.."a reefal trend believed to extend south east of the Antelope discovery. " - Printable Version

.."a reefal trend believed to extend south east of the Antelope discovery. " - Printable Version

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.."a reefal trend believed to extend south east of the Antelope discovery. " - Tree - 07-02-2013

Next year on 'In Search Of' we explore Tusker's 'String of Pearls'

**********

Kina Petroleum farms out majority stake in Papua New Guinea petroleum licence

Tuesday, July 02, 2013 by Bevis Yeo

Kina Petroleum farms out majority stake in Papua New Guinea petroleum licence

Kina Petroleum (ASX: KPL) has reached a deal to farm up to 64% of PPL 340 in Papua New Guinea to Hunt Energy and Mineral in return for a carry through certain work program items.

Hunt, part of the Pacific Hunt Group – an affiliate of Holloman Corporation – will carry Kina through a 5,400 kilometre aeromagnetic/gravity survey in the south eastern part of the licence and a seismic program of between 75 kilometres and 150 kilometres to earn a 32% interest in PPL 340.

Hunt then has the option to acquire an additional 32% in the licence upon drilling one well. This will leave Kina with a 36% interest in the licence.

The $13.2 million work program will target/test a reefal trend believed to extend south east of InterOil’s (NYSE: IOC) Antelope gas discovery.

The recent selection of ExxonMobil as the preferred candidate to facilitate development of Antelope is also likely to result in work accelerating along what could be an extension of the Antelope trend.

*****

Hunt, will take a 32% stake in the licence by carrying Kina through a work programme valued at $13.2 million that will target a reefal trend believed to extend south east of the Antelope discovery.

The work programme includes the gathering of a 5400 kilometre aeromagnetic/gravity survey in the south-east of the licence and the acquisition of 75 to 150 kilometres of seismic data over a yet to be defined area of the licence.

Hunt will also have the option to earn an additional 32% interest in the licence by paying for the drilling of one well, which in turn would reduce Kina's overall stake in the licence to 36%.

“We are pleased to welcome Hunt as a partner into PPL 340 to exploit the potential we see in the licence,” Kina managing director Richard Schroder said.

“In addition to fulfillment of the licence’s work programme commitments through to end 2015, their entry will extend exploration activity into an area that has not seen activity since 1987 and brings hydrocarbon exploration to the doorstep of Port Moresby itself, the hub of the soon to commence PNG LNG Project and an energy market in its own right.”

The newly formed joint venture is aiming to kick off the work programme over PPL 340 “as soon as possible", according to Kina.

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - jft310 - 07-02-2013

Why does Phil M own a lot of Kina stock?????Tuskers String of Pearls!!

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - petrengr1 - 07-03-2013

(07-02-2013, 08:28 PM)Tree Wrote:

Next year on 'In Search Of' we explore Tusker's 'String of Pearls'

**********

Kina Petroleum farms out majority stake in Papua New Guinea petroleum licence

Tuesday, July 02, 2013 by Bevis Yeo

Kina Petroleum (ASX: KPL) has reached a deal to farm up to 64% of PPL 340 in Papua New Guinea to Hunt Energy and Mineral in return for a carry through certain work program items.

Hunt, part of the Pacific Hunt Group – an affiliate of Holloman Corporation – will carry Kina through a 5,400 kilometre aeromagnetic/gravity survey in the south eastern part of the licence and a seismic program of between 75 kilometres and 150 kilometres to earn a 32% interest in PPL 340.

Hunt then has the option to acquire an additional 32% in the licence upon drilling one well. This will leave Kina with a 36% interest in the licence.

The $13.2 million work program will target/test a reefal trend believed to extend south east of InterOil’s (NYSE: IOC) Antelope gas discovery.

The recent selection of ExxonMobil as the preferred candidate to facilitate development of Antelope is also likely to result in work accelerating along what could be an extension of the Antelope trend.

*****

Josh Lewis

02 July 2013 04:39 GMT

Australia's Kina Petroleum has farmed out part of its interest in PPL 340, in Papua New Guinea, to Hunt Energy & Mineral which is part of the Pacific Hunt Group, an affiliate of Texas-based Holloman.

Hunt, will take a 32% stake in the licence by carrying Kina through a work programme valued at $13.2 million that will target a reefal trend believed to extend south east of the Antelope discovery.

The work programme includes the gathering of a 5400 kilometre aeromagnetic/gravity survey in the south-east of the licence and the acquisition of 75 to 150 kilometres of seismic data over a yet to be defined area of the licence.

Hunt will also have the option to earn an additional 32% interest in the licence by paying for the drilling of one well, which in turn would reduce Kina's overall stake in the licence to 36%.

“We are pleased to welcome Hunt as a partner into PPL 340 to exploit the potential we see in the licence,” Kina managing director Richard Schroder said.

“In addition to fulfillment of the licence’s work programme commitments through to end 2015, their entry will extend exploration activity into an area that has not seen activity since 1987 and brings hydrocarbon exploration to the doorstep of Port Moresby itself, the hub of the soon to commence PNG LNG Project and an energy market in its own right.”

The newly formed joint venture is aiming to kick off the work programme over PPL 340 “as soon as possible", according to Kina.

I have pointed this out before but I guess it will be OK to repeat. Go to the Kina presentation at http://www.kinapetroleum.com/pdf/napepreso300113.pdf slide 9. Note the location of Kina’s license PPL 340 in relation to the indicated Miocene - Pliocene Reef development trend (fairway) marked with the dotted red line. Note that most of that fairway is “NOT” on Kina’s PPL 340. The part that is not on PPL 340 in on IOC’s PPL 336.

Now note the location of Oroi-1. Look at the Slide 10 and, on the right side, you will see two structures indicated. This same cross section is shown at http://www.kinapetroleum.com/pdf/kina-prospectus.pdf slide 60. These structures are on the cross section indicated B - B’ on the map on slide 59. Note again that this cross section is “NOT” on PPL 340 but on IOC’s PPL 236.

I think these two features may very well be IOC’s two prospects Yellow Fin and Great White. No guarantees here, just an observation on my part.

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - sageo - 07-03-2013

Pet - Didn't you mean 236 instead of 336?

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - petrengr1 - 07-03-2013

Yes it should be PPL 236. Sorry for the error.

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - Tree - 07-03-2013

And that class, is why Dave Holland is more excited about PPL 236 than all pther PNG licenses.
Did everyone know that exploration upside is what makes LNG projects wildly profitable? Henry told us that in 2010 so we'd all be on the same page. XOM knew that too. They didn't know back then that EA was their upside

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - sageo - 07-03-2013

Pet- After reading Kina's pages 59 & 60 that you referred us to ,I will probably go ahead and mortgage every thing else (including the cows and the chickens) to buy more IOC. Please don"t worry.....I won't hold anyone other than myself responsible for my actions ! I just wish sometimes that things weren't quite so awesome when I look (under-ground) at the islands potential. [ I guess I just need to pray that the PNG politicians will not screw up their potential, great future.]

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - sageo - 07-03-2013

'Tree' pid='25225' datel Wrote:And that class, is why Dave Holland is more excited about PPL 236 than all pther PNG licenses. Did everyone know that exploration upside is what makes LNG projects wildly profitable? Henry told us that in 2010 so we'd all be on the same page. XOM knew that too. They didn't know back then that EA was their upside

Tree - Thanks for your post . The more I learn about Henry and Dave, the more I appreciate them and their skills.

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - Resourcearb - 07-03-2013

The hiring of InterOil's new CEO will catalyze the market's ascribing credit for InterOil's 3 PPL's. Also, my petroleum engineering colleagues believe that a single delineation well on the the east-west segment of Antelope will lock in a recertified resource at least as big as GLJ’s current estimate and that there’s further upside to GLJ’s estimates with additional wells. They believe the recertification process is low hanging fruit for a 11 – 12 Tcfe recertified resource. Hence at an NAV of >$3 per mcf based on my calculations, Gulf train 1 alone could be worth 3X IOC’s current market cap net to InterOil. Add further value for the remaining exploration prospects and Triceratops, and the upside becomes exorbitant. While risk and reward typically correlate well, I estimate that InterOil’s current market cap will be more than supported by the firm SPA that is about to be consummated with XOM. So investors are getting hundreds of dollars per share of upside for free.

RE: .."a reefal trend believed to extend south east of the Antelope discovery. " - johnwgrant - 07-03-2013

'Resourcearb' pid='25231' datel Wrote:

The hiring of InterOil's new CEO will catalyze the market's ascribing credit for InterOil's 3 PPL's. Also, my petroleum engineering colleagues believe that a single delineation well on the the east-west segment of Antelope will lock in a recertified resource at least as big as GLJ’s current estimate and that there’s further upside to GLJ’s estimates with additional wells. They believe the recertification process is low hanging fruit for a 11 – 12 Tcfe recertified resource. Hence at an NAV of >$3 per mcf based on my calculations, Gulf train 1 alone could be worth 3X IOC’s current market cap net to InterOil. Add further value for the remaining exploration prospects and Triceratops, and the upside becomes exorbitant. While risk and reward typically correlate well, I estimate that InterOil’s current market cap will be more than supported by the firm SPA that is about to be consummated with XOM. So investors are getting hundreds of dollars per share of upside for free.

Love your posts Resourcearb ! I'm ready to see the upside .... Go InterOil !!