TWhite Petroleum Pty Ltd is seeking to farm-down interest in two exploration licences located in the Fly Platform, along the Stanley-Elevala/Ketu wet gas trend. Farm-in terms remain negotiable with the company looking to retain around 20% non-operated interest in both PPL 537 and PPL 566.Â  It is likely that farm-in agreements will include minimal back payments for work already completed in the licence areas by TWhite but could include submissions to alter the commitment work programmes. TWhite was awarded the licences, with 100% interest, in 2015 for a period of six years.  The licences are located south, and adjacent to, the Stanley gas/condensate field. One well is located across the shared licence boundary which was drilled by Gulf Oil Corp in 1980. The Kiunga 1 well targeted the Toro Sandstone within a faulted anticline and encountered 28m of sandstone with a 14.5% average porosity. The Middle Toro sandstone which is 4m thick, is very tight with almost no porosity. Despite oil and gas shows in the targeted formation at around 2,900 m depth, the licence was relinquished. Santos held licence between 1987 and 2005 before the entrance of Austral Pacific Energy and Horizon Oil. No further exploration drilling has taken place within the licence areas.  Given the proximity to the Stanley field, obvious routes to market for hydrocarbons in the case of success would be through the proposed Stanley to Elevala-Ketu pipeline. Operator Repsol of the Stanley field, located in PDL 10, has received two notifications by the Minister for Petroleum for the intent to cancel the licence given that the field is yet to be developed. An early liquids production phase has been proposed to fast track production, yet, since the award of PDL 10 in 2014, no developments have taken place.   The Stanley field was discovered in March 1999 and is planned to be developed as part of the Western LNG Project, which could see a number of Horizon and Repsol operated fields being developed as a mid-scale LNG Project on the coast. The proposed development scheme is for a 1.5 MMtpa mid-scale project, which would involve the piping of gas from the associated fields in the Western Foreland, to a modular LNG facility near Daru Island.Â  The project involves the Stanley field (PDL 10), Elevala/Tingu and Ketu fields (PRL 21), Ubuntu discovery (PRL 28) and the Puk Puk and Douglas discoveries (PRL 40). The coordinated gas aggregation is hoping to monetise 2 â 2.5 Tcf gas and 60 â 70 MMb of associated condensate.Â    PPL 537 was awarded on 14 September 2015 covering an area of 1,020 sq km. PPL 566 was awarded on 24 December 2015 covering an area of 255 sq km. The work programmes for each licence includes geological and geotechnical studies such as geological reviews and airborne gravity gradiometry surveys and magnetic data in the first two-year term. The subsequent work programmes include 2D seismic data acquisition and one exploration well in each licence at a combined cost of around USD 40 million.  TWhite has contracted Gaffney, Cline and Associates to carried out resource assessments across PPL 537, 566 and 656. The assessment is ongoing as of early-November 2018. The results will be made available to interested parties upon access to the available data room.  TWhite is seeking to farm-down around 80% interest with available operatorship in PPL 537 and PPL 566, located in the Fly Platform. 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 the Fly Platform, along the Stanley-Elevala/Ketu wet gas trend. Farm-in terms remain negotiable with the company looking to retain around 20% non-operated interest in both PPL 537 and PPL 566. 