On late-2019, Peak Oil Ltd increased their number of new exploration applications within the New Ireland Basin. Currently, Peak Oil has one exploration licence in place, PPL 352, and now has five applications to target an acreage expansion from 15,600 to over 50,000 sq km - APPLs 519, 625, 651, 652, 653 (PPL 352 top file) & APPL 659. Peak Oil considers the areas prospective for Lower Miocene to Early Pliocene carbonate megabreccia with infill carbonates.  Peak Oil first entered the New Ireland Basin in 2013 with the award of exploration licence PPL 352. At that time, Eda Oil, Petromin and Tescom also held licences within the basin but have since exited with expired licences and no wells drilled. Peak Oil is looking to secure acreage across the eastern basin to protect a new slope carbonate debris deposit play being matured within PPL 352.  The Exotica Prospect has been mapped over an area of 12,000 sq km. The main target is considered by Peak Oil to comprise the Lower Miocene to Early Pliocene Lelet Limestone with a deepwater carbonate mudstone seal. Possible source rocks could be Oligocene marine shales and mudstones.  During the validity of PPL 352, Peak Oil was required to licence 1,000 km of 2D seismic data. Searcher Seismic operated the multi-client Solomon Sea Broadband 2D survey in 2017, covering around 3,600 km in total across the eastern New Ireland Basin, as well as Cape Vogel and Bougainville basins. Peak will be looking to attract a partner in any new awards to acquire additional seismic data to further define the play concepts in place.  Peak Oil's pending applications were submitted between 2015 and 2019. The timeline for an application to be considered for award by the Minister for Petroleum and Energy is variable. Based on valid licences within the New Ireland Basin, the period could be around 4 to 5 years. There are no known competing applications at this time.
Papua New Guinea, PPL 352