Talisman remains keen on PNG

TALISMAN Energy is on track to participate in seven exploration and appraisal wells in Papua New Guinea’s Foreland Basin this year as part of its strategy to prove up to 4 trillion cubic feet of gas in the region.
Talisman remains keen on PNG Talisman remains keen on PNG Talisman remains keen on PNG Talisman remains keen on PNG Talisman remains keen on PNG

The big Canadian oil producer finished the seismic work for its PNG drilling campaign by the end of June.

"The Stanley-2 and Stanley-4 appraisal wells and the Ubuntu-1 and Awapa-1 exploration wells have been drilled, and the Siphon-1 exploration well was spudded at the end of June," Talisman said in its recent quarterly report.

"The Awapa well was dry, however this was a commitment well which was not part of the gas aggregation strategy and we remain confident in our objective of successfully aggregating 2 to 4 trillion cubic feet."

Explorer New Guinea Energy has farmed in Talisman into its PPL 226 and 269 tenements, with Talisman operating the underway 50:50 owned Siphon-1 well in PPL 269 which was at a depth of 1170 metres on Monday.

Talisman is also working with Horizon Oil to develop opportunities to export condensate from the Stanley-2 and Stanley-4 wells in PRL 4 and to commercialise the Eval and Ketu discoveries in PRL21.

The Awapa-1 well in PNG's Western Province was operated by South African gas-to-liquids specialist Sasol (51%).

Talisman's dry hole costs reached $36 million in the June quarter, which includes the expenses borne by Awapa-1.

Disclaimer: Aspermont Publishing owns shares in New Guinea Energy.


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