In its annual report, released this week, the company said that the potential gas field size was world class and would be a game changer to any company.
"We are currently undergoing reprocessing of the seismic data to help define the AVO [amplitude versus offset] response and mitigate the risks in the licence. Our North Coast licences represent part of what we believe to be the next petroleum frontier in PNG and we expect them to provide significant material value to the company," Rawson said.
Rawson Oil and Gas (60%) is the operator in partnership on PPL 560 with PNG Investors 33% and Moira Ltd 7%, a licence which was awarded in November 2016 for a six-year term, with a further six-year renewal period.
"Initial results examining the evidence of a direct hydrocarbon indicator over the large Buna structure on existing seismic data are encouraging, with expected amplitude with offset effects visible and consistent with an AVO anomaly indicative of gas.
"Based on these results the company has begun reprocessing about 400km of long‐offset 2D seismic data to confirm the extent of the AVO anomaly over the large Buna and other structures mapped in the licence.
"Potential mean undiscovered resources in the licence have previously been assessed at 6.5Tcf, however once the seismic reprocessing and interpretation has been completed Rawson will be in a better position to complete its own resource assessment. The licence is located in shallow water and close to Asian LNG markets," Rawson said.