TWhite Petroleum Pty Ltd is seeking to farm-down interest in exploration licence PPL 538, located in the northern Papuan Fold Belt, Papuan Basin. Farm-in terms remain negotiable with the company looking to retain around 20% non-operated interest.Â  It is likely that farm-in agreements will include minimal back payments for work already completed in the licence area by TWhite but could include submissions to alter the commitment work programme. TWhite was awarded PPL 538, with 100% interest, in 2015 for a period of six years.  PPL 538 is positioned along the Toro Sandstone gas play trend approximately 10 km north of Juha and Muruk, and 60 km east of Pânyang. Recent seismic carried out by Oil Search to derisk additional targets between the fields, including Blucher and Karoma prospects, could also provide an element of derisking leads within PPL 538. Karoma, has the potential to extend close to the southern boundary of PPL 538, forms part of the âNW Highlands Hubâ, as reported by Oil Search, which is an area in which an additional 2 -3 Tcf has been outlined in potential prospects and leads.  Seismic was planned in 2017 over the Muruk trend to better delineate leads and prospects, including Karoma. Oil Search commenced the Greater Juha 2D seismic survey around early February 2018 and it is planned to cover approximately 100 km of 2D seismic data along the Toro Sandstone trend between Muruk and Pânyang within PPL 402. The survey was suspended on 26 February 2018 after an earthquake. It was initially planned that the survey would recommence after the seasonal wet conditions in Q4 2018. However, itâs now thought that operations will be deferred until 2H 2019, with completion around 1H 2020.  With the Highlands area, the transport and processing infrastructure is owned and operated by the PNG LNG joint venture, which is operated by Exxon Mobil. It is likely, that a standalone project from discoveries made in PPL 538 would need to be large enough to support new infrastructure or be integrated into the PNG LNG facilities. The appraisal of Pânyang and expected incorporation into the PNG LNG expansion project along with the appraisal programme of Muruk is expected to bring additional infrastructure to the northern Fold Belt which currently stops at the Hides field.  Muller 1 exploration well was drilled by Mobil Oil Australia within the PPL 538 area during 1991. The well was dry but did encounter four major known reservoir units: Dari Limestone, Ieru Formation, Toro Sandstone and Imburu Formation. The primary target was the Early Cretaceous Toro Sandstone which was water wet at location, at around a depth of 1,850 m.  Exxon Mobil entered the current PPL 538 licence area in 1995 before Oil Search moved in during 2009 by acquiring interest from operator Eaglewood in return for conducting a 2D seismic acquisition programme. The joint venture did not progress to drilling an exploration well and the licence was relinquished in 2012.  TWhite has contracted Gaffney, Cline and Associates to carried out resource assessments across its 100% owned licences: PPL 537, 566 and 656. The assessment is ongoing as of early-November 2018. Results will be made available to interested parties upon access to the available data room.  TWhite is also looking to farm-down interest in its 100% owned and operated exploration licence PPL 538 which is located in the Papuan Fold Belt along the Hides, Muruk and Pânyang trend.
Twhite Petroleum Pty Ltd looking to farm-down interest in PPL 538, Papuan Fold Belt