PPL 258 is located in the northwest of Papua New Guinea. It covers an area of approximately 1.1 million acres in the North New Guinea Basin of the Sepik region of Papua New Guinea. The first major exploration program within PPL 258 was conducted by Shell between 1984 and 1986 when airborne gravity and magnetic data were surveyed and extensive field studies were carried out, followed by seismic surveys in the most promising areas. In 2007, the seismic data was reprocessed resulting in a significant improvement in quality. This allowed the identification of previously unrecognized petroleum plays and a significant number of prospects. In early 2009, Eaglewood completed a gravity and magnetic acquisitions program to acquire modern data over the Yawa Trough to further investigate the presence of direct hydrocarbon indicators. In late 2009, soil sampling was conducted for Ultra-Violet fluorescence analysis that confirmed a hydrocarbon "kitchen" under Eaglewood's "Prospect A".
In August 2012, the Company was granted a five year extension to this license. A well is required to be drilled in the third or fourth year of the extension period, with a second well required in year five. Eaglewood has a 100% participating interest in this license.