Cott's initial .012 Tcf

[Tree]

Just a few $100,000,000 wells are needed to prove up .012Tcf.

Cott furthers PNG plans

Alison Middleton Friday, 18 October 2013 EXPLORER Cott Oil and Gas is furthering plans for an LNG operation in Papua New Guinea with the announcement of initial estimates of prospective resources from its PPL 437 permit. Leads on PPL 437. Map courtesy of Cott Oil and Gas. The company has carried out further seismic work on six prospects, including the Rosewood, Tea Tree, Candlenut and Ebony leads in the western and northern part of the licence and the Kandis and Mango leads to the east of the Ubuntu discovery. Cott said it had recently undertaken further work using existing seismic data on the block including synthesising different vintages of seismic. Figures released by the company using probabilistic methods provide for resource estimates of 12 billion cubic feet of gas, best estimates of 70Bcf and high estimates of 491Bcf. By the same comparison, resource estimates for condensate are 400,000 barrels for low, 3.6 million barrels for best and 27MMbbl for high. Cott said further exploration appraisal and evaluation was required to determine the existence of a significant quantity of potentially moveable hydrocarbons. Further seismic work will also be required in order to upgrade the prospects to drill‐ready targets.

[Stavros]

Cott Oil and Gas is working hand in glove with Kina Petroleum to establish themselves in PNG

http://www.cottoilandgas.com.au/

I wouldn't discount them in the future as they begin to explore their fields.

Go ahead Mr Tree god, tell me there's no way and that people with huge cash piles are throwing it all down dry holes; only IOC can find gas on PNG.

[Tree]

My point was to illustrate the enormity of iocs quantified resource and how the largest field in Asia in the last 20 years should attract the biddi h attention of multiple super majors with LNG aspirations for png. That said many here doubt that to be the case and see no value in articles by credible reporters citing sources stating as much. What is your point besides proving you are an ahole? Again.

[Getitrt2]

Cott may turn out to be a very successful company in PNG, after IOC and OSH have pioneered and shown the way, but I think there is something hilarious about this, while at the same time somewhat pathetic and sad. IOC has been viciously criticized and attacked for many years for supposedly hyping itself with "numerous" overly optimistic and premature press releases, projections, etc., a gross distortion and exaggeration imo. Here we have a company not only actually issuing RESOURCE PROJECTIONS before they even have enough seismic to get "prospects" to "drill ready targets", but "furthering plans for an LNG operation"! Classic! Maybe they can partner with EWC! Sounds like another great long-term target for shorts if public. IOC should get a commission on any capital they have raised from outsiders. HA!

Is their lease also in the mountains? I think Tree was also raising a good question about those gas estimates and the costs, and I don't think he was trying to say only IOC can find significant gas or question anyone's competence.

[sydbod]

Tree, I think there is something wrong with that article.
If one looks at PRL21, just under PPL 437 one will find approx 1.3 Tcf of gas in just the 3 prospects of Tingu, Elevala and Ketu.
Apologies that I can no longer find a link to the cost of drilling wells in this area of PNG, but the actual cost is very very cheap compared to the highlands.
PPL 437 should hold at least twice as much gas as PRL21 assuming insignificant dry wells. In that western area of PNG the success rate has been very very high by the various small oil companies drilling there so dry wells have up till now been very few.

I would suspect a saying of
"Just a few $10,000,000 wells are needed to prove up 2.5Tcf." may be closer to the truth, but we will have to wait and see what the final outcome happens to be.