KINA Petroleum will to postpone its annual general meeting until the second half of 2016, saying it will be better positioned to have the meeting at that time.
In an announcement to the Australian Securities Exchange in late May, Kina said it was prioritising licence activity at present.
“At this time, however, the review and extension process for several of the country’s licenses remains underway and the board is of the view that allowing this process to be completed prior to the AGM will facilitate more meaningful discussion among the board and shareholders regarding the company’s forward plans.”
As a result, the company is seeking PNG regulatory approval to hold the adjourned AGM in the second half of the year, planning to inform shareholders of this date once it has been determined.
Kina’s wholly owned petroleum prospecting licence (PPL) 338, a 315,900 hectare coastal permit in Papua New Guinea’s Gulf Province located near the Elk Antelope gas discoveries, gazetted its top file application over the licence as APPL 581 during the March quarter.
This application let Kina complete its assessment of existing seismic field data in the permit within the early stages of the new licence term – with the company aiming to identify analogues to the Antelope discovery within the licence.
“Seismic reprocessing of vintage data has vastly improved the resolution and integrity of our seismic data set,” the company said.
“A number of the prospects will require gravity gradiometry and infill seismic acquisition before drilling could be recommended.”
Reprocessing carried out so far revealed that the Waxbill prospect on the permit was an ideal charge location up dip from the zone at which Interoil recovered oil at the Puri 1 well.
“Unfortunately seismic data quality over Waxbill is poor and we have not had success in locating original field tapes, but further efforts are warranted because the data improvements to date have been significant,” the report said.
Five leads at PPL 435 and PPL 436, both in the Western Province, had been upgraded due to seismic reprocessing – with Kina saying studies showed the Lake Murray east prospect had been a focus for migration out of the Cecilia Trough from the late Cretaceous until the present day.
Studies of a composite seismic line demonstrated a significant reservoir package up to the Aiambak fault, part of the Fly River wrench system, which Kina said boded well for prospects developed between Aimbak and Elevala.