By FRANK ASAELI
NEW Guinea Energy Ltd (NGE) has invested over US$20 million (K58.9 million) in licence acquisitions and pre-drill exploration works and working capital during the past two and half years.
NGE’s exploration and development strategy for the future was to minimise total drilling costs with a drilling programme in locations supported by road and river access.
NGE exploration manager Francis Waina said last week NGE would test multiple independent hydrocarbon play concepts and also test the oil seep discovered in PPL 267 at Panakawa where geochemists analysis had been confirmed as sweet crude.
Mr Waina was speaking at the PNG petroleum seminar at the Crowne Plaza hotel.
NGE was drilling the prospects which were likely to be rich in liquids and with a big chance of success.
The company would apply advanced petroleum exploration technologies that had been successfully tested elsewhere in the world but have not yet been applied in Papua New Guinea.
Likewise, NGE plans to develop oil and gas resources for the benefit of its shareholders.
Airborne gravity and magnetic surveys had been done over licences 267, 268 and 269.
The company also did Yalis and Tarim seismic surveys, field mapping and data acquisition, reprocessing, office studies and independent reviews.
Through this exploration programme NGE had developed a prospect and lead inventory which currently contains several ready-to-drill prospects and significant number of leads in its licences.