Santos Farms Into PNG Licence

Australian explorer Santos has farmed into a petroleum prospecting licence in Papua New Guinea, it said November 17.

The Australian firm has bought a combined 20% stake in PPL 402 from Oil Search and ExxonMobil. With this move, Santos will be entitled to participate in the recently spudded Muruk 1 exploration well. The well is targeting the Toro Formation, which is gas bearing in the nearby Hides and Juha fields, and is expected to have a mean gas resource of some 2 trillion ft³.  PPL 402 covers an area of 510 km².

Post farm-in, the PPL 402 participants will be affiliates of Santos (20%), affiliates of ExxonMobil (42.5%) and Oil Search (37.5%, operator).

Shardul Sharma