Transform Exploration

The company has a small portfolio comprising of one PSC and one JSA with a total area of 17,543 km2 in a proven oil and gas-condensate basin.

Both blocks lie on the western flank of the proven Papuan Basin which has total discovered resources of some 800 million bbls oil and NGL’s and 28 Tcf of gas. The foreland part of this basin, adjacent to the TEX blocks, has discovered resources of 1.2 Tcf gas and 60 mmbbl condensate on the PNG side of the border with a further 50+mmbbl oil (Kau oil discovery) on the Indonesian side. Most offset analogue discoveries (Stanley, Ketu/Elevala/Tingu/Ubuntu) contain high CGR gas (20-60bbls/mmscf), although there is strong evidence of an oil charge in the basin, especially on the Indonesian side of the border, as evidenced by the Kau oil discovery (47oAPI) and the Bukit (35oAPI), Boha and Sesknut oil seeps.. read more…

The SE Papua PSC contains the large “Raksasa” lead identified by its gravity signature and a 1970’s river seismic line which crosses its northern margin. This lead requires 2D seismic to de-risk and mature. The company is currently evaluating the most cost-efficient way to acquire an initial reconnaissance survey along the roads and tracks and is considering all options including passive seismic (lowest cost option) or active seismic using either dynamite (5+m shallow hole patterns augered in via tractor), accelerated weight drop or vibroseis (2x mini vibes) as a source.All these methods should provide effective resolution given the shallow depth to the objective, which is generally less than 2,000m and only 1600m in the case of “Raksasa”.

This initial survey would be complemented by a detail dynamite survey using node receivers
The SE Papua PSC is subject to Indonesian frontier terms. The leads display robust economics for both small- scale LNG (1.5 or 2Mtpa) and oil under conservative project cost and reservoir performance assumptions. Liquids export would be via the Digul River, which is navigable by ocean-going vessels at least as far as Asike.

The East Papua JSA contains the smaller “SedikitRaksasa” lead, which is defined by two regional seismic lines. This lead also requires further 2D seismic to de-risk and mature. The most effective way to do this would be to combine seismic operations with those to be undertaken in the SE Papua PSC. Once again, TEX believes that the most cost-efficient way to proceed initially is to acquire a reconnaissance survey along the roads and tracks. This would be followed by a more detailed infill survey.

The East Papua JSA will be subject to the new gross split terms (MR52/2017). Contractor take should match or exceed take under the old cost recovery terms.