Twinza Oil Ltd is considering seeking for a strategic partner in its 100% owned Pasca A gas and liquids field, located in PPL 328, offshore Papuan Basin. It is thought that Twinza is reviewing opportunities to attract financial support to reach the development phase of the project. Considerations by Twinza are likely to involve offering variable participating equity in the project. It is unknown if a full divestment of the asset or sale of the company is also on the table.  It thought that Twinza has approached financial institutions over past 12 months to see what options could be available and that investment banks Goldman Sachs and UBS have been enlisted to commence promotion of the Pasca asset to interested parties such as financial organisations and possibly existing PNG energy companies. Twinza is a privately-owned company with major shareholders including Clough and Kerogen Capital which has provided a platform for moving forward on PNGâs first offshore development. On 6 March 2019, Twinza reported that it is also seeking fund raising through an Offer Information Statement Entitlement to its Shareholders, dated 26 February 2019.  Twinza holds 100% interest in exploration licence PPL 328, which covers the Pasca A field and has remained as operator since 2011. Pasca is considered a Miocene Reef play in the Darai Limestone. The most recent Pasca A4 appraisal well drilled in 2017-18 encountered an over-pressured reservoir section which was found to contain good porosity and permeability. Post drill analysis enabled the Pasca field to reach new highs in certified resources. A 2018 Gaffney Cline and Associates report estimates liquids totalling 69 MMbbl which relates to an approximate 70% increase on pre-drill estimations by Twinza. Gas resources were estimated at around 320 Bcf.  PPL 328 was scheduled to expire on 30 October 2017 but remains valid until a decision is made on the development licence application APDL 14, which was submitted by Twinza on 30 June 2015. The award is pending a Gas Agreement from the government which is expected once the development scheme for the second phase of gas production is finalised. The two-phase development plan, which was submitted to the government in 2015, includes an initial production of natural gas liquids, including condensate and LPG with the reinjection of dry gas. The second phase would then see the dry gas exported.   As agreement was entered into between Twinza and Global Exploration Ventures (GEV) in August 2018 for GEV to undertake a Pre-Feasibility Study to assess the commerciality of gas production/export from the Pasca A field. The study was to evaluate a commercial plan for gas deliverability to market using a compressed natural gas (CNG) solution. Full stream support for the Pasca field is provided by an agreement with Baker Hughes GE which was entered into in In August 2017. The agreement includes a wide range of services in drilling, subsea equipment, gas compression, gas processing topside and turbomachinery, along with well installation and commissioning services. Following Financial Investment Decision (FID) Baker Hughes expects to provide an integrated gas processing solution from the wells through to the point of export.  If a Gas Agreement is reached by mid-2019, which approves the development scheme and sets the fiscal and development terms for the project, Twinza expects to enter Front End Engineering and Design (FEED) phase by end-2019, preceding a FID and first production around 2023-24. If the timeline is realized, the first offshore production in PNG could commence ahead of the next phase of LNG expansion, providing LPG and condensate for domestic use.   The second phase of gas production from Pasca could be strategically enhanced by aggregating resources from the neighbouring field, including Pandora, Flinders and Hagana. Twinza held 40% interest in the 900 Bcf Pandora field before the retention lease PRL 38 was allowed to expire by operator Repsol in November 2018. Twinza has subsequently submitted an application for a new lease over the field along with other competitive bids.  After nearly eight years operating Pasca, Twinza is now considering obtaining a new strategic partner as the project nears receiving government approval for development. Interested parties in this opportunity should contact:   Huw Evans  Email: HuwEvans@twinzaoil.com
Twinza is on the lookout for a partner to share in the planned costs of the probable devt of the Pasca A gas + liquids field in PPL 328, offshore Papuan Basin. Twinza is currently sole holder of the 85-sq km permit