Uchenna Izundu
International Editor
LONDON, Jan. 11 -- UK-based Rift Oil PLC has identified new drilling locations in the northern part of Douglas gas-condensate field in Papua New Guinea after interpreting seismic data which also indicates that it would be worth drilling the nearby Puk Puk prospect.
"Further specialized seismic processing is now to be conducted to identify if it can be used to successfully predict the presence of hydrocarbons in reservoir elsewhere on Douglas and in the Puk Puk prospect, as was the case at the Douglas-1 well," Rift said.
Rift, operator of the PPL 235 license, also is investigating several commercialization options for Douglas, describing them as "two major longer-term markets and another smaller scale but more immediate commercialization opportunity."
It also is looking at another three separate options, but could not elaborate on the details because of commercial confidentiality, David Lees, Rift's finance director, told OGJ. "The two major longer-term options would require major infrastructure and the more immediate option could happen quickly, meaning within the next couple of years," he said.
Rift said that it would concentrate on ensuring that Douglas has enough reserves to develop a major project and reaching favorable terms with different buyers to make it economically attractive to commercialize Douglas.
Rift is contemplating drilling another two wells on Douglas—an appraisal well on Douglas North and an exploration well on Puk Puk, as well as the flow-testing of Douglas-1. The joint venture-owned rig that drilled Douglas-1 is being maintained in operational order on the Douglas-1 site, in preparation for this next phase program. Rift has invited other energy companies to tender for the rig for their drilling programs, which Rift said could dovetail with its own drilling plans.
Rift Oil has a 65% share in PPL 235 and its partner, Austral Pacific, has a 35% interest.
Contact Uchenna Izundu at [email protected].
