Business
Austral Pacific Energy Announces Appraisal Programme in Papua New Guinea
Austral Pacific Energy Announces Appraisal Programme in Papua New Guinea.
About this update from Apex Resources Inc.
[{"type":"text","content":"\n\n\n\nWELLINGTON, New Zealand, Sept. 24 /CNW/ -- Austral Pacific Energy Ltd.\n(TSX-V: APX; NZSX: APX; Amex: AEN)\n\n\nAustral Pacific Energy Ltd. (TSX-V: APX; NZSX: APX; Amex: AEN) is due to\nbegin appraisal work later this year on the Stanley gasfield in Papua New\nGuinea.\n\n\nThe move comes after the company won a five year extension to the term of\nPetroleum Retention Licence (PRL) 4, which covers the Stanley field in the\nwestern province of Papua New Guinea.\n\n\nAustral Pacific Energy, through a wholly owned subsidiary, Austral\nPacific Energy (PNG) Limited, holds a 28.92 percent interest in PRL 4 and is\nthe new operator of the licence.\n\n\nThe other partners in PRL 4 are InterOil Corporation, through its wholly\nowned subsidiary SPI (157) Ltd, (43.13 percent) and Horizon Oil Limited (27.95\npercent).\n\n\n"This licence represents an integral part of the company's strategy to\ncommercialise gas opportunities in the Forelands region of Papua New Guinea,"\nsaid chief executive officer and president, Thom Jewell.\n\n\nThe licence was granted originally in 2000 for a term of five years to\nappraise the Stanley discovery.\n\n\nIn 2005, the then operator of the PRL 4 Joint Venture, Santos, sought an\nextension to the term of the licence. The extension is for five years and is\nbackdated to August 2005.\n\n\nThe Stanley-1 well was drilled in 1999 to a total depth of 3219m. Thirty\nfive meters of excellent quality Toro reservoir was intersected at 3125m with\n13.5m of gross gas pay interpreted from wireline logs.\n\n\nAppraisal of the Stanley discovery will begin later this year with a 43km\ninfill 2D seismic programme. It will address the structural uncertainty of\nthe Stanley Field and determine the optimum location for an updip Stanley-2\nappraisal / development well.\n\n\nAt the same time, negotiations will continue with a potential buyer of\nStanley gas. The gas is proposed for use in electricity generation for the OK\nTedi mine ("the Stanley Gas Project").\n\n\nThe Stanley Gas Project is an exciting project for Austral Pacific\nEnergy, Jewell said.\n\n\n"Bringing gas to market in Papua New Guinea is a significant challenge,\nbut with a ready buyer for Stanley gas we have a unique opportunity to begin\nrealising the potential of our extensive licence interests there."\n\n\nAustral Pacific En...