Joint Petroleum Development Area

JPDA 06-101 has undergone a partial relinquishment and now covers 1,068 sq km.

JPDA 06-103 has been suspended until 15/4/2014 for ANP to complete assessment of the JV application to terminate the PSC without penalty.

JPDA 06-105 has been renewed to 21/04/2035 over a reduced area of 83 sq km.

JPDA 11-106 was granted to Eni JPDA 11-106 BV 40.53%, INPEX Offshore Timor-Leste Ltd 35.47% and Timor Gap PSC 11-106 Unipessoal Lda 24%.  The PSC was signed on 11/04/2013 and became effective on 23/10/2013.  The licence will expire on 22/10/2016.


In the Surat Basin, Fairview Pipeline P/L holds 4.38% and Tri-Star Petroleum Co holds 0.302% of ATP 606, ATP 972 and associated PCAs and PLs.

In the Eromanga Basin, ATP 633 has undergone a partial relinquishment and now cover a reduced area of  585 sq km.

In the Maryborough Basin, Blue Energy will acquire 100% of ATP 613, ATP 674 and ATP 733 for $2.5 million to be paid in three payments over a 12 month period.  The sale of ATP 613 is subject to binding documentation which should be finalised shortly.

In the Surat Basin, ATP 676 has undergone a partial relinquishment and now covers a reduced area of 914 sq km.

In the Galilee Basin, ATP 813 has undergone a partial relinquishment and now covers a reduced area of 2,063 sq km.

In the Bowen Basin, ATP 817 has been relinquished and now reverts to vacant acreage.

In the Surat Bain, ATP 819 has been relinquished and now reverts to vacant acreage.

In the Surat/Bowen Basin, Foresight Australia P/L will acquire 30% of ATP 840 from Clark Oil & Gas P/L.

In the Cooper Basin, the farm-in agreement for ATP 940 has been amended: consolidation of the 3 stages to a single stage and removal QGCís withdrawal rights, bringing forward the remainder of QGCís carry of the initial $100 million expenditure; expansion of the agreed farm-in work program from 6 to 10 wells; Drillsearch to remain as operator until end of permit term in Nov 2015 with QGC then having an option to assume operatorship.

In the Galilee Basin, Queensland Energy Resourcesí interest in ATP 1015 is held by QER CSG P/L.

In the Adavale Basin, work program for ATP 1069 is as follows -

Year 1: 300 km seismic reprocessing, 350 sq km airborne geophysical reprocessing
Year 2: 100 km 2D seismic, 2 strat wells to 1800m, seismic interpretation
Year 3: 5 coreholes to 1800m
Year 4: 2 production wells to 1500m, 8 monitoring/development wells to 1500m

In the Eromanga Basin, work program for ATP 1072 is as follows

Year 1: G&G studies, 80 km seismic reprocessing, 4 wells to 700m
Year 2: G&G studies, 120 km seismic, 3 wells to 700m
Year 3: G&G studies, 5 wells to 700m
Year 4: G&G studies, 7 wells to 700m

In the Bowen Basin, work program for ATP 1079 is as follows

Year 1: 2 test wells to 2600m, 2 development wells to 2600m
Year 2: 12 development wells to 2600m
Year 3: 12 development wells to 2600m, 60 km 2D seismic
Year 4: 12 development wells to 2600m

In the Cooper Basin, PL 168 is being renewed as PL 502

In the Surat Basin, AGLís interest in PL 213 is held by AGL Gas Storage PL.

In the Surat Basin, PL 472 was granted over the Avon Downs field on 10/02/2014. The licence will expire on 09/02/2044.

In the Surat Basin, QGC have applied for production licence application PL 503 over the Michelle field.

In the Bowen Basin, Peabody (Bowen) P/L has applied for production licence PL 504.


In the Eromanga Basin, geothermal applications EPG 95, EPG 96 and EPG 99 are held by Clean Energy Australasia P/L 50% and Earth Solar Power 50%.

South Australia

In the Cooper Basin, Senex Energy has entered into two farm-out agreements with Origin Energy to acquire interests in two gas blocks in the Cooper Basin. The agreement will see the permits divided into two areas, with Area A covering a portion of PEL 115 and PEL 516 and Area B (Deeps only) covering a portion of PEL 514. Senex retains its interest in the oil prone Shallows of Area B. Following completion, which is expected by 30/06/2014, Origin will progressively invest $97 million to contribute to an exploration program on each block. Upon completion Origin will hold 40% interest in Area A and 30% in Area B. Origin will have the option to increase its working interest in both blocks by 10% via an additional $72 million investment to contribute to a pilot appraisal program in each area. After completion of the pilot appraisal programs Origin has the option to become operator in each area.

In the Eucla Basin, PEL 143 has been suspended from 16/02/2014 to 15/02/2015. The licence has had its expiry date extended to 15/05/2019.

In the Otway Basin, Otway Energy has entered into a Royalty Deed with Hardie in relation to PEL 154 and PEL 155 to provide a royalty of 5% on net proceeds from production, less government royalties, capped at A$15 million.

In the Officer Basin, PEL 499 has been suspended from 15/02/2014 to 14/02/2015. The licence has had its expiry date extended to 12/01/2016.

In the Arckaringa Basin, PEL 500 has been suspended from 01/04/2014 to 31/03/2015. The licence has had its expiry date extended to 11/04/2018.

In the Eromanga Basin, Phoenix Oil & Gas Ltd acquired 1.3% of Liberty's 7% ORR in PEL 512.

In the Gawler Block, applications PELA 126 and PEL 153 have been varied and now cover 8,624 sq km and 2,124 sq km respectively.

In the Cooper Basin, PELA 516 is now under application as PELA 636.

In the Otway Basin, Rawson Resources has signed a sales and purchase agreement with Adelaide Energy P/L to purchase 100% of PRL 13 for a total consideration of $600,000. The purchase is conditional on regulatory approval

In the Cooper Basin, PRL 18 has been suspended from 17/02/2014 to 11/10/2014. The licence has had its expiry date extended to 27/01/2015.

In the Cooper Basin, applicants for PRLA 85 - PRLA 104 are Beach Energy Ltd 75% and Cooper Energy Ltd 25%.

Also i
n the Cooper Basin, applicants for PRLA 33 Ė PRLA 49 are Beach Energy Ltd 70% and Chevron Australia Exploration 1 P/L 30%.


In the Otway Basin, GEL 291 has been renewed to 12/12/2018 over a reduced area of 325 sq km. 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, 1 well


In the Otway Basin, CalEnergy Resources (Australia) has withdrawn from T/34P and its interest has been taken pro-rata by Origin Energy Resources and Benaris Exploration (Otway).

In the Gippsland Basin, T/46P has expired and now reverts to vacant acreage


Offshore in the Gippsland Basin, VIC/P 42 was cancelled effective 07/03/2014.

Also in the Gippsland Basin, the year 4 work program for VIC/P 47 has been suspended for 6 months to 15/05/2014 and the term of the licence has been extended to 15/05/2015.   Oil Basins has JV approval to acquire Strategic's 25% (12.5% held by Oil Basins Ltd and 12.5% held by Shelf Oil P/L).

In the Otway Basin, Loyz Oil Australia has completed its earning obligations in VIC/P 62. A 70% interest in the licence is being transferred to Loyz and the company will take over as operator.  VIC/P 62 is in the process of being renewed.

Onshore in the Otway Basin, PEP 151 has had its expiry date extended to 15/05/2016.

Also in the Otway Basin, PEP 169 has had its expiry date extended to 24/10/2015.

In the Gippsland Basin, interests in PRL 2 Trifon Block will be Armour Energy 15%, Petro Tech 42.5% and Jarden Corp Australia 42.5% following the option exercise by Armour Energy.

Western Australia

In the Barrow Basin, Tap Oil is looking to sell stakes in 4 oil and gas blocks. Amongst the assets for sale are 10% in the Taunton oil field in TL/2 and an additional 12.4% in TP/7. Tap wants to sell its stakes in the oil and gas fields as a package, but is open to offers for singular assets. Tapís 12% stake in the Prometheus and Rubicon WA-34-R gas discoveries is also on offer. Finally, Tapís 22.47% interest in the Maitland gas and condensate field WA-33-R is up for grabs.

In the Perth Basin, TP/26 has been granted to Perseverance Energy P/L on 24/02/2014. The licence will expire on 23/02/2020. Work program is as follows -

Year 1: geotechnical studies $0.25m
Year 2: 300 km 2D seismic $0.45m
Year 3: geotechnical studies $0.25m
Year 4: 1 well $5m
Year 5: 200 km 2D seismic, geotechnical studies $1.3m
Year 6: 1 well $5m

In the Carnarvon Basin, WA-268-P has been reduced due to
the grant of WA-53-R.  WA-268-P now covers 2,837 sq km.

In the Carnarvon Basin, the year 5 work program for WA-271-P has been suspended by 15 months from 16/04/2014 to 16/07/2015. The licence has had its expiry date extended to 16/07/2015.

In the Browse Basin, WA-302-P is being relinquished.

In the Browse Basin, Phoenix Oil & Gas acquired a total of 0.103125% from Liberty's original 1.5% ORR in WA-314-P and WA-315-P.

In the Browse Basin, INPEX Browse Ltd has transferred its interest in WA-341-P, WA-343-P, WA-344-P and WA-494-P to INPEX Browse E&P P/L.

In the Carnarvon Basin, the year 4 and year 5 work program for WA-348-P is now -

Year 4: geotechnical studies $0.8m
Year 5: 1 exploration well $45m

In the Carnarvon Basin, WA-384-P expired
on 20/02/2014. The area now reverts to vacant acreage.

In the Carnarvon Basin, Japan Australia LNG (MIMI) P/L has transferred its interest in WA-450-P to Finder No 4 P/L. Furthermore, the Olympus location was lodged over WA-450-P on 11/02/2014.

In the Carnarvon Basin, Phoenix Oil & Gas Ltd acquired 0.2% of Liberty Petroleum's ORR in WA-482-P

In the Petrel Sub Basin, WA-27-R is being renewed

In the Carnarvon Basin, Santos has elected not to participate in the WA-50-R retention lease. Once the assignment paperwork is registered with NOPTA it will be Apache Northwest P/L 100%.

In the Carnarvon Basin, WA-53-R was granted to Chevron Australia P/L 17.75%, Chevron (TAPL) P/L 32.25%,  Shell Development (Australia) P/L 25% and Mobil Australia Resources Company P/L 25% on 13/02/2014. The licence will expire on 12/02/2019. Work program is as follows -

Year 1: seismic interpretation, engineering & technical studies $0.35m
Year 2: engineering, & technical studies $0.25m
Year 3: engineering, & technical studies $0.15m
Year 4: engineering, & technical studies $0.15m
Year 5: gas market cost review $0.15m

In the Perth Basin, available area L 12-14 has been reduced and now covers
669 sq km.

In the Canning Basin, Oil Basins has been advised by the DMP that its acceptance of an offer for the 5/07-8 EP exploration block in Derby has been received. Timeframe from acceptance to grant is normally within one week.

In the Carnarvon Basin, EP 325 is not being renewed. The area will revert to vacant acreage on expiry.

In the Perth Basin, the year 6 work program for EP 437 has been extended by 8 months from 08/11/2013 to 07/07/2014. The licence has had its expiry date extended to 07/07/2014.

In the Carnarvon Basin, EP 460 and EP 461 expired
on 20/02/2014. The areas now revert to vacant acreage.

In the Perth Basin, Warrego Energy Ltd has signed a $40 million farm-out agreement with Dyas BV and Mazarine Energy BV over the West Erregulla tight gas field in EP 469. On completion of the farm-out and the receipt of all regulatory approvals, Warrego will retain 20% interest in EP 469 with Dyas taking 30% and Mazarine 50%. Mazarine also will take over operatorship of the permit from Warrego following the completion of the appraisal program in 2015.

In the Carnarvon Basin, STP-SPA-22 is under application by UIL subsidiary Cape Range Energy P/L.

In the Perth Basin, application STP-SPA-6 has been refused. The area reverts to vacant acreage.


In the Canning Basin, GEP 43 was relinquished on 14/02/2014.

New Zealand

In the Southland Basin, PEP 38220 was surrendered on 05/03/2014.

In the Taranaki Basin, PEP 51150 has been renewed to 22/09/2018 over a reduced area of 192 sq km. Work program is as follows -

18 months: 200 km 2D seismic reprocessing, 1 well
42 months: 15 sq km 3D seismic or 37 km 2D seismic or 1 well
60 months: 2 wells, 60 sq km 3D seismic reprocessing
72 months: 360 sq
km 3D seismic
84 months: advanced seismic processing
108 months: 1 well

he relinquished part of PEP 51150 is now part of available areas 14TAR-R1 and 14TAR-R2. 14TAR-R1 and 14TAR-R2 now cover 46,307 sq km and 1,331 sq km respectively.
In the Taranaki Basin, the work program for PEP 53537 has been corrected and is -

18 months: studies, 400 km 2D seismic reprocessing, 100 km 2D seismic, 18 sq km 3D seismic
24 months: studies
36 months: 200 km 2D seismic or 100 sq km 3D seismic
48 months: process and interpret the new seismic data acquired
60 months: 1 well, studies

Timor Leste

S06-03 has been relinquished.

S06-04 has had its expiry date extended to 28/08/2014.

Papua New Guinea

We have undertaken a major update to PNG licences (PRLs, PDLs and PPLs) this month. We have updated the status of existing APPLs, however, we have been unable to obtain details of new APPLs.

APPL 432, APPL 433 and  APPL 434 have been refused.

The expiry date for PPL 235 has been corrected to 28/08/2015

Oil Search has acquired the Pacific LNG Group of Companies and their 22.835% of PRL 15 for US$900 million.  The purchase was funded by the placement of 149.39 million shares to The Independent State of Papua New Guinea at $A8.20 per share.

Oil Search has a binding Heads of Agreement with Pacific LNG shareholders and other parties to undertake exclusive negotiations to acquire up to 13.425% in PPL 236 and PPL 238 and 11.0423% in PPL 237 and PRL 39, subject to the parties agreeing terms and satisfying any required third party approvals.  The exclusivity period extends for 6 months.

PPL 261 will expire on 16/03/2016.

The following licences have expired:  PPL 275, PPL 76, PPL 291, PPL 296 and PPL 299.

In PPL 338, the farmin with Oil Search has lapsed and Kina now holds 100% of the licence

PPL 401 and PPL 402 are held by Strike Oil (PNG) Ltd, a subsidiary of Hardie Energy.

PPL 442 and PPL 444 were granted to Kengaku Petroleum Ltd 100% on 31/01/2014.  The licences expire 30/01/2020.

Oil Searchís interests in PRL 10 are held by Oil Search Ltd 49.55%, Oil Search (PNG) Ltd 10% and Oil Search (Uramu) Ltd 40.45%.

The following grant and expiry dates have been updated -


Grant Date

Expiry Date

PPL 311



PPL 313



PPL 314



PPL 318



PPL 324



PPL 328



PPL 334



PPL 335



PPL 346



PPL 347



PPL 363



PPL 395



PRL 21




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