Papua New Guinea tract gets farmout

Feb. 9, 1998
Papua New Guinea acreage [67,207 bytes] Exploration is picking up in Papua New Guinea. Two Australian companies are conducting a 50 km seismic survey in part of the Ramu basin in Madang Province, Papua New Guinea, to earn a 40% interest in U.S.-based Ramu Niugini LLC's 1.5 million acre Petroleum Prospecting License (PPL) 184. Seismic evaluation should be completed this month by Woodside Petroleum (PNG) Pty. Ltd., Perth, and Oil Search Ltd., Sydney. The two firms can earn another 40%

Exploration is picking up in Papua New Guinea.

Two Australian companies are conducting a 50 km seismic survey in part of the Ramu basin in Madang Province, Papua New Guinea, to earn a 40% interest in U.S.-based Ramu Niugini LLC's 1.5 million acre Petroleum Prospecting License (PPL) 184.

Seismic evaluation should be completed this month by Woodside Petroleum (PNG) Pty. Ltd., Perth, and Oil Search Ltd., Sydney. The two firms can earn another 40% interest in the block by drilling an exploratory well.

Ramu Niugini says the principal feature in the block is the well-defined but undrilled Banam anticline. Ramu Niugini also holds the 1 million-acre PPL 185 block in the Sepik basin of northern Papua New Guinea.

Principals of Rama Niugini are Wold Oil Properties Inc., Casper, Wyo., and Barrett Energy Investments, Dallas.

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