OIL

Oil Search moves ahead in PNG and Yemen

OIL Search reports that its the SE Mananda oil field in Papua New Guinea is on track for first oi...

With the company reaching agreement with the PNG government on a fiscal framework, the joint venture has now sanctioned the development of this field, located in the Petroleum Development Licence 2 (PDL2) area.

Sub-surface development and drilling plans are well advanced for the spud of the first of three new wells in the second quarter of 2005, according to Oil Search.

Long lead procurement is complete and the major construction contracts have been awarded.

ExxonMobil has elected not to participate in its development.

Meanwhile Oil Search's Nabrajah-5 in Yemen is almost fully rigged up and expected to spud within the next week.

Nabrajah-5 is a deviated well with a top Qishn S2 target location about 1,100 metres south of Nabrajah-4.

The participants in the Nabrajah-4 well are DNO ASA 56.67% (operator), Oil Search (Yemen) Limited 28.33% and the Yemen Company 15% (carried).

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