Heritage preparing PNG spud

Under inspection: Washington International's Schramm T130XD drilling rig

UK-listed Heritage Oil will spud in September the first of two wildcat exploration wells in northern Papua New Guinea.

Co-venturer Kina Petroleum said Washington International's Schramm T130XD drilling rig has been contracted, and is currently being inspected by officials from the Department of Petroleum and Energy.

On arrival in Madang, the rig will be road transported to the Raintree well location in Block PPL 337.

The second well is called Kwila.Kina said both wells are targeting dry gas and source is considered a low risk as there are numerous seeps comprising 99% methane at nearby Banam.

"There are numerous potential offtake partners in and around Madang, including power generation for Madang town and the mining operations at Ramu NiCo Yanderra. Should a large enough discovery be made, there is also scope for an LNG project with deep water access at Astrolabe Bay."

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