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PPL 259

PPL 259 is located in the Fly Platform of the Papuan Foreland Basin and the Papuan Fold Belt of Papua New Guinea.  PPL 259 covers an area of approximately 0.7 million acres. The area is sparsely populated and access is limited.  There is an airport and port facilities in Kiunga and a good road that passes north through PPL 259.

Existing seismic coverage over the license area is extensive, has been fully reprocessed and interpreted, and has led to the identification of several quality prospects.

Eaglewood has a 65% participating interest in this license, with the joint venture partners holding the other 35% participating interest.  In Q2:2012, Eaglewood completed a seismic program over two large leads in the western part of PPL 259 to mature its leads into one or two drilling locations.  A follow up program was completed in Q1:2013, with a view to building a location and drilling a well in 2013.