Subsequent to a portfolio review, Heritage Oil Ltd no longer sees Papua New Guinea as a core growth region. The company is looking to exit the country by divesting its entire PNG portfolio which includes exploration assets in the Western Forelands and the Southern Highlands (PPL 437 & PPL 486), and a gas field (Kuru, PRL 13).   Heritage entered PNG in 2013 by acquiring operated interest in PPL 319 from Esrey Resources for around USD 4 million. The permit was later renewed in 2014 as PPL 486, which is still operated by Heritage. PPL 486 covers an area of 2,130 sq km in the Fly Platform, between the recently appraised, Oil Search operated, Barikewa gas field in the Papuan Fold Belt and the Totalâs operated Elk-Antelope field in a carbonate platform, Fly Platform.   The committed work programme was amended in October 2015 to move required 2D seismic acquisition from years 1&2, to years 3&4. However, after 11 lines were shot by Telemu (an Esrey subsidiary) in 2011, no known further ground works have taken place. The remaining programme includes three exploration wells by June 2020. Given the commitment from Heritage to exit the country, it is unlikely that the work programme will be altered again.  Heritage reports two prospects and six leads within the permit area. The Tuyuwopi Prospect is considered âdrill-readyâ by Heritage in a four-way dip closed drape structure which is thought to be on a direct migration pathway from a Jurassic source kitchen. Tuyowopi was the likely target for the first well to be funded by Heritage in the original farm-in agreement and site clearance work had commenced. It has the potential for gas within the Imburu, Iagifu and Koi Iange units, with Heritage reporting that it could contain 2P prospective recoverable resources of 600 Bcf in a gas case or 125 MMbo and 375 Bcfg in an oil and gas case.  Both the Kutubu oil export pipeline and the PNG LNG natural gas pipeline run through the acreage which could aid in bringing resources to market in the case of a discovery with third-party pipeline access.  Retention Lease PRL 13 is located directly east of PPL 486 and covers the Kuru gas discovery. Containing an estimated 30 â 50 Bcf gas, commercializing the field would benefit from aggregated resources of new finds. Discovered in 1956 after ground seepage was observed, Kuru 1 well blew out after penetrating around 12 m of the Puri Limestone. Kuru 2 was later drilled to test deeper targets including Miocene sandstones and the Darai Limestone.   PRL 13 was set to expire on 15 June 2017. It is not thought that Esrey Resources applied for a licence renewal before exiting PNG. Pending confirmation, the licence could be inactive, meaning Kuru would no longer be under licence.  Exploration licence PPL 437 is located immediately north of the Elevala and Ketu fields in Horizonâs operated PRL 21. It contains the drill ready Malisa Prospect, along with Ebony, Mango and Ketu North prospects. Partner and operator Kina Petroleum is also looking to farm-down interest in the licence which is currently under application for an extension.  Malisa has the potential for gas within the Kimu and Elevala/Toro formations, with Heritage reporting that it could contain 2P prospective recoverable resources of 280Â Bcf gas. The licence lies in close proximity to the Elevala, Ketu, Stanley, Pânyang and Juha discoveries, meaning opportunities for development could run through proposed Western LNG infrastructure or through third party access to the considered Pânyang to Kutubu pipeline.   A total 170 km of 2D seismic was acquired over Malisa in 2014 during the Gosur Survey. Interpretation of this data was reported to be nearly complete in 2H 2017, along with integrated aerogravity data. Initial results showed significant prospectivity in the east of the permit. In addition, vintage seismic data was reprocessed within the licence and pending full interpretation.   Under the work commitments, the option existed to either drill one well or complete an additional phase of seismic in place of the well, if the identification of a suitable drilling target had not been successful. Drilling targets could potentially be identified through interpretation of reprocessed vintage 2D seismic data. A seismic programme was expected in 2018 which did not materialize but could be included in the permit extension application programme.  Heritage farmed into PPL 437 in 2013 with the condition that Kina would be free-carried through the first seismic programme. Additional interest could have been earned by Heritage (up to 50%) if the option to drill an exploration well was taken, in which Kina would also have been free carried.   PPL 437, which covers an area of 1,537Â sqÂ km, was awarded on 19 February 2013. Heritage Oil is looking to divest its entire 42.5% interest. Operator Kina Petroleum is also looking to farm down its 57.5% interest.  Companies interested in pursuing this opportunity should contact:  Krey Stirland â Heritage Oil, Vice President Business Development  Email: krey.stirland@heritageoilltd.com
 Heritage Oil Plc is looking to divest its entire PNG portfolio