Talisman Hits Gas in PNG

Canadian partners Talisman Energy and Eaglewood Energy have hit encouraging gas shows with the Ubuntu-1 exploration well in Papua New Guinea's Foreland region and are nearing total depth.

The first two of the three primary targets, the Elevala sandstone and the Toro sandstone, are present in the Ubuntu-1 well as per prognosis, said Eaglewood.

Gas shows have been observed, and a full assessment will be done once the well has drilled through the remaining target reservoirs to the top of the basement near total depth of 3600 metres.

The Ubuntu-1 well is located in Block PPL 259. Eaglewood is the operator with a 40% interest; Talisman holds 50% and Mega Fortune International has 10%.

Eaglewood indicated previously that Ubuntu was a 280 billion cubic foot target of condensate-rich gas. Its preliminary monetisation plans for PPL 259 center on condensate stripping.