The National, Monday 19th December 2011
By YEHIURA HRIEHWAZI
THE long-awaited Kina Petroleum share float on the Australian Stock Exchange is expected to be opened today.
The National was unable to confirm if it would be floated simultaneously on the Port Moresby Stock Exchange as previously expressed by the company.
The debut listing will start at A$0.20 per share and is expected to raise A$12.5 million to help with its share of costs in the lucrative hydrocarbon exploration work in the Gulf and Western provinces.
Once listed (ASX code: KPL), Kina Petroleum is expected to have 75.78 million fully subscribed shares.
PNG Industry News website reported that KP managing director Richard Schroder has three decades of oil and gas experience.
Schroder has been involved in the drilling of 11 wells in PNG and Indonesia’s next-door province of Papua, with one resulting in a commercial oil field while three others had notable hydrocarbon intersections.
KP’s total project acreage covers 21,627sqkm, including a 15% stake in petroleum retention licence 21 in Western province which contained two wet gas discoveries.
The underway Elevala-2 well and looming Ketu-2 well are situated in this PRL which is also owned by Horizon (45%) and Talisman (40%).
KP also owns three petroleum prospecting licences in the southern Papuan Basin (PPLs 337,338, 340).
In its prospectus, KP said these licences surrounded InterOil’s giant Elk-Antelope gas and condensate discovery.
KP’s other exploration licence, PPL337, is in the frontier North New Guinea Basin and covers land that has a surface anticline with “numerous gas seeps”.