05-10-2014, 06:13 AM
OSH and Exxon are saying there is gas at P'nyang but there has been nothing certified. When you take into account changes in 2C resources (which is where P'nyang would fall) for PNG LNG and licenses outside of PNG per their YE reports filed with ASX, there is virtually no change in their 2C Resource number. At the end of 2012 OSH was saying they "estimate" that there was 2.5-3 TCF of 2C resource at P'nyang. They now say they "estimate" there is 2.5 TCF at P'nyang based on further 2D seismics and that they are examining those reports further and plan to possibly drill in 4Q 2014 or early 2015 and file a PDL blah, blah, blah. Nothing has been certified by Netherland Sewell for P'nyang.
On OSH's website under Reserves and Resources, they make this statement: "All oil fields were audited at the end of 2012 by independent auditors, Netherland Sewell & Associates, Inc. (NSAI). No fields were audited in 2013 as performance during the year was closely in line with expectations. Field performance will be monitored in order to determine whether a further audit of any of the fields is justified in 2014. Gas reserves are subject to audit under instruction from the PNG LNG Project operator, ExxonMobil PNG Limited."
http://www.oilsearch.com/Our-Activities/...urces.html
So nothing was done at P'nyang of any significance in 2013 except seismic work which being analysed. At the end of 2012 P'nyang was lumped together with Other PNG licenses outside of those dedicated to PNG LNG and showed no change; certainly no 2.5 to 3 TCFs attributable to P'nyang as it would have been listed by itself most likely.
IOC has said from time to time they "estimate" or "think" they have a certain amount of Ts, but we know that counts for nada. As does (or should) P'nyang for OSH. They officially have ZERO Ts based on info filed with ASX. Unless someone can find something differently.
On OSH's website under Reserves and Resources, they make this statement: "All oil fields were audited at the end of 2012 by independent auditors, Netherland Sewell & Associates, Inc. (NSAI). No fields were audited in 2013 as performance during the year was closely in line with expectations. Field performance will be monitored in order to determine whether a further audit of any of the fields is justified in 2014. Gas reserves are subject to audit under instruction from the PNG LNG Project operator, ExxonMobil PNG Limited."
http://www.oilsearch.com/Our-Activities/...urces.html
So nothing was done at P'nyang of any significance in 2013 except seismic work which being analysed. At the end of 2012 P'nyang was lumped together with Other PNG licenses outside of those dedicated to PNG LNG and showed no change; certainly no 2.5 to 3 TCFs attributable to P'nyang as it would have been listed by itself most likely.
IOC has said from time to time they "estimate" or "think" they have a certain amount of Ts, but we know that counts for nada. As does (or should) P'nyang for OSH. They officially have ZERO Ts based on info filed with ASX. Unless someone can find something differently.