IndigoPool reports that Oil Search (PNG) Limited (the Operator) is seeking a partner to join in the testing of an exciting new exploration play located in Petroleum Prospecting License (PPL) 190, Papua New Guinea.
The Cobra prospect, a seismically defined structure, with upside recoverable potential of 75 MMBO, is close to existing production infrastructure. Oil Search is offering up to 20% of its 62.556% equity in the license.
Cobra 1 will be the first exploration well within the Papuan Fold Belt to purposely target this play type as the primary objective. Success of the well would open up a significant new play fairway. PNG offers an attractive tax / royalty fiscal regime with relatively high contractor take.
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