Saturday, February 23, 2013

Kina Petroleum awarded new Papua New Guinea petroleum exploration licence

Friday, February 22, 2013 by Proactive Investors

Kina Petroleum (ASX:KPL) has secured a new exploration licence in the Western Papuan Basin, Papua New Guinea, in a joint application with Wondecla Limited.
Kina's interest in the block will be 80%.
The licence PPL 437 covers 18 graticular blocks of 1,104 square kilometres and borders PRL 21 to the north and east, where resources have already been discovered.
Kina has already identified potential leads with leads in the northern part including potential extensions of the prospects already identified as well as a lead ot he north of the Ketu discovery in PRL 21.
In the eastern portion of the licence, a lead to the South East of the Ubuntu discovery has been identified.
The company is well positioned to capitalise on potential infrastructure construction to develop the resources already discovered in PRL 21.
The firm work programme over the first two years of the licence comprises seismic reprocessing and acquisition of 50km of seismic data, with minimum commitments of US$200,000 and US$300,000 respectively.
It also includes either drilling a well with a minimum spend of $20 million or an additional phase of seismic with minimum spend of $3 million in place of the well if the first phase of seismic does not permit identification of a suitable drilling target.

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