According to managing director for Kina Petroleum Richard Schroder, 45% of carbonate hydrocarbon reserves are in the Miocene age reservoirs.
He explained that this was because the prospective of Miocene Carbonates was already well established in the Birdseed of New Guinea.
In the East west tending Miocene foreland basin, 30 Hydrocarbon fields were discovered of which 80% is gas and 20% oil proven reserves that is oil 500MMBO and gas 400BCF.
Mr Schroder said: "Previous exploration overlooked prospectively because the area was misinterpreted as basin farcies devoid of refill build-ups according to (Satyana 2003).
He also added that the PNG Miocene Carbonate Play could greatly exceed the value of the proven Western Clastic play because of the much hidden potential it has.
"However, PNG LNG is well placed in the emerging markets as Kina is also well positioned in the Eastern Carbonate Play fairway.
That includes the Miocene Carbonates along the Papuan coast to confirm reefal play in PPL 340 that positioned Kina currently at 100%," he stated.
Meanwhile, Schroder also stated that the region of Port Moresby alone was said to have the highest of the carbonates mainly in the South East part of Port Moresby.
"That means that in the PPL 340 Seismic line, Port Moresby is leading in the sight of PNG LNG facilities.
"Having the Lizard prospect accessible by road from Port Moresby, this has also given bonus for the people along that part of the region.
But with the type of weather the country has timing of Seismic subject may vary, as Kina plans to lead off with PPL 340," he explained.
He said in order to address this, Kina’s next seismic program will be a self managed boutique operation. Logistics and ease of access point to PPL 340 being the obvious location to commence.