Kina Petroleum Spuds Raintree-1 Well in PNG

Kina Petroleum (KPL) on Monday announced the spudding of Raintree-1 exploration well in PPL 337 in Papua New Guinea.

The well will be drilled to a target depth between 800-1000 metres, at which point logging operations will occur, the company said.

“The experience and knowledge gained during the program delivers expertise critical to KPL’s future program in the Papuan Basin where the company is maturing targets suitable for this rig and close to proven successes such as Elk/Antelope,” Kina Petroleum’s Managing Director, Richard Schroder, commented.

The well is operated by Heritage Oil under a farmout agreement between Heritage and KPL, whereby Heritage will carry KPL through the drilling and, if appropriate, testing of the Raintree-1 and Kwila-1 wells. KPL will retain a 30 percent participating interest in the licence upon completion of drilling, and in the event of a discovery will benefit from a carry through a seismic program to appraise the field or fields.

Raintree is designed to test a carbonate reef analogous to but younger than the reservoir in Elk/Antelope.