Papua New Guinea

Buna Prospect (PPL560) | 100% owned

Lakes Blue Energy holds 100% ownership of three petroleum exploration tenements in Papua New Guinea, with Petroleum Prospecting Licence 560 (PPL 560) being the principal focus. PPL 560 contains the Buna Prospect, a large structural target with 590MBOE resource potential.

In 2022–2023, a technical work program was undertaken by TotalEnergies EP PNG Limited (Total) at its own cost, under a Technical Cooperation Agreement (TCA) with Lakes. The work involved geochemical and geological analysis of outcrop rock and fluid samples from the Cape Ward Hunt and Cape Vogel Peninsula areas, along with comprehensive geological and geophysical studies.

Total’s evaluation confirmed the expected scale of the Buna Prospect. However, based on its analysis, the company concluded that the prospect may be oil-prone rather than gas-prone. Under the terms of the TCA, Total had the right to progress to a 3D seismic acquisition program over the prospect but elected not to exercise this option following completion of the initial phase.

Lakes is currently assessing options to progress exploration at Buna independently or with new partners. The Company retains full ownership of the licence and associated data, and continues to view Buna as a large, underexplored structural opportunity within a proven hydrocarbon basin.