CONOCO-EXXON TO EXPLORE PAPUA LICENSES
Units of Conoco Inc. and Exxon Corp. have taken a farmout on two licenses covering 8,000 sq km in Papua New Guinea held by an Australian group led by Victoria Petroleum. The two majors will each acquire a 35% interest in the contiguous PPL106 and PPL117 blocks (see map, OGJ, Mar. 20, 1989, p. 23). Negotiations on the deal surfaced last fall (OGJ, Sept. 11, 1989, Newsletter). Conoco will act as operator and spud the first wildcat, 1 Tarim, in late February or early March.