UMC Energy Reports Completion of 98.8 Pct of 2D Survey Off PNG

UMC Energy updates shareholders on the progress of the 3,000 line kilometre 2D seismic acquisition programme over the offshore Petroleum Prospecting Licences (PPL), PPL374 and PPL375, held 100% by Gini Energy Ltd (“Gini”). UMC Energy holds a 30% interest in Gini, with CNOOC Ltd holding a 70% interest.

CNOOC is the Operator of these permits and is funding the entire cost of this survey.

BGP PNG Exploration’s 2D seismic acquisition vessel, the Dong Fang Kan Tan No. 1, to midnight on the 2nd of January, 2014, has recorded 2964.6 line km of 2D data, which represents completion of approximately 98.8% of the planned 2D survey.

Chris Hart, Technical Director of UMC Energy, stated “The 2D acquisition project continues to run to schedule and is expected to be completed over the weekend. No safety or environmental incidents have been reported. “

Press Release, January 03, 2014; Image: BGP