Industry briefs

OIL Search clocks up some “good indications” of hydrocarbons at its offshore Hagana-1 well; Explorer Gold Anomaly becomes Crater Gold Mining; and InterOil lines up financing for its oil refinery and receives pressure from Gulf province leaders.
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In its drilling report yesterday, Oil Search said two sand packages with good indications of hydrocarbons were penetrated during the week.

The well in the Gulf of Papua, which is pursuing its secondary sandstone target, was at a depth of 3283m yesterday.

The Papua New Guinea explorer, which became Gold Anomaly after Australia-listed Gold Aura merged with Crater Mountain project owner Anomaly Resources, has changed its name to Crater Gold Mining.

The ASX code will change to "CGN" on July 23 - with "CGM" already used by Cougar Metals.

Earlier this week, InterOil entered into a $US350 million working capital facility for its oil refinery near Port Moresby.

Five banks have provided the pooled finance with BNP Paribas as the lead manager.

The new capital facility replaces the existing $240 million with BNP.

Meanwhile, three Gulf province parliamentarians have recently made a joint statement criticising the lack of progress on InterOil's discoveries in the region.

The men, Gulf governor Havila Kavo, Labour and Industrial Minister Mark Maipakai and Kerema member Richard Mendani, all support a "no pipeline" policy for the discovered gas, which they want processed in Gulf province.

ExxonMobil remains in exclusive negotiations over acquiring at least a 4.6 trillion cubic feet of natural gas slice of InterOil's Elk-Antelope discoveries to underpin a third train expansion of the PNG LNG.

While this approach involves piping a large portion of the Elk-Antelope gas out of the province to PNG LNG infrastructure, it is unclear how much influence the Gulf parliamentarians will have over such a project of national significance.


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