PNG Awards 5 Unconventional Exploration Licenses to South Pacific Resources
Australia's South Pacific Resources Ltd., a Papua New Guinea (PNG) -focused conventional and unconventional oil and gas exploration company, reported Monday that the company's 75-percent owned subsidiaries in the country have lodged applications for five unconventional hydrocarbon prospecting licenses, covering 28,958 square miles (75,000 square kilometers), encompassing all of the prospective areas identified in its country-wide screening.
The prospective areas covers the shales surrounding the Foldbelt oil and gas fields; the Hidesm Juha and P'Nyang gas fields; the Elk/Antelope/Triceratops gas discoveries; the proposed Stanley liquefied natural gas (LNG) project in Western Provinces; and the Foreland area.
"In recognition of the Company's significant, yet incomplete preliminary work over many years, (Petroleum and Energy) Minister Micah has reserved all of the graticular blocks contained in the five applications exclusively for the Company. This is to ensure certainty of the application areas while the license applications are being processed by the Department without fear of competition, while also allowing for ongoing exploration and early drilling to be undertaken," South Pacific Resources said in the press release.
WHAT DO YOU THINK?
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- PNG Awards 5 Unconventional Exploration Licenses to South Pacific Resources (Jul 04)