South Pacific (PNG) Investments Ltd (SPI), an Inergy International Co Ltd subsidiary company, is seeking to farm-down interest in exploration licence PPL 565, located in the Gulf of Papua within the Fly Platform. 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 SPI but could include submissions to alter the committed work programme. SPI was awarded PPL 565, with 100% interest, in 2015 for a period of six years.  PPL 565 stretches from the west Pasca field area to the Pandora field over an area of 3,970 sq km. Both the Pasca and Pandora fields contain Miocene reefal carbonate plays and reservoir potential occurs in Late Jurassic, Early and Late Cretaceous sandstones through a series of titled fault blocks, draped anticlines, carbonate pinnacles and reefs and possible turbidite fan deposits. Nearby liquids and gas sources are proven by the neighbouring discoveries, but subsurface risks remain in understanding migration pathways and the presence of suitable traps.   To minimise exploration risk, SPI plans to conduct seismic reprocessing of select 2D lines to tie in 3D data with control points at the Pasca field to the Solwara 3D survey data to the west and data control points within PPL 578 including the Goaribari 1 well. Two reservoir horizons are of interest to SPI â an Eocene basal sand and Mid Jurassic submarine fan sands, possibly derived from erosion of the Pasca Ridge.  Pasca A field was discovered in 1968. A significant blowout at Pasca A3 well in 1983 put developments in doubt. However, Twinza took over operatorship in 2013 and began reviewing the potential of remaining hydrocarbons. A two-phase development programme has been submitted by Twinza to the government for consideration to produce LPG, condensate and gas. Phase I would consist of the initial production of natural gas liquids, including condensate and LPG with reinjection of dry gas, ahead of Phase II. Phase II would see the dry gas exported. Pandora was discovered in 1998 and holds estimate reserves of 900 Bcf. Gas production could support the Pasca Phase II development or work as a standalone project.   PPL 565, which covers an area of 3,970 sq km, was awarded on 24 December 2015 and is scheduled to expire or be renewed by 23 December 2021. The initial two-year work programme includes geological and geophysical reviews of existing data, maturing into 2D seismic acquisition by December 2019. The first exploration well is also scheduled by December 2019 but could be subject to a work programme variation upon review of data by SPI.  South Pacific (PNG) Investments Ltd is looking to farm-down interest in its 100% owned and operated exploration licence PPL 565, which is located in the offshore Fly Platform.
Guinea South Pacific (PNG) Investments Ltd looking to farm-down interest in PPL 565, offshore Fly Platform