Partners play it cool over 'substantial' PNG Raptor-1 discovery
By Russell Searancke
21 November 2014 01:00 GMT
Joint venture partners InterOil and Pacific Rubiales Energy have hit a substantial hydrocarbon column with an exploration prospect in Papua New Guinea, writes Russell Searancke.
The Raptor-1 well flared gas and condensate during an initial open hole test carried out over a 330-metre total interval, containing about 200 metres of Kapau limestone.
The discovery will be appraised through additional seismic, followed by appraisal drilling and comprehensive long-term testing next year, added InterOil, which downplayed an analyst’s suggestion that Raptor-1 was a 10 trillion cubic foot discovery.
“You can’t say that you’ve got 10 Tcf on the basis of one well and we’re not prepared to say that,” said InterOil chief executive Michael Hession.
“What we want to do is, as we work through it, when we have something material or we have some real understanding of the size of what we’ve got, we will disclose it to the market at the appropriate time.” However, the well did indicate the possible presence of what was described as a substantial volume of liquids which “offers game-changing potential and could accelerate monetisation relative to gas”, added the Canadian independent.
Raptor-1 sits in Block PPL 475 and is 12 kilometres west of the Elk-Antelope resource.
InterOil holds a 65.2% operator interest, while Pacific Rubiales holds 12.9% and minority interests hold 21.9%.