In a statement, Oil Search Limited announced that it has entered in an arrangement for the acquisition of a 30 percent interest in PPL’s 474, 475, 476, 477 and PRL 39.
The licenses were acquired by ExxonMobil when it completed its purchase and takeover of InterOil early this year.
As part of the proposed farm-in arrangements, Oil Search will undertake a seismic acquisition program over the licenses over the remainder of 2017 and into early 2018, on behalf of the operator, ExxonMobil.
The licenses, which are located in the Eastern Fold belt in the onshore Papuan Gulf Basin, adjacent to the Elk-Antelope fields in PRL 15 (see map), contain the Triceratops, Bobcat and Raptor discoveries.
Oil Search Managing Director, Peter Botten, said prior to the bid for InterOil in 2016, the company identified the Papua Gulf Basin as an area with not only discovered gas resources, but also significant gas potential.
He said the farm-in to these licenses enhances Oil Search’s exploration portfolio in the area.
“The on shore Gulf licenses are in close proximity to the world class Elk-Antelope fields in PRL 15, which are expected to underpin the Papua LNG Development, providing a potential route for future commercialization,” he said.
“In addition to the existing gas discoveries, we have identified a number of additional leads and prospects on the acreage.
“We are delighted to be partnering with ExxonMobil in this exciting play fairway, building on our exciting relationship within the PNG LNG and Papua LNG projects, and look forward to commencing an active exploration program.