NEW Guinea Energy has finished an internal review of leads in the company’s PPL 267 and has found a potential for more than 50 million barrels of petroleum in place.

NGE's licence map.

The find has the advantage of being accessible by barge on the southern coastline of Papua New Guinea.

Images show six seismic lines suggesting a closure of more than 11sq.km at the Alene and Toro horizons.

The potential reservoir intervals were assessed to have more than 65m of reservoir-quality sands that averaged more than 22% porosity in the nearby Panakawa-1 well.

The company said another two seismic lines were required for the up-dip closure to the northwest and would be started as soon as possible.

Weather constraints in the region mean the best time to conduct the program is during the dry season, in the third quarter of 2013.

New Guinea Energy will attempt a smoothing process by engaging with the local community, appointing a seismic contractor and preparing a camp.

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