Petro Energy Ltd is seeking for a partner to assist in its exploration efforts in exploration licence PPL 388, located in the Papuan Mobile Belt, Papuan Basin. Petro Energy is offering negotiable working interest of around 80% plus the option to operate the licence in return for technical and financial assistance to help fulfil the six-year exploration work programme. The company is currently evaluating other investment support options.   Once a partner is secured, Petro Energy could seek to alter the remaining work commitments by removing requirements to drill in the second and third terms. Instead, the company aims to focus on delineating any located leads and prospects. Ahead of the commitment to drill, the work programme includes a full geological review of the licence area to be conducted through know literature and available 2D seismic and gravity data. Petro Energy has commenced this part of the programme. The study will be used to provide a focus area ahead of the commitment to acquire 100 km of new 2D seismic by 29 June 2019.   PPL 388, which covers an area of nearly 11,000 sq km, was awarded on 30 June 2015. It is schedule to expire, or be renewed by, 29 June 2021. Laying in a geologically challenging region of the eastern Papuan Mobile Belt, PPL 388 is the only licence in this sub-basin. Senex has also held acreage in the Mobile Belt from 2009 but relinquished the licence in 2015. There is an area of approximately 1,500 sq km in the far west of the licence which crosses into the Papuan Fold Belt, around 65 km north of the Total operated Elk-Antelope field.   There are no wells located in PPL 388. The nearest exploration was conducted by Horizon and Kina Petroleum within the Ramu Sub-basin, approximately 15 to 25 km to the north. Raintree 1 and Kwila 1 were the first wells to test the southern Ramu Sub-basin in 2015. The wells were not successful in finding commercial hydrocarbons and thus the licence PPL 337 was relinquished.   Petro Energy is offering a farm-in opportunity in its 100% owned and operated exploration licence PPL 388.
Papua New Guinea Petro Energy Ltd is seeking a partner in PPL 388, located in the Papuan Mobile Belt, Papuan Basin. Petro Energy is offering negotiable working interest of around 80% plus the option to operate the licence in return for technical and financial assistance to help fulfil the six-year exploration work programme. 