PPL 430

PPL 430 is located immediately south of PPL 259 in the Western Province of Papua New Guinea, and is 30 km south of gas and condensate discoveries Ubuntu in PRL 28, and Elevala and Ketu in PRL 21.  It comprises eight graticular blocks and covers a total area of 649 square km.  Eaglewood and Ketu Petroleum Limited have been awarded an equal 50/50 interest in PPL 430, with Ketu nominated as the Operator.

The term of PPL 430 is six years, effective from the date of the grant.  The work commitments associated with the grant in the first two years are to conduct technical studies on the license and acquire approximately 20km of seismic.  In years three and four, contingent on the results of those studies, the Joint Venture will drill an exploration well; and in years five and six, contingent on a discovery, drill a further well.