Igiri Petroleum Ltd is looking to farm-down its 100% interest in two licences: PPL 523 and PPL 532. It is thought that around 80% interest is available, plus operatorship, to interested partners. Igiri has been working on the reviewing the prospectivity of the licences since they were awarded on 31 August 2015. Moving towards the third terms, Igiri would like a partner to support two upcoming seismic surveys and possibly drill an exploration well in 2021. The investment level and interest available is negotiable based on the interested partyâs preferred options and expertise.  Igiri is 40% owned by the Hides Gas Development Company (HGDC) which has financial support of local entities and technical support by Kallow Ltd and Energy Knowledge. Kallow has been reviewing the existing well and seismic data in the licences in preparation for acquiring an additional 25 km 2D data in PPL 523 and 20 km of data in PPL 532. The timing of the acquisition is dependent on gaining approval by the Department of Petroleum (DOP) to suspend the work commitment by a period of 12 months. The application has already been lodged. Based on the work completed to date, including lead and prospect reviews, Igiri believes this request should be granted without issues by end-2019.  PPL 523 and 532 cover a combined area of 11,928 sq km in the south Fly Platform and central Papuan Fold Belt, respectively. Although both permits are available for farm-in, the main focus for Igiri at the moment is the prospectivity in PPL 523 where 18 leads have been identified.  In the first terms of the work programmes, Igiri purchased all available geological and geophysical data and completed seismic interpretation and subsequently leads and prospects generation. In the second terms, the company moved forward with the work programmes by looking at the petrophysics and reservoir modelling and completed two geochemical surveys. Currently, planning for the upcoming seismic programmes is underway. If the commitments variations are approved by the DOP, both seismic and exploration drilling will be moved to the final terms, in years five and six, for both permits.  PPL 523 contains the Moreland 1 and Mata 1 wells in the Morehead Graben. Moreland 1 was found to be dry by Australasian Petroleum in 1957. Mata 1 was drilled in 1991 by White Industries and ANZ Petroleum and encountered gas shows after drilling through the Darai Limestone, Ieru, Imburu and Toro sandstones. The well was drilled to basement.  From the studies completed, Igiri considers that both the Lower Imburu shales and Barikewa Formation have good source rock potential in the oil generative windows. Combined with expected good sealing capacity by the regional Intra-Imburu and Ieru shales and conducive reservoir characteristics for hydrocarbon storage in the stacked Alene and Iagifu targets (140 m gross thickness), Igiri has mapped in-place prospective resources of around 3,000 MMbbl oil.  PPL 532 contains the 1994 Menga 1 exploration well which was drilled by Mount Isa Mines and Santos. The well was plugged and abandoned after encountering oil shows in the Toro and Imburu formations before encountering deteriorating hole conditions.  As with PPL 523, the source rock potential in PPL 532 comes from the Lower Imburu shales and Barikewa Formation with both oil and gas generative windows, as proven by oil discoveries to the west and gas to the south. Igiri expects good reservoir qualities in the Alene, Toro and Pânyang sands, supported by the regional seals. Eleven leads have been mapped with Igiri assigning in-place prospective resources of around 900 MMbbl oil and 1.4 Tcf gas.  Once new seismic data has been acquired and integrated with historical data, Igiri hopes to move several leads towards prospect status ahead of its drilling commitments.  Igiri Petroleum also has four applications in place under varies financial entities, including the HGDC, within in the Papuan Fold Belt and southern Fly Platform. Full interest of any awarded licence shall be transferred directly to Igiri Petroleum and become available for farm-in once the prospectivity is known.
Igiri Petroleum Ltd is looking to farm-down its 100% interest in two licences: PPL 523 and PPL 532. It is thought that around 80% interest is available, plus operatorship, to interested partners. Igiri has been working on the reviewing the prospectivity of the licences since they were awarded on 31 August 2015.