Posts Tagged IGC

Petroleum Exploration in Papua New Guinea

Posted by on Wednesday, 19 May, 2010
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LNG Energy Ltd. announced last month that it commenced the acquisition of High Resolution Airborne Magnetic (“HRAM”) and Gravity data over its southern licenses in Papua New Guinea, PPL 319 and PRL 13, in mid-February 2010. Sander Geophysics Limited (“SGL”) of Ottawa, Ontario (http://www.sgl.com) is conducting the fixed-wing acquisition of this high resolution survey at a minimum drape altitude of 150m, with an 800m normal traverse and 3200m control line spacing. In-field Quality Control and Project Management is being provided by Erwin Ebner of ELS Consulting Inc. out of Calgary, Alberta.

Once the southern licenses have been completed in early April, 2010, SGL will move onto LNG’s northern licenses; PPL 320, PPL 321 & PPL 322 to complete the remainder of the HRAM and Gravity program, using similar data acquisition parameters. Based upon current estimates the acquisition of the data over the entire 25,000 km of the northern and southern licenses should be completed by June 2010.

LNG has entered into a contract with Integrated Geophysics Corporation (“IGC”) of Houston, Texas (http://igcworld.com) to interpret the HRAM and Gravity dataset. IGC’s proprietary analysis incorporates existing seismic, wells and all available surface geological control with the recently acquired HRAM and Gravity dataset, to provide a comprehensive and fully integrated interpretation. IGC’s deliverables will include maps of Magnetic Basement Structure, Gravity Residual, Structural Models and Migratory Pathway. IGC’s interpretation will provide LNG with a proprietary prospect inventory, encompassing varying levels of exploration maturity.

“The aeromag and gravity program will provide basin definition to be followed up with 2D seismic and structural mapping for selecting drilling locations. A number of recent exploration successes in PNG have been based off targets generated by gravity and geophysical information. This fundamental, bottoms-up, exploration approach will provide LNG a clear understanding of the potential of our 100% working interest in the 5.5 million acres of our Papua New Guinean assets. We are very pleased with the initial quality of the data acquired to date. Based upon very preliminary data, we see indications of exciting anomalies that have been identified within the contiguous 540,000 acres of PRL 13 and PPL 319.” said Dave Afseth, President of LNG.

LNG Energy Ltd. announced as well that it has entered into an agreement with InterOil Corporation (“InterOil”) to acquire 2D seismic on LNG’s 100% working interest PPL 319 in Papua New Guinea. PPL 319 lies between InterOil’s PPL 237 and the PDLs/PRLs that collectively comprise the licenses of ExxonMobil’s US$15Billion LNG export development infrastructure announced on December 7, 2009. The seismic program includes the acquisition and interpretation of a 27km north-south line that is located 50m west of the boundary between PPL 319 and InterOil’s PPL 237. The program will be managed by InterOil and logistics have recently commenced, with final data acquisition expected in June 2010.