PPL 319, which is 100%-held by LNG Energy, lies between InterOil's PPL 237 and the permits which make up the PNG LNG development.
The seismic line will be carried out over an anomaly straddling PPL 319 and PPL 237 that was identified by high-resolution airborne magnetic and gravity surveys. This anomaly is similar to that defining the Elk-Antelope structure.
InterOil and LNG Energy have also agreed on an area of mutual interest totalling 540km which runs north-south for 27km and extends 10km to the east and west of the boundary between their respective permits.
"We are excited by the apparent size and reef prospectivity of this anomaly, as preliminarily confirmed by the interpretation of our ongoing HRAM and gravity program and the pioneering exploration work previously performed by InterOil," LNG Energy president Dave Afseth said.
"The opportunity to work with InterOil and build off their proprietary depth of knowledge in maturing a HRAM and gravity defined reef prospect that straddles our PPL boundaries with 2D seismic is a very positive development for LNG."
