LNG Energy Ltd. has engaged RFC Corporate Finance Ltd. (RFC), based in Sydney, Australia to initiate and manage a farm-out process in respect of PPL 319.
PPL 319 is in the lowland area of the Papuan fold and thrust belt between several substantial oil and gas fields and is on-trend with Oil Search's Kutubu and Gobe producing oil fields. 148km of 2D data was acquired during the periods April-June and October-December 2011 and was managed by GAMA ProjEx. The survey covered 67 km of alluvial river flats around the Kikori River, 59 km of karst limestone and 22 km of volcanic terrain.
PPL 319 contains mature Late Jurassic (Kimmeridgian) Lower Imburu Fm. source rocks that are presently generating hydrocarbons from adjacent local areas. LNG believes that PPL 319 contains clastic reservoirs of Lower Cretaceous-Upper Jurassic age (Toro-Hedinia-Iagifu) sandstones, particularly in the western area and the Kikori Bend area of the PPL 319 Licence. LNG believes the presence of source, seal, reservoir and structural traps on PPL 319 are extremely prospective along this hydrocarbon trend.