Rawson Resources Awarded Papua New Guinea Petroleum Prospecting Licence 549
Rawson Resources Limited (ASX:RAW) announced the successful award of Papua New Guinea Petroleum Prospecting Licence (PPL) 549, subject to the Company’s acceptance and the normal regulatory requirements.
This is the first important step in the exciting exploration strategy the Company plans to implement in Papua New Guinea. Rawson Resources holds 100% interest in PPL 549 and the licence has been awarded on a six year term, with a further 6 year renewal period. The first well commitment in the licence is due in the fourth year (2020).
PPL 549 covers an area of 4,947 km² in the North New Guinea Aitape Basin.
The Company is extremely encouraged by the numerous oil and gas seeps in the area, demonstrating the presence of an effective petroleum source. The Company believes both structural and stratigraphic play potential exists in the licence area. The first phase of the work program will focus on validating previously identified reefal anomalies and the potential of clastic reservoirs in the licence.
Source: Rawson Resources Limited
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