Home » » Oil Search to buy 30pc stake

Oil Search to buy 30pc stake

Staff Reporter | 3:55 AM |
OIL Search (PNG) Limited has entered into an arrangement with ExxonMobil for the acquisition of certain licence areas in the Papuan Gulf basin in Gulf.
The arrangement was for 30 per cent acquisition of each of the licenses which included Petroleum Prospecting Licences PPL474, PPL475, PPL476, PPL477 and PRL39.
According to Oil Search, ExxonMobil acquired interests in these licences when it purchased InterOil Corporation this year.
The licences are in the Eastern Foldbelt in the onshore Papuan Gulf Basin, adjacent to the Elk-Antelope fields in PRL 15.
They contain the Triceratops, Bobcat and Raptor discoveries.
As part of the proposed farm-in arrangements, Oil Search will undertake a seismic acquisition programme over the licences during the remainder of this year into early next year, on behalf of the operator ExxonMobil.
Oil Search managing director Peter Botten said: “Prior to our proposed bid for InterOil in 2016, Oil Search identified the onshore Papuan Gulf Basin as an area with not only discovered gas resources, but also significant further gas potential.
“The proposed farm-in to these licences materially enhances Oil Search’s exploration portfolio in this highly prospective area.
“Combined with our existing acreage position, Oil Search has a world-class exploration portfolio in PNG, with multiple high potential play types close to infrastructure.”
He said the onshore Gulf licences were close to the world class Elk-Antelope fields in PRL 15, which were expected to underpin the Papua LNG development, providing a potential route for future commercialisation.
“In addition to the existing gas discoveries, we have identified a number of additional leads and prospects on the acreage,” he said.
Botten said Oil Search’s acquisition of the licence interests was subject to due diligence, execution of binding agreements, conditions precedent and regulatory approvals in which the terms of the agreement were confidential. The National