Kina in new PNG JV

Papua New Guinea: Kina Petroleum and Cott Oil & Gas are sharing new licence in the Western Papuan basin

DREW DOUGLAS

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Danica Newnham

 01 November 2012 04:37 GMT

Kina Petroleum has been awarded a new petroleum licence in Papua New Guinea with unlisted Australian partner Cott Oil & Gas.

The company reported to the Australian Securities Exchange on Thursday that it had entered into a farm-in agreement with Wondecla, a wholly-owned subsidiary of Cott, for each company to hold 50% equity in PPL 435 in the Western Papuan basin.

The  5670-square kilometre block is 45 kilometres south-west and up dip from Kina’s PRL 21 licence, which hosts the Elevala and Ketu gas fields. The primary reservoir for these fields is basal createcous sandstone – the Elevala sandstone.

PPL 435 is also located north of Lake Murray-1, which tested gas in 1973 from…

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