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

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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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