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.Â  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.Â  A data room is open for interested parties.Â  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. Â   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 has been awarded for a period of 11 years and is scheduled to expire in February 2028.   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 is already fully funded. In the first two years, Larus will undertake 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 have been completed from which the data will now be processed to facilitate lead and prospect mapping. Further, smaller surveys have also been completed over the asset. A study of the petroleum systems within the permit are expected to be expanded into the Tertiary.Â  Larus is planning to conduct additional seismic over the permit area.  Larus reports that there is potential for both Mesozoic and Tertiary targets within the permit area.Â  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 reserves of 13 Tcfg and 180 MMb liquids.Â  Previously the Sunday Prospect was outlined as the main target in the licence, which could contain 13.5 Tcfg with 160 MMb liquids. The Sunday Prospect lies in the offshore section of the licence and is thought to be a 40 km long anticline. 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.Â  Drilling, once initial exploration and analysis is complete, would be scheduled for 2020 â 2021.  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    Email: amelvin@moyesco.com
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.  