ppl259

Still no PDL for Stanley or the unitization of PRL 4

But our neighbours in PPL259 with whom with need to unitize approx 10% of Stanley are having us farm in further.

"Horizon currently has a 25 percent participating interest in PPL 259 which, after completion of the farmout, will be increased to 45 percent. Further, upon completion of Horizon's sale to Osaka Gas of 40 percent of its PNG interests (announced in May 2013) its participating interest in PPL 259 will be reduced to 35 percent. Accordingly, on completion of the farmout announced today and the Osaka Gas deal, the equity interests in PPL 259 will be Eaglewood 45 percent (operator), Horizon 35 percent, Osaka Gas 10 percent and Mega Fortune International 10 percent. Horizon is also the operator of Petroleum Retention License (PRL) 4 which contains the Stanley discovery adjacent to PPL 259 and PRL 21 (which contains the Elevala, Ketu and Tingu discoveries) adjacent to the Ubuntu-1 gas condensate discovery in PRL-28, in which Eaglewood has a 40 percent participating interest and is operator. "

"To earn the additional 20 percent participating interest in PPL 259, Horizon will be required to pay to Eaglewood approximately $3.75 million for Eaglewood's sunk costs, and in addition to Horizon funding its 35 percent participating interest, it will be required to pay $5 million of Eaglewood's expenses for the next PPL 259 well."


http://www.rigzone.com/news/oil_gas/a/130462/Ketu_Petroleum_to_Acquire_20_Stake_in_PPL_259_in_PNG_from_Eaglewood_Energy?utm_source=DailyNewsletter&utm_medium=email&utm_term=2013-12-05&utm_content=&utm_campaign=Exploration_2