LNG Energy revival in PNG

[maui4marko]

Blcobra289 pointed this out in another topic:

LNG Energy Enters Into Investment Agreement in PNG and Initiates Seismic Program

Press Release: LNG Energy Ltd. – Thu, Jan 24, 2013 6:30 PM EST

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 24, 2013) - LNG Energy Ltd. (TSX VENTURE:LNG) ("LNG" is pleased to announce that its subsidiary, Telemu No. 18 Limited ("Telemu", has entered into an investment agreement with EERL Holdings (BVI) Ltd. ("EERL" under which EERL contributed US$4,000,000 towards a 22km 2D seismic program and some past cost reimbursement on Telemu''s PPL 319 in Papua New Guinea for a 31.5% equity interest in Telemu. In connection with the investment, LNG, EERL and Telemu also entered into a shareholders'' agreement to govern the operations of Telemu.

The 22km seismic program has been designed to image and further define the Tuyuwopi structure in the strike (elongated) direction. As discussed in press releases of March 29, 2012 and April 10, 2012, the Tuyuwopi structure is an oil target projected to contain reservoir and source rocks of similar age to those found in the productive SE Gobe and Kutubu oil fields operated by Oil Search and on-trend with PPL 319. The Company estimates that the Tuyuwopi structure closure may be 35km2 (P50) to 66km2 (P10) with a projected 25 meters (P50) to 30 meters (P10) of overall reservoir thickness.

Mobilization for this seismic program is underway and supplies are being transported to location.

"This seismic program is intended to further our confidence in the Tuyuwopi oil prospect and we hope will confirm earlier geological interpretations of this key asset in PNG to assist our on-going farm-out efforts. We welcome EERL as a partner in PNG and look forward to working with them," commented David Nelson, President & CEO of LNG.

In conjunction with the Telemu No. 18 transaction, the previously announced Credit Agreement between the LNG''s subsidiary Kaynes Capital S.á.r.l. ("Kaynes" and undisclosed third parties (the "Lenders" ) in a press release dated February 27, 2012, has been amended to extend the maturity date from the first anniversary to the third anniversary. The Credit Agreement has been further amended to increase the contingency bonus payments from 3.125% to 6.25% and 9.375% to 18.75% for the US $1.25 million and US 3.75 million portions of the facility respectively.

EERL is a British Virgin Islands company that is owned as to 50% by Enterprise Energy Ltd. (TSX VENTURE:EER) and 50% by the Lenders.

LNG is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and Bulgaria. On closing of this transaction, LNG holds a 68.5% interest in approximately 5.5 million acres and 100% interest in approximately 42,000 acres of prospective oil and gas properties in Papua New Guinea. LNG is operator and has a 50% net interest in approximately 360,000 gross acres of prospective shales in Poland together with San Leon Energy. LNG also has a 20.18% net interest in approximately 734,000 gross acres of prospective shales in Poland together with BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG has also entered into a farm in agreement relating to 405,080 acres of prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. LNG shares trade on the TSX Venture Exchange under the symbol "LNG".

LNG ENERGY LTD.

David Nelson, President & CEO

Shares Outstanding: 338,719,365

[maui4marko]

PPL 319 Licence Overview

•PPL 319 was granted in Nov 08 for a 6y term and is renewable for two 5y periods subject to the PNG Oil and Gas Act
•The licence area is located in the lowlands Papuan fold-thrust belt covering an area of 2,144 km2 and lies on trend with oil and gas discoveries in the area including the 35mmbbl Gobe oil and 1.5 TCF Barikewa gas discovery
•25 TCF of proven gas discoveries have been made regionally (including Hides, Elk/Antelope and Barikewa)
•PPL 319 is traversed by the Kutubu oil export pipeline and the Exxon PNG LNG gas pipeline (under construction)
•Oil Search’s Kopi base camp in PPL 319 has critical regional infrastructure such as roads, wharf & helicopter facilities
•The navigable Kikori river runs through licence, there is good access to water transportation in the licence area
•The 1988 Victory Junction seismic survey and the 2010 HRAM-Gravity identified the Kikori bend leads
•The 148km Sling seismic survey acquired in Nov 2011 confirmed several structures including the Tuyuwopi and Tuyuwopi East prospects on Sling seismic lines 1 and 2 in the Kikori Bend leads area

Tuyuwopi Prospects

• LNG Energy has completed processing the 2011 148km Sling seismic and reprocessing the 1988 Victory seismic
• Interpretation is ongoing with current output giving strong indications of potentially large drillable prospects
• The significant Tuyuwopi prospects have been identified as high quality prospects with large structural areas :
o 1,400m contour: ~8km2 (potential P90 area)
o 1,450 m contour: ~66km2 (potential P10 area)
• The potential of Tuyuwopi as an oil prospect has been demonstrated by LNG Energy’s technical team
• Located advantageously on Kikori River which assists with managing logistics costs
• Proximity to existing oil and gas pipelines should
provide significant time and cost advantages for
commercialisation of discoveries on the licence
PPL 319 Geological Features
• PPL 319 exists on the intersection of the Miocene
Carbonate (Elk/Antelope) and Fold & Thrust Belt
(Hides, Barikewa) regimes-high potential for
additional leads and prospects in the licence area
• Oil-prone organic-rich source rocks are known to exist
proximal to PPL 319, Omati Trough likely source
• Mixed oil & gas source seen in adjacent Barikewa-1
• Presence of gas in Barikewa and Iehi proves seal
• Source/seal combination provides strong case for
Iagifu & other reservoirs- Gobe produces from Iagifu
• Evidence of possible stacked pays with the Toro-
Hedinia-Iagifu, Alene and other reservoir sequences

Refresher for those who forgot about LNG Energy... they are our neighbors:

http://www.lngenergyltd.com/i/pdf/PNG-Li...on-Map.pdf

[bertl05]

Blcobra289 pointed this out in another topic:

LNG Energy Enters Into Investment Agreement in PNG and Initiates Seismic Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 24, 2013) - LNG Energy Ltd. (TSX VENTURE:LNG) ("LNG" is pleased to announce that its subsidiary, Telemu No. 18 Limited ("Telemu", has entered into an investment agreement with EERL Holdings (BVI) Ltd. ("EERL" under which EERL contributed US$4,000,000 towards a 22km 2D seismic program and some past cost reimbursement on Telemu''s PPL 319 in Papua New Guinea for a 31.5% equity interest in Telemu. In connection with the investment, LNG, EERL and Telemu also entered into a shareholders'' agreement to govern the operations of Telemu.

The 22km seismic program has been designed to image and further define the Tuyuwopi structure in the strike (elongated) direction. As discussed in press releases of March 29, 2012 and April 10, 2012, the Tuyuwopi structure is an oil target projected to contain reservoir and source rocks of similar age to those found in the productive SE Gobe and Kutubu oil fields operated by Oil Search and on-trend with PPL 319. The Company estimates that the Tuyuwopi structure closure may be 35km2 (P50) to 66km2 (P10) with a projected 25 meters (P50) to 30 meters (P10) of overall reservoir thickness.

Mobilization for this seismic program is underway and supplies are being transported to location.

"This seismic program is intended to further our confidence in the Tuyuwopi oil prospect and we hope will confirm earlier geological interpretations of this key asset in PNG to assist our on-going farm-out efforts. We welcome EERL as a partner in PNG and look forward to working with them," commented David Nelson, President & CEO of LNG.

In conjunction with the Telemu No. 18 transaction, the previously announced Credit Agreement between the LNG''s subsidiary Kaynes Capital S.á.r.l. ("Kaynes" and undisclosed third parties (the "Lenders" ) in a press release dated February 27, 2012, has been amended to extend the maturity date from the first anniversary to the third anniversary. The Credit Agreement has been further amended to increase the contingency bonus payments from 3.125% to 6.25% and 9.375% to 18.75% for the US $1.25 million and US 3.75 million portions of the facility respectively.

EERL is a British Virgin Islands company that is owned as to 50% by Enterprise Energy Ltd. (TSX VENTURE:EER) and 50% by the Lenders.

LNG is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and Bulgaria. On closing of this transaction, LNG holds a 68.5% interest in approximately 5.5 million acres and 100% interest in approximately 42,000 acres of prospective oil and gas properties in Papua New Guinea. LNG is operator and has a 50% net interest in approximately 360,000 gross acres of prospective shales in Poland together with San Leon Energy. LNG also has a 20.18% net interest in approximately 734,000 gross acres of prospective shales in Poland together with BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG has also entered into a farm in agreement relating to 405,080 acres of prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. LNG shares trade on the TSX Venture Exchange under the symbol "LNG".

LNG ENERGY LTD.

David Nelson, President & CEO

Shares Outstanding: 338,719,365

Better late than never, but they really shot themselves in the foot by concentrating and spending so much money on Eastern European fracking last year. In hidsight they would have been far better off allocating all their resources in PNG. Had they really done their DD on the political receptiveness to fracking in Poland , they might have made a wiser choice. If you are a SM, take a flyer in eastern europe, if you are a cash starpped penny, PNG was a better allocation of capital given their high potential leases. IMO.

[sageo]

Blcobra289 pointed this out in another topic:

LNG Energy Enters Into Investment Agreement in PNG and Initiates Seismic Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 24, 2013) - LNG Energy Ltd. (TSX VENTURE:LNG) ("LNG" is pleased to announce that its subsidiary, Telemu No. 18 Limited ("Telemu", has entered into an investment agreement with EERL Holdings (BVI) Ltd. ("EERL" under which EERL contributed US$4,000,000 towards a 22km 2D seismic program and some past cost reimbursement on Telemu''s PPL 319 in Papua New Guinea for a 31.5% equity interest in Telemu. In connection with the investment, LNG, EERL and Telemu also entered into a shareholders'' agreement to govern the operations of Telemu.

The 22km seismic program has been designed to image and further define the Tuyuwopi structure in the strike (elongated) direction. As discussed in press releases of March 29, 2012 and April 10, 2012, the Tuyuwopi structure is an oil target projected to contain reservoir and source rocks of similar age to those found in the productive SE Gobe and Kutubu oil fields operated by Oil Search and on-trend with PPL 319. The Company estimates that the Tuyuwopi structure closure may be 35km2 (P50) to 66km2 (P10) with a projected 25 meters (P50) to 30 meters (P10) of overall reservoir thickness.

Mobilization for this seismic program is underway and supplies are being transported to location.

"This seismic program is intended to further our confidence in the Tuyuwopi oil prospect and we hope will confirm earlier geological interpretations of this key asset in PNG to assist our on-going farm-out efforts. We welcome EERL as a partner in PNG and look forward to working with them," commented David Nelson, President & CEO of LNG.

In conjunction with the Telemu No. 18 transaction, the previously announced Credit Agreement between the LNG''s subsidiary Kaynes Capital S.á.r.l. ("Kaynes" and undisclosed third parties (the "Lenders" ) in a press release dated February 27, 2012, has been amended to extend the maturity date from the first anniversary to the third anniversary. The Credit Agreement has been further amended to increase the contingency bonus payments from 3.125% to 6.25% and 9.375% to 18.75% for the US $1.25 million and US 3.75 million portions of the facility respectively.

EERL is a British Virgin Islands company that is owned as to 50% by Enterprise Energy Ltd. (TSX VENTURE:EER) and 50% by the Lenders.

LNG is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and Bulgaria. On closing of this transaction, LNG holds a 68.5% interest in approximately 5.5 million acres and 100% interest in approximately 42,000 acres of prospective oil and gas properties in Papua New Guinea. LNG is operator and has a 50% net interest in approximately 360,000 gross acres of prospective shales in Poland together with San Leon Energy. LNG also has a 20.18% net interest in approximately 734,000 gross acres of prospective shales in Poland together with BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG has also entered into a farm in agreement relating to 405,080 acres of prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. LNG shares trade on the TSX Venture Exchange under the symbol "LNG".

LNG ENERGY LTD.

David Nelson, President & CEO

Shares Outstanding: 338,719,365

Better late than never, but they really shot themselves in the foot by concentrating and spending so much money on Eastern European fracking last year. In hidsight they would have been far better off allocating all their resources in PNG. Had they really done their DD on the political receptiveness to fracking in Poland , they might have made a wiser choice. If you are a SM, take a flyer in eastern europe, if you are a cash starpped penny, PNG was a better allocation of capital given their high potential leases. IMO.

Bert & Maui-Have had  stk for some time now. Lotsa shares(maybe too many) at  a little higher cost. Yes, wasted millions in Poland,I'm sorry to say. But, with a change in mgmt, they may now be ready to work PNG the way they should have at first.Should know more in 2nd qtr. Over 7 million traded today.....avg. daily volume around 10 k . GLTY.

[sageo]

PPL 319 Licence Overview

•PPL 319 was granted in Nov 08 for a 6y term and is renewable for two 5y periods subject to the PNG Oil and Gas Act
•The licence area is located in the lowlands Papuan fold-thrust belt covering an area of 2,144 km2 and lies on trend with oil and gas discoveries in the area including the 35mmbbl Gobe oil and 1.5 TCF Barikewa gas discovery
•25 TCF of proven gas discoveries have been made regionally (including Hides, Elk/Antelope and Barikewa)
•PPL 319 is traversed by the Kutubu oil export pipeline and the Exxon PNG LNG gas pipeline (under construction)
•Oil Search’s Kopi base camp in PPL 319 has critical regional infrastructure such as roads, wharf & helicopter facilities
•The navigable Kikori river runs through licence, there is good access to water transportation in the licence area
•The 1988 Victory Junction seismic survey and the 2010 HRAM-Gravity identified the Kikori bend leads
•The 148km Sling seismic survey acquired in Nov 2011 confirmed several structures including the Tuyuwopi and Tuyuwopi East prospects on Sling seismic lines 1 and 2 in the Kikori Bend leads area

Tuyuwopi Prospects

• LNG Energy has completed processing the 2011 148km Sling seismic and reprocessing the 1988 Victory seismic
• Interpretation is ongoing with current output giving strong indications of potentially large drillable prospects
• The significant Tuyuwopi prospects have been identified as high quality prospects with large structural areas :
o 1,400m contour: ~8km2 (potential P90 area)
o 1,450 m contour: ~66km2 (potential P10 area)
• The potential of Tuyuwopi as an oil prospect has been demonstrated by LNG Energy’s technical team
• Located advantageously on Kikori River which assists with managing logistics costs
• Proximity to existing oil and gas pipelines should
provide significant time and cost advantages for
commercialisation of discoveries on the licence
PPL 319 Geological Features
• PPL 319 exists on the intersection of the Miocene
Carbonate (Elk/Antelope) and Fold & Thrust Belt
(Hides, Barikewa) regimes-high potential for
additional leads and prospects in the licence area
• Oil-prone organic-rich source rocks are known to exist
proximal to PPL 319, Omati Trough likely source
• Mixed oil & gas source seen in adjacent Barikewa-1
• Presence of gas in Barikewa and Iehi proves seal
• Source/seal combination provides strong case for
Iagifu & other reservoirs- Gobe produces from Iagifu
• Evidence of possible stacked pays with the Toro-
Hedinia-Iagifu, Alene and other reservoir sequences

Refresher for those who forgot about LNG Energy... they are our neighbors:

http://www.lngenergyltd.com/i/pdf/PNG-Li...on-Map.pdf

Maui- Thanks for the map. If one were to show the Tricera field and the potential T-Rex field on this same map,(237 & 319 ) would then look much more intersting, I do believe. T-Rex appears to encompass part of 319 as well as 237 !

[trans]

It does......

[sageo]

It does......

  Trans--Thanks for your confirm ! I hope I'm around to one day see extensive seismics on T-Rex .I believe that will be a good picture!! To quote Hemi again....."H & H "to you .

[trans]

sageo, there are two formations (TRex is one)overlapping IOC's lease boundary as I recall, but don'thave time today to go back and identify the other, Believe Peteng or others can.

[sageo]

Trans--I believe you are correct . If my memory is right, I think it is Seismosarius (sp?) . As you said, Pet ,when he has time , I'm sure could verify whether this is true or not.HAGD .