By Andrew Hobbs
KINA Petroleum anticipates starting a new seismic program over PPLs 435 and 436 in Papua New Guinea’s Western Province in 2017, due to weather conditions.
In its quarterly report, Kina said it was reprocessing vintage seismic data over the blocks following the withdrawal of Cott Oil and Gas from the permit, a decision which gave Kina a 100 per cent stake in the blocks.
Speaking with PNG Resources, Kina Petroleum managing director Richard Schroder said that once this seismic data was reprocessed, the company would take a couple of months to interpret the data before looking at the need for an additional seismic program.
“I don’t see that seismic program happening most probably until 2017 because of the weather windows,” he said.
“We can’t get back into that Western Province area most probably until the dry season of 2017, then we shoot the seismic program in final of locations and hopefully look at a couple of wells out there in late 2017, early 2018.”
In the meantime, Kina would be looking for a farm-in partner that could help it test some of the company’s different play types.
“What we want to say is that we know how to do the work, we know how to cut the costs, we know how to get best bang for the dollar, you come in and help pay for the work and we will give up some equity – we are not looking for cash bonuses or anything like that,” he said.
“We know we probably won’t get the terms that people were getting two years ago, but as long as we can be reasonable … there won’t be a lot of cash thrown around or anything like that.”