Kina Petroleum Ltd is offering equity in five of its wholly owned and operated exploration licenses in the Fly Platform: PPL 338, PPL 581, PPL 596, PPL 597 and PPL 598. Vintage 2D seismic data which transects the licences has been reprocessed and Kina reports that data quality is good. Once the data has been interpreted and combined with the Tagula 2S survey data, farm-in conditions and equity level will be assessed prior to pushing the opportunity further to potential farminees. It is thought that a range of offers, including operatorship will be considered return for funding the upcoming gravity and seismic programme, which will be designed around the reprocessed data to further refine identified prospects and leads.     On 31 January 2017 Kina received approval for a five year extension of PPL 338. The licence, which was awarded on 2 September 2009, was originally set to expire in September 2015. Under the terms of the licence extension Kina was required to relinquish 50% of the licence area, from 3,321 to 1,697 sq km. The areas relinquished are still highly valued by Kina, thus new licence applications were also lodged. The applications were approved in January and March 2017 resulting in the award of PPL 581 in the southeastern corner of the original area, PPL 596 over the northwestern corner and PPL 597 and PPL 598 south and west of the Triceratops gas field respectively.     Now that PPL 338 has been extended until 30 January 2022 and the new PPLâs awarded, the work commitments over the first two years of the new terms involves a gravity/gradiometry survey over the Mangrove, Nipa and Crocodile prospects within PPL 338, and the Snake Prospect within PPL 581. The survey will form part of Kinaâs farm-out offer for interest in the licences which is now available. As of August 2018, Kina was looking to finalise the arrangements to acquire full spectrum data. Within years three and four, Kina plans to conduct a seismic survey in preparation for drilling one exploration well in each permit, with a contingent well for PPL 338 is in place depending on the results of the first. The data and licence will be reviewed in the fifth and final year of PPL 338.   The Tagula 2D seismic survey was completed within the permit in 2013/14. InterOil conducted the survey on behalf of Kina and JV partner Oil Search Ltd.Â  Approximately 62 km of data was acquired over the northern most blocks, designed to evaluate the extension of the Triceratops discovery as well as acquire data over other leads to the north and east of the discovery.Â  The data is planned to be integrated with previously acquired gravity gradiometry data, which has been gathered over the permit area. Oil Search farmed in to PPL 338 in 2010 and exited upon completion of the Tagula 2D seismic programme in April 2014.    Kina considers the structures within the licences to be analogous and on trend with the Elk-Antelope gas discovery. Triceratops North and Bobcat Northwest prospects are located in the northern portion of PPL 338 which are considered up-dip and along the Bobcat 1 trend. Kina considers the Mangrove and Nipa prospects to be the largest within the licence with closure around 300 sq km. Reprocessing of vintage data is expected to improve the delineation of the prospects. Kina reports that prospects Nipa, Mangrove and Crocodile (Mid-late Miocene reef structures) could be elevated to drillable with the aid of additional gravity and seismic data. Kina reports that within the Triceratops area of PPL 338 a thick carbonate sequence on-laps late Miocene to early Pliocene strata. Additional seismic would be required to confirm closure of prospects and demonstrate separation between outcropping and subsurface carbonates.    Kina is offering farm-in opportunities in five licences which cover a combined area of 5,000 sq km in the Fly Platform. Kina Petroleum Ltd holds 100% interest and operatorship of the licences.  Companies interested in pursuing this opportunity should contact:     Richard Schroder â Kina MD    Email: richard.schroder@kinapetroleum.com
Kina Petroleum Ltd is offering equity in five of its wholly owned and operated exploration licenses in the Fly Platform: PPL 338, PPL 581, PPL 596, PPL 597 and PPL 598. 