Papua New Guinea

By OGJ editors
HOUSTON, Aug. 5
– InterOil Corp. completed shooting 27 line-km of 2D seismic on PPL 319 in Papua New Guinea, which lies between InterOil’s Miocene-age Elk/Antelope gas-condensate discovery and Mesozoic-age discoveries on licenses associated with ExxonMobil Corp.’s $15 billion field development and LNG project.

LNG Energy Ltd., which owns 100% working interest in PPL 319, noted that the seismic line is located 50 m west of the boundary between PPL 319 and InterOil’s PPL 237 in an area of mutual interest agreed to by InterOil and LNG Energy.

Interpretation provided a clear indication of carbonate thickening in the historically gas-charged Tertiary and large deep-seated structures in the historically oil-charged Mesozoic.

Integration of the 2D seismic with high-resolution aeromagnetic and gravity data is expected to result in a prospect inventory for internal technical review by September 2010. LNG Energy plans to develop a proprietary prospect inventory on PPL 319 and PRL 13, which total 540,000 acres.

LNG Energy will also integrate all available historical data with its recent HRAM and gravity survey on PPL 320, 321, and 322 to the north, which cover 5 mmillion acres at 100% interest in multiple Tertiary basins.

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