from above link: Oil and gas exploration company Rift Oil said it has continued to make progress since its last report back in September.
The group said it completed new work in PPL 235 by drilling the Douglas well in Papua New Guinea and acquiring seismic data, which it will analyse and use to define its way forward in that licence.
Prior to Christmas it expects the processing results of 54km of new seismic data, which will be used to define appraisal well targets on the Douglas field and more tightly define the Puk Puk target, a separate structure to Douglas within PPL 235.
“The awaited data will enable us to fully define and establish the way forward for PPL 235 whilst also review the future involvement and strategy for the Coral Sea Rig,” said chairman Ian Gowrie-Smith.
Pre-tax losses for the six months to September rise to £48,000 compared to £36,000 last time on nil turnover.
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