Extensive coverage in a new energy frontier
PEAK holds extensive exploration rights in the New Ireland Basin. These include two granted Petroleum Prospecting Licences – PPLs 352 and 625 (covering the Exotica North Gas Prospect); and four licence applications – APPLs 519, 651, 652 and 653 – all of which straddle the east coast of the island of New Ireland and extend offshore to Lihir Island. The licences and applications cover an area of 60,000 square kilometres (14.9 million acres), which is roughly comparable with the size of the country of Ireland or the US State of West Virginia.
Transport and infrastructure facilities on New Ireland are well placed to support petroleum exploration and production projects. They include a sea port, a coastal bitumen highway and two major airports with international and domestic connections. The PNG capital Port Moresby is serviced by international carriers Air Niugini, Qantas, Philippine Airlines and Virgin Airlines, with direct flights to Australia, Manila, Hong Kong, Singapore, and Tokyo.
The equatorial location of the New Ireland project produces benign metocean conditions and a cyclone-free production environment.
