Raintree-1 is designed to test a carbonate reef analogous to, but younger than, the reservoir in the Elk-Antelope gas field, and will be drilled to a target depth between 800-1,000 m.
The well will be drilled by Energy Drilling Australia using the Schramm 200 rig.
Raintree-1 is operated by Heritage Oil under a farm-out agreement between Heritage and Kina, whereby Heritage will carry Kina through the drilling and, if appropriate, testing of the Raintree-1 and Kwila-1 wells.
“The drilling program that is now underway is the culmination of significant operational and technical work undertaken prior to and since the completion of Heritage’s farm-in in late-2013,” Kina Petroleum Managing Director Richard Schroder said.
“It has been more than 20 years since there was material exploration activity in northern PNG, and a success at either Raintree or Kwila has enormous positive implications for energy supply to Madang and regional mines, with the wells being ideally located to capitalise on these local markets.”
Kina will retain a 30 per cent participating interest in the licence upon completion of drilling, and in the event of a discovery will benefit from a carry through seismic program to appraise the field or fields.