Kina Petroleum Ltd 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 opened the offer in 2013, estimating approximately 35% interest would be available. Now that aeromagnetic and gravity survey data (acquired in 2013/14) has been processed and interpreted, farm-in conditions and equity level will be assessed prior to pushing the opportunity further to potential farminees.  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 gravity/gradiometry surveying and seismic acquisition in the first four years of validity, before a possible well between March 2021 and March 2022. Kina is also eager to test soil gas techniques within the permit.  Kina completed an aeromagnetic and gravity survey in 2013/14 which covered approximately 5,400 km to provide more information on the mid-Miocene reef units present within the licence. It will be used to plan a new 2D seismic survey which a farm-in partner will fund prior to the planning of drilling any identified prospects.   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.  Kina has reported that the first exploration well would likely 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). The licence also contains the Lizard Prospect, located in the northwest, with a shallow target 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. The prospect will require additional seismic which is scheduled for 2017.  PPL 340 covers an area of 4,320 sq km across five blocks and was awarded in 2010.Â  Kina Petroleum Ltd 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 Ltd 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 opened the offer in 2013, estimating approximately 35% interest would be available.