Wednesday, July 22 2015
Twinza Oil Ltd is pleased to announce as the Operator, and on behalf of the joint venture with Eda Oil Limited (a wholly owned subsidiary of Petromin Holdings), submitted an application for a Petroleum Development Licence (PDL) to the Department of Petroleum and Energy on the 30th June 2015. The application covers the development of Pasca A, a rich-gas condensate field located approximately 95 km offshore from the Gulf Provincial coastline (the Gulf Natural Gas Liquids Project).
The application is the culmination of four years of technical assessment involving 3D marine seismic, extensive site specific surveys and comprehensive technical, engineering and commercial evaluation.
Gaffney-Cline & Associates has completed an independent resource estimate of the Pasca A field on behalf of the joint-venture with a best technical estimate of 84 mmboe of recoverable resources. A significantly higher upside case will be assessed by further drilling activities.
Site-specific environmental studies, metocean data acquisition and social mapping studies are underway which will allow Development drilling to commence following relevant regulatory approvals and the granting of a PDL.
The installation of the Pasca A production facilities would enable the development of a discovered resource which has lain dormant for over 45 years. The Gulf Natural Gas Liquids Project will provide the first offshore oil and gas development infrastructure in Papua New Guinea. This should be the catalyst for the further integrated development of similar offshore resources in the Gulf of Papua.
The Gulf Natural Gas Liquids Project will be wholly developed within the Gulf Province provincial boundaries. The Pasca A development will produce gas and natural gas-liquids and the joint venture is actively exploring marketing and distribution opportunities within PNG and the Pacific region.