Gas Prospects Found In Oro Province

By Simon Eroro  - Post Courier

Multi-Trillion Cubic Feet (TFC) prospect sizes discovered in the Oro Province will support a major stand-alone Liquefied Natural Gas project in the country.

Eaglewood Energy, an international oil and gas exploration company has now contracted Bergen Oilfield Services APS Pty Ltd, a Singaporean company, to conduct an offshore seismic acquisition program in Oro Province.

Chief executive officer Brad Hurtubise said PPL 257 had the highest potential of undiscovered resources on any of its four licences and Eaglewood was anxious in getting some modern seismic shots over the prospects to attract a partner to drill an exploration well.
The Eaglewood company has been awarded four exploration licenses by the national government. 

While announcing its decision the company also revealed that the province could be holding one of the highest gas deposits in the country and could see a direct route to the best LNG market in the world. The new seismic validates identified prospects from old seismic data acquired by operators in the 1970s and 1980s and established the presence of a number of significant structures in PPL 257 Cape Vogel Basin with multi-TCF gas potential in the province.
In a statement posted on the company’s website, the data also showed seismic anomalies that had been previously interpreted as direct hydrocarbon indicators (“DHIs”) located on the crest of structures. 

It stated the Eaglewood seismic program had two objectives; the first is to provide a seismic tie with the nearest offset well, Goodenough-1, which is east of PPL 257 and the second is to acquire modern data over the Buna and Kumusi structures to further investigate the presence of the reported DHIs. 

Meanwhile, the company said costs related to development of the oil and gas properties would remain consistent with historical experiences, anticipated results of exploration activities and the ability to obtain additional financing.