Plans for drilling new well

OIL Search Ltd plans to spud an exploration well, Gobe Footwall, in the fourth quarter of 2019, following encouraging results from the seismic survey acquired in 2018, outgoing managing director Peter Botten says.
“The well, which will be drilled from an existing wellpad in the Gobe main field, is targeting a large feature which, if successful, could be cost-effectively tied into the existing Gobe production facilities, extending the life of the mature Gobe fields and consequently deferring field abandonment,” he said.
Botten said well results would be expected in the first quarter of 2020.
He said this following Oil Search’s 2019 third quarter results released on Tuesday.
“Subject to joint venture approvals, Gobe Footwall is expected to be followed by the GM K gas development well, which will be drilled from the same wellpad or, in the event that Gobe Footwall is unsuccessful, as a sidetrack from the Gobe Footwall wellbore, reducing wellpad preparation and rig mobilisation costs.”
Meanwhile, Botten said he was committed to ensuring a smooth transition for incoming managing director Dr Keiran Wulff.
“I am committed to ensuring a smooth transition from myself to Keiran and assisting the company and our joint venture partners as we move towards an FID on the LNG developments in PNG, as well as on any other matters as required,” he said.
“Having known Keiran for more than 30 years, I am extremely confident in his abilities to deliver our exciting growth projects and lead the company into the future.
“It has been an honour to be Oil Search’s managing director for the past 25 years and guide the company on its journey from a small explorer to one of the largest oil and gas producers on the Australia stock exchange.
“I’m particularly proud of the company’s contribution towards significant social and economic development of Papua New Guinea and look forward to continuing my association with Oil Search and PNG as chairman of the Oil Search Foundation, chairman of the Hela provincial health authority and as a member of the Australia-PNG Business Council executive committee,” he said.