Oil Search has expanded its exploration portfolio in the onshore Gulf Basin, PNG. In July 2018, Oil Search executed a farm-in to PPLs 474, 475 and 476 and PRL 39, located adjacent to the Elk-Antelope fields in PRL 15 in the Eastern Foldbelt, onshore Papuan Gulf Basin. Oil Search has acquired a 25% interest in each of the licences from ExxonMobil, similar to its equity interest in PRL 15.
The farm-in to these licences materially enhances Oil Search’s exploration portfolio and is a step towards achieving greater equity alignment in this highly prospective area. Oil Search is currently acquiring seismic over these licences, as well as over PRL 15, on behalf of ExxonMobil and Total, with the programme expected to be completed in the third quarter. The data acquired will help the joint ventures to better define a number of attractive leads and prospects which are located in close proximity to planned Papua LNG infrastructure.
