Explore Papua New Guinea
Buna Prospect
Figure 10: PPL 560, Showing Buna Prospect
Figure 10b:Mapping of Buna Prospect (courtesy Total)
The Company has 100% ownership of three exploration tenements in Papua New Guinea, with Petroleum Prospecting Licence 560 (PPL560) being of key interest. PPL 560 contains the multi-trillion cubic feet Buna prospect.
During 2022/23 TotalEnergies EP PNG Limited (Total) carried out at its cost a technical work program involving analysis of outcrop rock and fluid samples from the Cape Ward Hunt and Cape Vogel Peninsula areas, and comprehensive geological and geophysical studies. This work was carried out pursuant to a Technical Cooperation Agreement (TCA) between Lakes and Total. Total confirmed the prognosed size of the Buna prospect but considers the prospect may be oil, rather than gas, prone. Extracts from Total’s findings are presented in Figure 11.
Under the terms of the TCA, Total had an option upon completion of the first stage of work (outline above) to carry out a 3D seismic acquisition program over the Buna Prospect. Total did not exercise this option.
The Company is investigating options for progressing exploration activity at Buna.
4-way dip closure clearly defined in shallow water context.
Figure 10a: Illustrative Buna Cross-Section (courtesy Total)