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Although I might very well have overlooked other information sources but I couldn't find any possible reefs in licenses of other license holders but InterOil (with the possible exception of LNG Energy), which was a prime motive for researching the article
It's a little curious that InterOil have 12 possible reefs on their licenses while I could not identify a single one on any of the others. Anyone have any perspective on this?
If a reef is confirmed at Bwata/T2, they could perhaps be somewhat common.
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Buenos Dias STP,
Regarding reefs I have no clue but I've always been partial to seismic presentations of NGE. Looks to me that Tusk's 'String of Pearls' runs up there and are formidable in size. And LNG does have that AMI with IOC which may payoff for them.
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You may inquire with Shell regarding reefs STP.
If reefs aplenty was PNG reality I can't imagine them offering a $100,000,000 bribe* for IOC's reefs.
*as reported in Sunday Chronicle as 'Project Zebra'. Still curious no retraction link has been scrounged up.
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Hello Tree, There actually is a newer presentation by NGE ( Dec 2011) that I failed to include and it's quite detailed. Although NGE, for its $40M market cap or so, certainly seems very interesting (no wonder they generate unsolicited interest), once again I couldn't find any possible reef in their presentation. They have many leads and prospects though, interesting to keep an eye on that, and of course I'm a simple economist so I might very well have missed stuff.
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Hey STP, Horizon may not have a 'rolodex of reefs', they boast of a 'hydrocarbon kitchen'. Sounds like a kitchen may fall short of a reef.
**********
Elevala-2 beats expectations
Friday, 20 January 2012
A SUCCESSFUL sidetrack off the Horizon Oil-operated Elevala-2 appraisal well in Papua New Guinea has helped identify a possible “hydrocarbon kitchen” to the north.
Drilling at the well confirmed a gross gas and condensate zone of 18m (with no water indicated) in the Elevala sandstone by January 4, while in the following week the subsequent sidetrack was drilled 650m northeast and penetrated the secondary target of the Toro sandstone.
“Logging while drilling, sampling and pressure measurements have defined a gas-water-contact to the hydrocarbon accumulation, successfully fulfilling the primary objective of the sidetrack well,” Horizon said.
“This establishes a field gas column height of greater than 50m and further implies that the Elevala structure is full to spill point.”
The sidetrack will be plugged and suspended while plans are underway to mobilise the rig to the Ketu-2 appraisal well in the same licence (PRL 21).
In the meantime, new seismic is already being shot over the Elevala, Tingu and Ketu structures and this data will be analysed before resource volumes are revised.
Kina Petroleum managing director Richard Schroder said the new seismic should increase the total resource estimate for the block, “further improving the chance of commercialising the condensate/liquids trapped within in PRL 21”.
Horizon chief executive officer Brent Emmett said the Elevala-2 drilling was a good result on a number of fronts.
“Firstly, subject to the new seismic confirming the current map of the Elevala structure, we have a new, potentially commercial, project to evaluate, containing material gas and condensate volumes.
“Secondly, the likelihood that Elevala is full to spill increases the chances of Ketu [appraisal well] also being full, given that it lies between Elevala and the probable hydrocarbon ‘kitchen area to the north.”
Emmett said the well also significantly upgraded its Tingu prospect to the northwest and another lead to the west.
Before drilling, Horizon advised of certified mean recoverable contingent resources of 302 billion cubic feet of gas and 19.3 million barrels of condensate.
“Based on the drilling results and the existing seismic data, the well outcome is to the high side of expectations,” Horizon said.
The Elevala-1 well was discovered in 1989-1990 and flowed at a rate of 11.9 million cubic feet of gas and 634 barrels of 54-degree API condensate per day in a test.
PRL 21, located in PNG’s Western Province, is owned by Horizon (45%), Talisman Energy (40%) and Kina Petroleum (15%).
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Thanks, interesting that news from today. 50M of pay is getting there. That new NGE presentation I linked above is also quite interesting. It could very well keep the likes of Pet busy for the best part of 20 minutes  But still no reefs on any of the others and apart from Hides, nothing like Antelope either although there is decades of exploration stuff there, I guess. So it's very early days.
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I am on the road with no data. There are other reefs offshore. Pasca, pandora and one closer to shore near seismosaurus. Reefs may not extend far to the northwest as in the Exxon/oil search area. Expect to find more reefs near the coast south and southwest of triceratops. Just a quick note and only my opinion.
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Make the above read "south and southeast" of triceratops.
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STP, I noted that NGE 50m of pay also. I know they say they have a kitchen yet to explore, but the 50m gets people excited. IOC knocks that out of the ballpark.
Pet also mentions the acreage to the south toward PM. IOC has mentioned they feel that area could be much more exciting than the rest. I think for this rolodex of reefs we need a rolodex of rigs!
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