Starts on page 16 of the presentation. It is too big to post here.
Oil Search to acquire 22.835% gross interest in PRL 15,
containing Elk/Antelope gas discoveries, through
acquisition of Pac LNG
Upfront payment of US$900m, payable at completion
»
A contingent payments for any certified 2C raw gas
contingent resource in Elk/Antelope >7 tcf
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Provides exposure to largest undeveloped gas resource
in PNG and substantial exploration and appraisal upside
»
HoA to undertake exclusive negotiations to acquire
interest in PPLs 236, PPL 237, PPL 238 and PRL 39
(Triceratops)
»
Acquisition will deliver significant long term shareholder
value and is in line with core strategy, to aggregate gas
resources to underpin LNG developments in PNG
PRL 15, located in Papuan Basin, contains Elk/Antelope gas
fields, largest undeveloped gas resource in PNG
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Gross Elk/Antelope 2C contingent resources estimated by
OSH at 5.3 tcf of raw gas including 75 mmbbl condensate
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Independent assessment by Gaffney Cline & Associates (Dec
2013) on behalf of sellers estimates P50 raw gas resource of 7.0 tcf
including 96 mmbbl condensate
»
Up to three wells, including Antelope 4 appraisal well, to be
drilled on PRL 15, designed to prove up sufficient gas
resources to support LNG development
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As JV partner in PRL 15, OSH has industry standard rights,
including minority interest protection, work programme and
capital commitments voting rights and pre-emption rights:
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Ability to influence how resource is commercialised
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PNG Government has expressed desire that Elk/Antelope be
developed in earliest practical timeframe
Substantial exploration and appraisal upside in
PRL 15:
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Range of material prospects and leads identified
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Exploration well to spud 1H15
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Oil Search holds interests in licences adjoining
PRL 15:
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Provides aggregation opportunity
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Oil Search has contracted a rig to InterOil for two
initial wells, with potential for two additional wells
for its exploration/appraisal programme
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Exclusive negotiations with Pac LNG to acquire
interests in PPLs 236, 237 and 238 and PRL 39