PNG

PNG explorer to survey oil seep trend

NEW Guinea Energy's exploration team is in its final stage of planning the next seismic program f...

NGE said the seismic work will assess the 100km trend of oil seeps potentially sourced out of the southeastern Wudaba Trough, including the Panakawa seep that currently flows five barrels a day to the surface.

The ASX and Port Moresby-listed company said this has been assayed as 35° API "black oil".

NGE said this seep indicated a possible new source and play type in the basin which is potentially different from other oil discoveries in PNG.

Results are expected in the fourth quarter of this year prior to NGE's planned drilling program.

Meanwhile, NGE is seeking joint venture partners to farm-in to its next stage of exploration and development. The company said it expected the process to be complete within three months.

NGE has a total of six PPLs in PNG.

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