IOC Upstream Hits = PPL interest in PNG

[Tree]

Funny how the short's still claim IOC is a scam because others explored their licenses and found nada.  Pretty cool that IOC was able to 'fool' the exploration world into coming to Papua.  This presentation by Kevin Byrnes was made June 2012.  It is not found on IOC website.  It has a couple new tid-bits.  Any ideas where this presentation was made??

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http://content.eventcms.co.nz/WebsiteCon...Byrnes.pdf

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InterOil Upstream Success Has Revived Exploration Interest In PNG

Petroleum Prospecting License interest has increased dramatically

 From 22 PPL’s in 2005 before the Elk Discovery.  To over 67 PPL’s currently and 21 new applications – essentially no available on-shore

acreage remains.

LNG projects underway provide export capability

 Exxon project opens Highlands area for natural gas exploration.  InterOil’s Gulf LNG project will open up a new hydrocarbon province in PNG for natural gas

and oil exploration by providing critical infrastructure.  Oil Search working with other operators with stranded gas.  Talisman working on aggregating stranded foreland gas.

New exploration targets and world class reservoirs attracting industry attention

 Eastern Papuan Basin shaping up as new prolific hydrocarbon system.  Potentially more prolific than the 25 Tcf of stranded gas in the western basin.

Major oil companies returning to PNG

 Shell recently announced interest in PNG.

(Eastern Papuan Basin?? Huh, I wonder whose PPLs are located in this Eastern Basin??  Perhaps a map would help.  HoHoHo, Toot Toot, Cha-Ching)

[admin]

The "heavily explored" part  was always nonsense from the shorts in the first place:

From the Oil and Gas Investor Magazine

lnterOil entered Papua New Guinea in 1999 when no other cornpanies were drilling the Eastern Papuan Basin. Operators had found gas in the basin in the 1950s and 1960s, but, without ready markets, drilling faded. Except for the lnterOil wells, only two wells had been drilled in the basin since 1970. During the same period, 39 wells were drilled in the rest of the country. InterOil has tallied a series of firsts for the country: It was the first to run Falcon gravity and magnetic surveys and the first to use a Chinese built drilling rig that could be moved by helicopter and had the capacity to drill horizontal wells. It was the first to use downhole-deployment valves so it could use managed-pressure drilling in the producing carbonate section that ran some 2,400 net feet of pay in the Antelope-1. The dolomite was so permeable, the company lost fluids to the formation while drilling. Managed-pressure drilling helped solve the problem. It even used two downhole-deployment valves on the well. It also was the first to take sidewalls cores under pressure.

[Palm]

And that's the point STP that bashers want to leave out. Others that drilled in PNG up through the 90s were looking for one thing; oil. Shell and others (including Chevron) left because they saw oil opportunities elsewhere. The facts are that now these SMs are coming back in droves and they are after two things; NG and associated liquids. For a company like Shell to leave PNG and call it a lost country and then comes back should tell people a lot. They don't just come back to wander around and maybe poke a few holes in the ground. They came back to try and be a major player in developing PNG's hydrocarbons; and not onle came back, but came back in the role of Petromin's partner. And one of the first things they did was look at all of the prospects PNG has, especially the ones Petromin has been designated as PNG's holder of interests. That role was made official in June of 2011 and at that time Shell had access to all they needed as far as IOC's data room; All drilling and seismic work at E/A was done, so they knew what is there. For some reason they wanted to get their hands on the licenses.

[Tree]

Well alrighty then. This presentation apparently was intended for funds or brokerage houses. Nice first 2 paragraphs of the presentation in the intro to the cautionary & forward looking statements. No wonder it's not on EnnerOle's website. I really do like this statement too:
"Eastern Papuan Basin shaping up as new prolific hydrocarbon system.  Potentially more prolific than the 25 Tcf of stranded gas in the western basin."
The whoppers are even bolder in confidential presentations!!


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