Oil Search Spies Hydrocarbons at Korka Well

Oil Search reported that as at 06:00 PNG time on May 27, Korka 1 was at a depth of 3,181 meters and preparing to run a 7" liner. Progress for the week was 574 meters.

During the week, 8 ½" hole was drilled through the Ieru Formation and into the upper section of the Toro sandstone. Elevated gas readings were observed within the Toro sandstone and the preliminary interpretation of log data indicates the presence of hydrocarbons. The Giero Member of the Ieru Formation, the secondary objective, lacked reservoir quality sands.

The forward plan is to set 7" liner at the top of the Toro section, drill a 6" hole to a total depth of approximately 3,300 meters and then undertake an evaluation program, including formation pressure measurements, of the Toro sandstone interval. This work will confirm the presence and type of any hydrocarbons present in the formation.

Upon grant of approval and registration of license transfers, the participating interests in Korka 1 will be:

  • Oil Search (PNG) 50.00%, Operator
  • Eaglewood Energy (BVI) 30.00%
  • Nippon Oil Exploration (Niugini) 20.00%