RIFT OIL, Drilling for Oil in Papua New Guinea

I like it:-

"Prior to Christmas we expect the processing results of 54km of new seismic data.
This will be used to define appraisal well targets on the Douglas field and also
to more tightly define the Puk Puk target, which is a separate structure to
Douglas within PPL 235."

"The study, targeted at defining the commercialisation strategy for the gas
discovered by the Douglas 1 well on PPL235, is also being completed prior to
Christmas; we are working closely with consultants to ensure that this study is
thorough and conclusive. Once this is available we will review the future
involvement and strategy for the Coral Sea Rig which we own with Austral (65%/35%)"

Interstingly the cash at hand has changed little since Sept, still not a lot though at only just over £600k.

Nice to see we have gained the extra licence though and continue our close relationship with Austral:-

"Successful application notified by Government of Papua New Guinea for
PPL261, 50/50 venture with Austral Pacific"