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Overview

Petroleum Prospecting Licence 579 (PPL579) & Petroleum Prospecting Licence 695 (PPL695)


PPL579 lies approximately 120 km to the southeast of Port Moresby. No hydrocarbon exploration wells have been drilled in PPL579 and until the 1865 km2 Nanamarope 3D seismic survey acquired by Larus Energy and Searcher in 2023, previous exploration had been limited to onshore surface geological mapping and reconnaissance, regional and prospect 2D seismic survey data acquisition.

The geological basin underneath PPL579 is a rifted Mesozoic basin analogues to the Papuan Basin and other Australian continental margin basins such as the Bonaparte, Browse and Carnarvon. However, the prospective reservoir systems are younger than most Australian continental margin equivalents with prospective Tertiary carbonates analogous to the giant Elk-Antelope Field (onshore PNG) and Miocene to Pliocene clastics that make up the main prospective reservoir geology in Indonesian and other Southeast Asian Basins to the north. The oil from seeps to the north of PPL579 has similar geochemical signatures of hydrocarbons from the Elk-Antelope field and is believed to be Late Cretaceous to Early Tertiary in age.

PPL579 contains a variety of play types including:

  • Toe-thrust anticlines containing Miocene to Pliocene clastic reservoirs
  • Fault traps with Miocene to Pliocene sands juxtaposed against deep water shales
  • Carbonate build-ups of Palaeogene age on fault controlled basement highs

In addition, PPL695 has recognised plays including:

  • Pinch-out plays against basement highs
  • Carbonate build-ups of Palaeogene age on fault-controlled basement highs

As of March 2025, PPL579 consists of 55 sub-blocks and covers an area of approximately 4,622 km2. The license has been extended by the Minister for a further 5 year term, expiring March 2030. There is an opportunity for an interested party to join Larus Energy through farmin to license PPL579 and a data room has been open since November 2024. Interested parties will need to be able to close a farmin arrangement during April 2025. This farmin provides:

  • An opportunity to earn a significant equity stake with large oil and gas prospective resources in a high-impact frontier license
  • The main prospective area is covered with high quality 3D seismic data with multiple reservoir targets, direct hydrocarbon indicators and clearly mapped anticlinal closures.
  • The region is only 150 km from established PNG-LNG facilities at Port Moresby and high quality port infrastructure at Port Moresby Harbour.

TotalEnergies holds the adjacent licences, PPL576 and PPL589 and is planning on drilling the Mailu-1 well in late 2025. There is an opportunity to share the rig and services to minimise exploration costs.