Rawson Oil and Gas has a 60% interest in PPL 549, Aitape Basin, Papua New Guinea.
The licence has been newly awarded on a six year term, with a further 6 year renewal period
The first phase of the exploration work program will focus on validating the subsurface configuration of the carbonate platform and previously idenitifed reef locations as well as determining the potential of clastic reservoirs and anticline structures in the licence area
The first well commitment in the licence is due in the fourth year (2020).
PPL 549 covers 4984 km2 and hosts a number of mapped oil seep sites, demonstrating the presence of an effective petroleum source
Previous exploration efforts have mapped reefal anomalies from seismic data and in our view, they are very attractive exploration targets.
These reefs appear analogous to the major reefal carbonate reservoirs of the large producing fields of the Salawati Basin and have yet to be drilled