Australia's Rawson Resources Ltd. announced Thursday the firm has officially received the award of Petroleum Prospecting License (PPL) 549 from Papua New Guinea's Ministry for Petroleum and Energy effective May 27.
Rawson Resources holds 100 percent interest in PPL 549, with the license awarded on a six year term, with a further 6 year renewal period. First well commitment in PPL 549 is due in the fourth year (by mid-2020). The work program under the first phase will focus on validating previously identified carbonate reef anomalies and the potential of clastic reservoirs in the license through reservoir, seal and analogue studies, field work and seismic reprocessing.
The firm's other upstream assets in PNG includes its recently announced Share Purchase Agreement (SPA) for Moira Ltd. (Moira), giving it access to the latter's 100 percent stake in PPL 391, which is located in the North New Guinea Basin, encompassing the Matapau oil seeps and shallow wells.
Rawson has two further petroleum license applications under consideration by the PNG regulatory authorities. APPL 550 represents a low risk play close to the existing Stanley, Elevala, Ketu, Tingu and Ubuntu discoveries on the Fly River Platform, while APPL 560, in the shallow waters of the Cape Vogel Basin, contains significant potential as it has been independently assessed to have a mean potential resource of 6.5 trillion cubic feet.
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