Rift Oil Plc upgrades PPL 235 reserves – Papua New Guinea
This article is extracted from International Oil Letter, Vol 24 issue 46, published 24 November 2008.
Around the middle of November 2008, Rift Oil revealed the results of a new structural interpretation and resources estimate for PPL 235 based on the results of Puk Puk 1 discovery and the 220km of 2D data recently acquired. The seismic was intended to better delineate the undrilled prospects of Douglas North West (DNW) and Aiema, which lie adjacent to the Puk Puk and Douglas discoveries, and to better define leads in the northern part of PPL 235. The result has been an upgrade in the 2P reserves of the company’s three discoveries to 769 Bcf from 688 Bcf. The new mapping also confirms that the five prospects immediately adjacent to Rift’s existing discoveries all show excellent gas effect and total an additional unrisked 2P prospective resource potential of 772 Bcf.
Rift Oil is particularly enthused about Douglas North West, which appears to be potentially larger than either Douglas or Puk Puk and lies across the pathway of where gas from Puk Puk spills out towards Douglas. The company’s board of directors believes that the PPL 235 licence is now demonstrating the potential to hold contingent resources of greater than 2 Tcf of gas. Rift is now re-evaluating commercial alternatives and has decided to concentrate on commercialization opportunities provided by LNG through a floating liquifaction plant as envisaged in the Heads of Agreement with FLEXLNG.
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