Oil Search Provides Drilling Updates on its Assets in PNG, Kurdistan

Oil Search Limited, an oil and gas exploration and development firm focused mainly on Papua New Guinea (PNG), reported Thursday that as at 06:00 hours PNG time Jan. 2, the Mananda 7 well in Petroleum Prospecting License (PPL) 219 in PNG was at a depth of 6,302 feet (1,921 meters) in a 12.25 inch hole.

Since the last drilling report released Dec. 19, 2013, drilling progress has been 2,821 feet (860 meters). The forward plan is to continue drilling ahead in a 12.25 inch hole.

Mananda 7 is located in PPL 219 and is designed to appraise the northern extent of the field as well as test for the presence of a potential gas cap and be suspended as a potential future oil producer. The well is targeting the Toro and Digimu sandstones.

The participants in Mananda 7 are:

  • Oil Search (PNG) Limited - 71.25 percent
  • Nippon Oil Exploration (Niugini) Limited - 20.00 percent
  • Merlin Petroleum Company - 8.75 percent
  • Total - 100 percent

Oil Search also reported that the Taza 2 well, located in the Taza Production Sharing Contract (PSC) in the Kurdistan Region of Iraq (KRI), was spud Dec. 25, 2013. As at 06:00 hours KRI time Jan. 1, the well was at a depth of 652 feet (199 meters) and preparing to drill ahead in a 24 inch hole. During the week, the 30 inch hole was drilled to 652 feet (199 meters) and the 26 inch casing was set.

Taza 2 is located 6.21 miles (10 kilometers) north-west of Taza 1 and will appraise the hydrocarbon-bearing intervals discovered by Taza 1 (Dhiban/Jeribe and Euphrates/Kirkuk Formations), as well as explore deeper Tertiary and Cretaceous targets including the Shiranish Formation.

The participants in Taza 2 are:

  • Oil Search (Iraq) Limited* - 60 percent
  • Total E&P Kurdistan Region of Iraq (Taza) B.V. - 20 percent
  • Kurdistan Regional Government (KRG) - 20 percent
  • Total - 100 percent

* Oil Search’s funding interest is 75 percent, with the KRG’s 20 percent interest carried by Oil Search and Total E&P Kurdistan Region of Iraq (Taza) B.V.


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