A world first discovery of global significance
PEAK has discovered a giant oil and gas bearing carbonate debris reservoir play in the New Ireland Basin of Papua New Guinea. Called the Exotica Formation, this is one of the most significant and exciting energy discoveries in recent times because:
- For the first time ever, we have scientific evidence to prove that this type of petroleum play exists in PNG.
- The size of the play is much larger than producing global analogues such as Poza Rica in Mexico and Ruby in Indonesia. For example, PEAK’s fragmented carbonate play extends across an area five times larger than the super-giant Poza Rica oilfield with a production history of 2.8 billion barrels.