document: Kina Petroleum Corp is offering equity in its wholly owned and operated exploration licenses: PPL 435 and PPL 436, located in the Fly Platform, Papuan Basin. Both licences were scheduled to expire in November 2018, but Kina has submitted a new application covering both areas - APPL 642. This is also expected to be available to interested parties for farm in.  PPL 435 and PPL 436 cover a combined area of 19,380 sq km and were awarded in 2012, for six years. Rather than extend the licences, with associated area reductions, Kina submitted APPL 642 to maintain its position in the basin. APPL 642 covers an area of around 16,900 sq km over main prospects which are considered to lie along a liquids fairway extending from Elevala-Ketu, in PRL 21. The application also extends eastward into an expired licence area held by Kengaku, hosting the Saratoga prospects, located to the south of the Panakawa oil seep. The timeline for an exploration licence to be awarded or refused by the Minister for Petroleum and Energy is variable. Based awards within the area, this could be around 18 months.  Under previously scheduled work commitments, one well was planned (to a minimum of 1,000 m, at a forecasted cost of AUD 20 million). However, the commitment to drill was replaced by the acquisition of seismic which was scheduled for late-2016/17. The option to remove the well commitments and complete an additional phase of seismic would allow the existing prospects to be further delineated with additional seismic control before moving to a drill phase. Any newly approved work programme in relation to application APPL 642 is likely to contain a seismic commitment which potential partners would be asked to assist in.     Recent seismic reprocessing/interpretation and any planned, new 2D seismic data acquisition, will likely focus on delineating the Aiambak and Lake Murray East leads in PPL 435 and the Sturt, Alligator, Dalbert, and Oriomo prospects in PPL 436. The combined prospects and leads are estimated to contain prospective resources over 13 Tcf gas and 181 MMb liquids (best estimate).     Aeromagnetic and gravity survey data has been acquired (completed in June 2014) which has been merged and interpreted by Kina alongside reprocessed vintage 2D seismic data. The gravity data defines the Aiambak and Alligator/Sturt Prospects which are located on the hanging wall of the southern Fly Platform edge. Aiambak is located updip of the Lake Murray 1 well which was drilled in 1973, encountering gas in the Toro Sandstone. Kina considers the prospect to be in connection with the well after gas testing. Alligator and Sturt prospects are located updip of oil seeps observed at the Panakawa 1 well. Through source-migration studies, Kina believes that the prospects have potential to receive charge from oil mature sources rocks from the Wabuda and Morehead Troughs.    Cott Oil and Gas Ltd completed a farm-in to PPL 435 and 456 in mid-February 2013. However, Cott subsequently withdrew in July 2015 to focus on other areas of its portfolio. Kina is now seeking farm-in partners for both PPL 435 and PPL 436 (and APPL 642 upon award).    The PPL 435 and PPL 436 licences cover a combined area of 19,380 sq km and were awarded on 25 July and 30 November 2012 respectively, for a period of six years. Kina Petroleum Corp holds 100% interest and operatorship of both permits. APPL 642 covers an area of around 16,900 sq km and was registered with the Department of Petroleum & Energy on 2 May 2019.    Companies interested in pursuing this opportunity should contact:     Richard Schroder â Kina Petroleum MD    Tel: +61 2 8247 2500     Email: richard.schroder@kinapetroleum.com
summary: (Papuan B.) PPL 435 & PPL 436, operated by KINA PT (100%), Kina Petroleum Corp is offering equity.