Detailed Overview of PPL 579
PPL579 is the merged areas of APPL579 and PPL326. The later was held by Larus for 6 years during which time petroleum prospectivity was developed and confirmed. Larus Energy has undertaken sufficient exploration to re-write the geological history of the region. The basis for the revised upwards petroleum potential is based on regional and prospect orientated seismic data acquisition ( Larus’ 2011 Baramatta Survey, 2012 Abau Survey, 2015 Paluma Survey) together with the compilation of third party seismic acquired in the region. Other geological and geophysical data sets complement and supplement the seismic data; gravity, magnetics and surface geology.
What Larus has now established is a new large basin, the Torres Basin, which is 250 km long and 150 km wide and up to 10 km thick. PPL579 (9248 sq. km) is over the most significant part of the Torres Basin. Seismic stratigraphy and depth conversion in conjunction with gravity modeling indicate it is highly likely that the deeper section is Mesozoic in age (250-60 Myr) and the upper is Cenozoic (younger than 60 Myr). This means that the older rocks are the same age as the nearby oil/gas Papuan Basin ( PNG Highlands province) and the younger are the same age as the nearby oil/gas Eastern Papuan Basin ( Elk/Antelope fields). That is to say the Torres Basin has strong analogues with the nearest basins which are oil and gas producing.
Larus Energy has identified eleven potential play types and onto ten promising Mesozoic and thirty five Tertiary leads/prospects have been mapped with clastic and carbonate targets. Coupled with the strong linear structural grain of the region and the fact that PPL 579 is a large permit, means there is a chance of multiple successes across the play types and/or multiple successes of any one play type. The key elements for petroleum prospectivity identified to be present from the data were; trap, reservoir and seal with modelled hydrocarbon migration also being a positive. All of this work has been verified in the most recent Independent Geological Report by RPS. Importantly this report calculated risk at a level of 1:10, the missing element for further reducing risk was evidence of a working petroleum system. In late 2016 Larus began sampling an oil seep just to the north of PPL579. Geochemical analysis has proved this site to be a live oil seep. Consequently the remaining factors for petroleum prospectivity are now present; source rocks and an oil/gas generation zone.