Kina Petroleum said concept development studies will begin in the second half of this year on the Elevala and Ketu wet gas fields in Papua New Guinea.
The Australian company owns a 15 percent non-operating stake in Block PRL21 which hosts the Elevala and Ketu fields.
Kina said the outcome of the recent Ketu-2 and Elevala 2 wells was that the mean contingent recoverable condensate resource for Block PRL21 is now in excess of 50 million barrels of condensate, and this made the resource “a very likely development candidate”.
The operator Horizon Oil plans to start concept studies in the second half, added Kina, and is likely to drill the Tingu-1 well in the first half of 2013.
“The Ketu 2 well has produced excellent results and, in conjunction with previously announced results from the Elevala/Tingu complex, have significantly raised expectation for development of a liquids project in PRL 21,” said Kina.