Rawson Resources gets prospecting licence

RAWSON Resources has been awarded the PNG Petroleum Prospecting Licence 560, subject to the company’s acceptance and normal regulatory requirements.
Rawson Resources is an Australian-listed company focused on building an impact oil and gas portfolio in Papua New Guinea while continuing to commercialise its existing assets in the Cooper and Otway basins in Australia.
The company said the awarding of Petroleum Prospecting Licence (PPL) 560 represented a major milestone in the company’s exciting strategy of building a strong and diverse exploration portfolio in Papua New Guinea. Rawson Resources holds 60 per cent interest in PPL 560.
The licence covers 4680 km-sq and is for a six-year term, with a further six-year renewal period.
The first well commitment in the licence is due in 2020.
The management believes that PPL 560 ranks well against other frontier exploration projects with the large size of the potential resource and its proximity to Asian LNG (liquefied natural gas) markets.
Early seismic data in the area suggested the presence of a gas cap over the Buna structure.
Recent 2D seismic data appear to confirm anomalies consistent with a gas-bearing reservoir at Buna as well as firming up additional prospects.
PPL 560 is the third licence awarded to Rawson Resources in Papua New Guinea.
It already has PPL 549 and PPL 391.
According to Rawson Resources website,  Rawson currently hold licences in the Otway and Cooper basins in Australia.
The company is focused on building a high impact oil and gas portfolio in PNG while continuing to commercialise its existing assets.
in the Cooper and Otway basins in Australia.