PPL 244 – Papuan Basin, Papua New Guinea

Drillsearch 5%

PPL 244 was granted on 25 February 2005 for an initial term of six years, expiring on 24 February 2011. Drillsearch has a 5% working interest in offshore block PPL 244, located in the offshore Papuan Basin, Papua New Guinea. This block is operated by Talisman Energy Inc. and is currently in year 3 of its exploration program. The Block contains the highly prospective major gas/condensate Flinders Prospect, with potential recoverable gas resources of around 1.6 TCF and 140 mmbbls condensate. The Joint Venture is currently working on de-risking this prospect prior to making a drilling decision.