Kina Petroleum Corp is offering an opportunity for a farm-in partner to acquire equity in its wholly owned exploration licence PPL 340, located in the onshore Papuan Basin. Kina first considered the offer in 2013, estimating approximately 35% interest would be available. Farm-in conditions and equity level were assessed post processing and interpreted of aeromagnetic and gravity survey data (acquired in 2013/14) which provided more information on the mid-Miocene reef units present within the licence.   Kina has reported that an exploration well in the permit would likely first test the Port Moresby Prospect once newly acquired seismic data further defines the prospect. The Port Moresby Prospect lies in the south-west of the permit and is a platform carbonate shelf target which has been identified as an aerogravity high.Â  If hydrocarbons are present, it is estimated that prospective resources could be in the region of 660 Bcf gas (best estimate). However, required seismic in PPL 340 would be in the order of USD 30,000 / km, making delineation of large area closure prospects uneconomical.  In 2H 2018 Kina carried out a soil gas geochemical survey over the Lizard Prospect, located in the northwest of the permit. The survey was designed to provide an economic method of better defining the prospect. Kina is now planning a second phase of sampling in August 2019 to confirm the initial results before possibly running a seismic survey to confirm structural closure. Lizard is a shallow structure at approximately 650 m depth within the Upper Miocene. Kina understands that the Plio-Pliocene uplift and tilting caused regional drainage to the east, into Lizard.     In March 2017 the licence was renewed for a further five years and it will now expire, or be eligible for further renewal, on 31 March 2022.Â  Kina is planning to undertake further gravity/gradiometry surveying and seismic acquisition in the first four years of validity, before a possible well between March 2021 and March 2022. A standalone seismic survey has been considered too expensive by Kina in relation to the risk weighted analysis of the Lizard Prospect.  In a previous farm in offer with Hunt Energy in 2013, Hunt agreed to fund a work programme, including an aeromagnetic and gravity survey and 2D seismic acquisition, based on the results of the aeromagnetic survey. On November 2013 Kina reported that the farm-out agreement had been terminated prior to seismic acquisition and the option to drill an exploration well for Hunt to acquire additional interest. Since the termination of the agreement, Kina has removed the commitment to drill an exploration well within the current licence validity period.  PPL 340 covers an area of 4,320 sq km across five blocks and was awarded in 2010.Â  Kina Petroleum Corp currently holds 100% interest and operatorship of the licence. A five-year licence extension has been submitted which was approved in early 2017.   Companies interested in pursuing this opportunity should contact:   Richard Schroder â Kina MD  Email: richard.schroder@kinapetroleum.com
Kina Petroleum Corp is offering an opportunity for a farm-in partner to acquire equity in its wholly owned exploration licence PPL 340, located in the onshore Papuan Basin. Kina first considered the offer in 2013, estimating approximately 35% interest would be available