LNG Energy has entered into an agreement with InterOil to acquire 2D seismic on LNG's 100% working interest PPL 319 in Papua New Guinea. PPL 319 lies between InterOil's PPL 237 and the PDLs/PRLs that collectively comprise the licenses of ExxonMobil's US $15 billion LNG export development infrastructure announced on December 7, 2009. The seismic program includes the acquisition and interpretation of a 27km north-south line that is located 50m west of the boundary between PPL 319 and InterOil's PPL 237. The program will be managed by InterOil and logistics have recently commenced, with final data acquisition expected in June 2010.
Based upon a High Resolution Airborne Magnetic ("HRAM") and Gravity survey that was acquired and interpreted by InterOil in 2006-2007 in PPL 237, an anomaly similar to that defining the recent 8 TCF Elk/Antelope reef discovery (approximately 60km due east) has been identified as straddling the boundaries of these two adjoining PPLs. Processing and interpretation of this 27km 2D seismic line is to be performed by Kelman Technologies Inc. ("KTI") based in Calgary, Alberta. Once the interpretation and analysis has been completed, LNG and InterOil will review the data to plan an appropriate path forward for additional seismic acquisition, or a potentially drillable prospect.
An area of mutual interest ("AMI") totaling 540 square km has been agreed to by LNG and InterOil that runs north south for 27km, extending 10km to the east and 10km to the west of the boundary between PPL 319 and PPL237. All existing technical information relating to this area of mutual interest, including HRAM and Gravity, seismic and well data will be shared between both parties.
"We are excited by the apparent size and reef prospectivity of this anomaly, as preliminarily confirmed by the interpretation of our ongoing HRAM and Gravity program and the pioneering exploration work previously performed by InterOil. The opportunity to work with InterOil and build off their proprietary depth of knowledge in maturing a HRAM & Gravity defined reef prospect that straddles our PPL boundaries with 2D seismic is a very positive development for LNG." said Dave Afseth, President of LNG. "We are moving forward to rapidly mature this prospect in conjunction with InterOil."
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