Rawson Oil and Gas has a 60% interest in PPL 391, Aitape Basin, Papua New Guinea.
Rawson have entered into a conditional SPA for Moira Limited, who have 100% interest in PPL 391
The PPL 391 licence area encompasses the Matapau oil seeps and shallow wells
The Matapau wells targeted and discovered oil in the shallow fractured basement
Rawson believe there is further potential in a carbonate reef play, extending from PPL 549 to the west, of which Rawson have 100%
The first phase of the exploration work program will focus on understanding the structural and geochemical aspects of the Matapau accumulation
Rawson are confident that one or more successful shallow "twin" wells could provide a relatively quick and cost-effective development option