document: Larus Energy Ltd is looking for a joint venture partner in its wholly owned and operated exploration licence PPL 579, located in the south-east of Papua New Guinea in Larusâ newly defined Torres Basin.Larus Energy reports it is offering significant equity in the permit, with a farminee to take part in an upcoming exploration programme. Larus has contracted Moyes & Co. to assist in the divesture process.A data room is open for interested parties.In August 2017 Larus reported that it was increasing its efforts in the farm-out process, with results of seismic now available and the discovery of an oil seep within the licence area.  In Q4 2017 it was reported that discussions were ongoing with a number of potential partners, with new confidentiality agreements signed in November. Moyes & Co is being utilised in an advisory capacity during the process, in which interested parties have been outlined since 2015 and have been conducting geological, geophysical and commercial due diligence as is required for farminees. In August 2015 Larus reported that discussions and due diligence was continuing, with 14 companies interested in the asset.   In February 2017 Larus was awarded PPL 579 to replace PPL 326 which expired in September 2016. The newly awarded licence covers 9,257 sq km across both onshore and offshore Papuan Plateau/Aure Fold Belt. PPL 579 is scheduled to expire in March 2023. Larus also holds 100% interest in the neighbouring application APPL 580 which was submitted for approval consideration in December 2015.  Larus is looking for a partner to assist with the ongoing work programme in the permit, although Larus has reported that the first two years was already fully funded. In the first two years, Larus undertook work to develop the shallow Miocene play potential which includes the Vekwala and Sunday prospects. In 2015 and 2016, the Haere and Hahonau 2D seismic surveys were completed from which the data will was processed to facilitate lead and prospect mapping. Further, smaller surveys have also been completed over the asset by Larus.  In December 2018, Larus received approval to vary the work commitments for the third and fourth years. The requirement to dill an exploration well has bene replaced with the acquisition of a high resolution airborne magnetics and gravity survey. Larus plans to acquire around 7,250 sq km at a cost of USD 2.5 million. The survey is required by March 2021.  Suitable partners will be asked to fund 3D seismic data acquisition to help further define Vekwala and Sunday prospects which is required prior to drilling. The first exploration well is currently due by March 2023.   Larus reports that there is potential for both Mesozoic and Tertiary targets within the permit area.Potential reservoirs include a Mesozoic Puri Limestone equivalent, the Tertiary Talama and Lavao units and also a potential Toro sandstone equivalent. The early â mid Jurassic Manil Shale and Miocene-Pliocene Aure Beds Shale are thought to form potential source rocks, with the Orubadi Shale and intraformational units possible as seals.  The Vekwala prospect has been reported to potentially contain resources of 13 Tcfg and 180 MMb liquids within a Jurassic reservoir. Water depth at location is approximately 42 m and the main target is at a depth of approximately 3,600 m below seabed.  Previously the Sunday Prospect was outlined as the main target in the licence. The Sunday Prospect lies in a water depth of approximately 600 m and the main target is at a depth of approximately 3,000 m below seabed in a Cretaceous reservoir. Sunday is considered to be a 40 km long anticline which could contain 13.5 Tcfg with 160 MMb liquids. There are also several other prospects and leads present. The prospects and leads in the licence are thought to be part of a Mesozoic petroleum system.   In August 2016 onshore oil seeps were invested by Larus. This was followed up by further sampling of light crude oil near the Imila village, north of Kapiano, withinAPPL 580. Geochemical analysis has confirmed that the oil has been generated in the Torres Basin. Analysis will now be undertaken to understand the source rock and maturity to further validate the hydrocarbon system model being constructed by Larus.    PPL 579 covers an area of 9,257 sq km and was awarded in February 2017. Larus Energy holds 100% interest and is looking to divest its interest.  Parties interested in pursuing this opportunity should contact:  Ian Cross, Managing Director Moyes & Co  Tel: +1 281 501 7110  Email: icross@moyesco.com  Â   Andy Melvin, Managing Director Moyes & Co  Tel: + 44 7702 855895Â Â Â Â Â Â Â Â Â Â Â    Email: amelvin@moyesco.com
summary: Larus Energy Ltd is looking for a joint venture partner in its wholly owned and operated exploration licence PPL 579, located in the south-east of Papua New Guinea in Larusâ newly defined Torres Basin.Larus Energy reports it is offering significant equity in the permit, with a farminee to take part in an upcoming exploration programme.