EXHIBIT 99.1

Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

3D GEO

Hydrocarbon Prospectivity

of PPL249, Papua New Guinea

Summary Report on the Phase One Analysis

for Cheetah Oil and Gas (PNG) Ltd

3D-GEO, January 2005

3D-GEO, Jan 2005

Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

This document and the opinions expressed herein are based on information
provided to 3D-GEO by Cheetah Oil & Gas (PNG) Ltd., available published
information, discussion with Cheetah staff and 3D-GEO's first-hand knowledge and
experience of the project area. 3D-GEO has no reason to believe that any
information has been unreasonably withheld but this does not imply that a
comprehensive audit has been made of all technical, legal or economic records.

By receiving this report of 48 pages and accompanying figures Cheetah Oil & Gas
(PNG) Ltd agrees to indemnify, defend and hold harmless 3D-GEO to the extent
permitted by law, from and against the entirety of all actions, suits,
proceedings, hearings, investigations, charges, complaints, claims, demands,
injunctions, judgments, orders, decrees, rulings, damages, dues, penalties,
fines, costs amounts paid in settlement, liabilities (of any kind whatsoever,
whether due or to become due, including liability for taxes), obligations taxes
(of whatsoever, including any interest, penalty or addition thereof, whether
disputed or not), liens, losses, expenses damages and fees, including court
costs and reasonable attorneys' fees and expenses that 3D-GEO may suffer
resulting from, arising out of, relating to, in the nature of or caused by
Cheetah Oil & Gas (PNG) Ltd in conjunction with this temporary engagement,
excluding from such, indemnity damages caused by 3D-GEO's fraud, gross
negligence, misrepresentation, violation or alleged violation of law, or willful
misconduct. The termination of any action, suit or proceeding by settlement
shall not create a presumption that Consultant committed gross negligence,
fraud, willful misconduct or knowing violation of law or regulation.

Received on behalf of Cheetah Oil and Gas (PNG) Ltd

Jack Sari, General Manager and Chief Geologist Date:

3D-GEO, Jan 2005

Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

Hydrocarbon Prospectivity of PPL249

Summary Report on the Phase One Analysis by 3D-GEO, January 2005
For Cheetah Oil and Gas (PNG) Limited

SUMMARY

PPL249 in northwestern PNG is in the Aitape Basin which has no proven commercial
production. Light oil seeps outside the block south east of Aitape and
thermogenic gas seeps within the block indicate prospectivity for both oil and
gas. Three exploration wells drilled on a sparse seismic grid in the early
1980's proved the presence of Miocene Puwani limestones with reef debris and
talus in the subsurface but no in situ reef reservoirs have been positively
identified. Fractured carbonates present a second potential reservoir objective
within the block.

Seismic interpretation of 422 km 2D data, stratigraphic analysis and four
structural cross sections have provided mapping and documentation of thirteen
exploration leads and notional leads. The Pinyare and Barida Anticlines are
structural leads with potential for 746 million bbls mean unrisked light oil in
place and are located in jungle foothills in eastern PPL249. These leads have
subsurface control limited to 2D geological cross section models. Three notional
reef leads in eastern PPL249 each have potential for 94 mmb oil.

The Muru Anticline is a structural lead prospective for gas in western PPL249.
Its subsurface geometry is controlled by 2 seismic lines and surface outcrop
data projected into a single 2D cross sectional model. The Muru Anticline has
potential for 614 bcf mean unrisked gas-in-place. Five seismically defined
Miocene reef leads, and two small satellite structural leads adjacent to the
Muru Anticline (the Muru North and the Mili Anticlines), based on regional
geology data, present other gas plays in western PPL249. The reefs are generally
prospective for 32-175 bcf gas-in-place and the total mean unrisked gas-in-place
potential is determined to be 1.2 tcf..

It is recommended that field mapping and seismic acquisition be carried out to
confirm the lead interpretations, especially the structural geometries, and to
explore for porosity development and distribution in the sub-surface.

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Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

TABLE OF CONTENTS

1 INTRODUCTION.........................................................7
2 REQUIREMENTS (CONTRACT)..............................................8
3 DATA.................................................................9
4 METHODS.............................................................10
4.1 Seismic Interpretation........................................10
4.2 Sequence Stratigraphy.........................................10
4.3 Structural Evaluation.........................................11
4.4 Probabilistic Resource and Risk Assessment....................13
5 GEOLOGICAL BASIN MODELS.............................................14
5.1 Comparison with the Salawati Basin............................14
5.2 Comparison with the East Sengkang Basin.......................14
5.3 Comparison with the Los Angeles Basin.........................16
6 STRATIGRAPHIC MODEL.................................................16
6.1 Source Rock...................................................16
6.2 Seal..........................................................18
6.3 Reservoir.....................................................18
6.3.1 Carbonate Reservoirs....................................19
6.3.2 Fracture Reservoirs.....................................19
6.3.3 Clastic Reservoirs......................................20
7 SEISMIC INTERPRETATION..............................................21
7.1 Mapped Horizons...............................................21
7.1.1 Top Miocene Carbonate (Base Barida Beds)................21
7.1.2 Near Base Pleistocene Horizon...........................22
7.2 Analysis of the wells Pulan-1 Puwani-1 and Boap Creek-1.......23
7.2.1 Pulan-1.................................................23
7.2.2 Puwani-1................................................25
7.2.3 Boap Creek-1............................................26
7.3 Re-analysis of seismic reef anomalies on reprocessed data.....26
7.3.1 Reef Anomaly A..........................................27
7.3.2 Reef anomaly B..........................................27
7.3.3 Reef anomaly C..........................................28
7.3.4 Reef Anomaly D..........................................28
7.3.5 Punwep Reef Anomaly.....................................28
7.3.6 Mugi Creek Reef Lead....................................29
7.3.7 Pliocene Reef Anomaly...................................29
8 STRUCTURAL MODELS...................................................30
8.1 Muru Anticline Structural Section.............................30
8.2 Pinyare Anticline Structural Sections.........................31
8.3 Barida Anticline Structural Section...........................31
9 RECCOMMENDED LEADS..................................................32
9.1 Pulan Reef Lead...............................................33
9.2 Reef Lead A...................................................33
9.3 Reef Lead C...................................................34
9.4 Mugi Creek West Reef Lead.....................................35
9.5 Pliocene Reef Lead............................................36
9.6 Muru Anticline Lead...........................................37
9.7 Muru North and Mili Anticlines follow up leads................37
9.8 Pinyare Anticline Lead........................................38
9.9 Barida Anticline Lead.........................................38
9.10 Upper Fivuma geomorphic anomaly...............................39
9.11 Lower Fivuma geomorphic anomaly...............................39
9.12 Serra Hinge Play..............................................39

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10 PROBABILISTIC RESOURCE AND RISK ASSESSMENT.......................40
11 CONCLUSIONS AND RECOMMENDATIONS..................................43
11.1 Prospectivity.................................................43
11.2 Risk..........................................................43
11.3 Recommendations...............................................44
12 REFERENCES.......................................................45
13 3D-GEO NEW GUINEA BIBLIOGRAPHY...................................46

LIST of TABLES

Table 1: Aitape Basin Seismic Stratigraphy (modified after
McDonagh 1990)..................................................12

Table 2: Comparison between the Aitape Basin and the Salawati Basin......15

Table 3: Comparison between the Aitape Basin and the LA Basin............16

Table 4: Checklist for reef seismic identification and associated
difficulties....................................................24

Table 5: Summary of probabilistic resource assessments ..................42

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LIST of FIGURES
(Bound at back of report)

Figure 1 Seismic line HPN-109 illustrating seismic character of mapped
sequences
Figure 2 Detail of HPN-104 across Pulan structure
Figure 3 Top Pulan Reef Lead TWT structure map
Figure 4 Pulan Reef Lead TWT isochron map
Figure 5 Detail of OS-1 across Puwani structure
Figure 6 Detail of OS-3 across Boap Creek-1 anomaly
Figure 7 Detail of OS-1 illustrating late Pliocene channeling
Figure 8 Detail of OS-2 across Lead A
Figure 9 Lead A TWT isochron map
Figure 10 Top Lead A TWT structure map
Figure 11 Detail of OS-5 across seismic anomaly B
Figure 12 Detail of OS-4 and HPN-100 across Reef Lead C
Figure 13 Lead C TWT isochron map
Figure 14 Top Lead C TWT structure map
Figure 15 Detail of OS-3 across seismic anomaly D
Figure 16 Detail of HPN-109 across the Punwep Reef Anomaly
Figure 17 Composite details of HPN-109 and OS-9 across Mugi Creek Reef Anomaly
Figure 18 Mugi Creek West Lead TWT isochron map
Figure 19 Top Mugi Creek West Lead TWT structure map
Figure 20 Detail of HPN-1-1 across the Pliocene Reef Lead
Figure 21 Pliocene Reef Lead TWT isochron map
Figure 22 Top Pliocene Reef Lead TWT structure map
Figure 23 Geosec(TM) section across Muru Anticline
Figure 24 Pinyare Anticline Piore River Section
Figure 25 Pinyare Anticline Pinyare Creek Section
Figure 26 Geosec(TM) section across Barida Anticline

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Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

1 INTRODUCTION

An elegant summary of the geology of the Aitape Basin, including the PPL249
area, was presented by Kugler (1990) who assessed the hydrocarbon prospectivity
perceived at that time. PPL249 covers an area of ~6,075 km2 and the central
prospective portion extends over ~2,500 km2. Hutchison and Norvick (1980)
recorded the presence of numerous oil and gas seeps throughout the area, and
Hilyard et al (1994) recorded thermogenic gas seeps together with many biogenic
methane seeps and one oil seep approximately 30 km along strike to the east of
the licence, within PPL245. The basin contains a thick Miocene to Recent
sedimentary section overlying Oligocene and older `economic' basement. The main
inferred reservoir is Miocene, Pliocene and Quaternary reefs, similar to the
Miocene reef oilfields along strike in the Salawati Basin. The clastic section
is largely dominated by lithic and volcaniclastic detritus. The southern part of
the basin has been dissected by numerous vertical E-W trending strike-slip
faults, which have created structural traps with architecture similar to those
of the billion barrel oilfields in the Los Angeles Basin. Such structures may
have considerable potential for the development of fracture porosity. Three
wells have been drilled in the basin, pursuing reef and footwall high traps, but
no reefs and minimal carbonate porosity was encountered. Reprocessed seismic,
interpreted in this report, provides some insights to the well failure analysis
and an assessment of new leads.

PPL249 is a triangular-shaped licence at the northwestern limit of PNG adjacent
to the international border with West Papua, part of Indonesia. The licence is
divisible into three broad geological zones, running roughly east-west. Along
the coast in the north is the Vanimo High and Serra Hills, a basement high
overlain by a thin veneer of Miocene to Recent sediments, mainly carbonates.
Across a hinge-line to the south, basement plunges south beneath the Aitape
Basin, which, adjacent to the mountains, contains up to 5-6 km of Miocene to
Recent clastic and carbonate sediment. The southern portion of the basin
comprises the Bewani-Torricelli Mountains, which have 500-1500 metres of relief
and expose basement and highly faulted Miocene to Pleistocene sediments.

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Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

The linear, east-west trending Bewani-Torricelli Mountains are part of the
Sorong Fault zone, a wrench fault that is interpreted to separate accreted
volcanic terranes to the north from continental Australia/New Guinea to the
south. Thus the Aitape Basin is interpreted to lie entirely upon oceanic crust
and/or an island arc. The tectonic model presented by Hill & Hall (2003), Hall
(2002) and Crowhurst et al (2004) suggests that the Aitape Basin was part of an
arc along the southern margin of the Caroline Plate in the Eocene and Oligocene
and that the basin did not come into contact with the Australian continent until
the Middle Miocene. The arc was active in the Eocene-Oligocene giving rise to
coeval basic volcanics and intrusives interbedded with carbonates and local
volcanolithic conglomerates. Collectively this constitutes economic basement
(Enclosure 1). The termination of subduction by the Early Miocene led to initial
uplift then subsidence in the Aitape Basin, but the main transpressional event
was in the Pliocene and particularly Pleistocene, responsible for extrusion of
the Bewani-Torricelli Mountains.

2 REQUIREMENTS (CONTRACT)

3D-GEO was contracted by Cheetah Oil and Gas (PNG) Ltd in September 2004 to
carry out seismic-structural-stratigraphic analyses for three months on three
PNG licences, including PPL249. The charter for PPL249 was to:

1. Undertake workstation-based interpretation of the reprocessed
Ossima-Neumayer seismic data (422 km) to validate reefal leads mapped
by Kugler (1990).
2. Undertake stratigraphic and structural modeling using surface
geological and geophysical data, to validate structural leads;
3. Undertake prospect mapping and estimate volumes.

3D-GEO proposed that this be part of a comprehensive analysis, which would
include (as Phase 2):

o A review of all data and literature

o Entering all data in a digital format

o Petroleum Systems and Play Fairway Analysis

o Geochemical analysis

o Basin Modeling

o Acquisition of new field data

o Complete and upgrade the prospect inventory

o High grade the prospectivity applying segment analysis.

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Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

This report was prepared as part of the PPL249 year 1&2 licence commitment for
Cheetah Oil and Gas (PNG) Ltd, which is:

Year's 1 & 2 (22/1/04 - 21/1/06)

o Scan, reprocess & re-interpret previous seismic data
o Geological & Geophysical review
o High grade prospective areas
o Plan Year-3 program

3 DATA

PPL249 data were supplied by Cheetah Oil and Gas (PNG) Ltd in September and
October 2004. The data comprised:

1:250,000 GSPNG geological map by Norvick & Hutchison (1980)

1:100,000 Topographic Maps

Reprocessed digital Ossima-Neumayer Seismic 1983/84 digital data (422 line
km)

Pulan-1, Boap Creek-1 and Puwani-1 well completion and hard copy velocity
surveys.

Report on Miocene Reef Prospects in the Aitape Basin, PNG by Geoffrey P
McDonagh Pty Ltd 1990

In addition 3D-GEO supplied:

A two volume report by Hilyard et al (1994) on the extensive field mapping and
seep-testing in the Aitape Basin on behalf of LL&E.

Honours thesis by Andrew Bennett (1994) on the Bewani-Torricelli Mountains,
sponsored by LL&E.

Data that were not included, but which would be important for future work would
be the reports based on the 1993 LL&E fieldwork on carbonate reservoirs by
Wilson (1993), on air photo anomalies by Australian Photogeological Consultants
Ltd (1993), on source rock analyses by Dow (1993), on micropalaeontological
dating by Haig (1993) and on geochemical seep analyses by Talukdar and Dow
(1993). The results from this work are summarized in Hilyard et al (1994) but
the original reports have not been sighted. 3D-GEO's brief literature research
also identified the following reports as relevant but not available for review:

- BHP, 1986, The Ossima and Neymeyer seismic survey interpretation

- Kina Oil & Gas, 1983, PPL31 Geochemistry and Biolithic Analysis of
Outcrop Samples

- Kugler A., 1986, Discussion of PPL31 Geology Pinyare

- Barida Area Pinyare Anticline

- Montague, T.,1986, PPL31 Geological Review and Evaluation,

- St John, V.P. 1983, Notes on a Traverse across Mt Sel

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4 METHODS

4.1 Seismic Interpretation

The seismic data were loaded into SeisX; navigation data were not available
digitally and were extracted manually from the provided basemap. The resulting
shot point locations accuracy (at best 50m) caused some misties problems, which
could not be entirely eliminated. Well velocity data (time-depth pairs) for the
wells Puwani-1, Pulan-1 and Boap Creek-1 were manually entered from the hardcopy
velocity survey provided. Stratigraphic horizon tops as reported in the Well
Completion Reports were used in this evaluation.

The reprocessing has significantly improved the seismic quality (compared to the
seismic panels illustrated in reports by Kugler 1990 and McDonagh 1990) allowing
a more detailed assessment of the structural and stratigraphic setting of the
area and the seismic anomalies previously interpreted as reefs. Three (3) main
regional horizons and selected local were mapped:

o Near Base Pleistocene unconformity (a major angular disconformity).

o Near Mid Pliocene Unconformity

o Intra Pliocene correlation horizons (around Muru Anticline) and

o Top Miocene Carbonates

A list of essential seismic characteristics for reefs in the subsurface was
established (see Seismic Interpretation section 7) in order to analyse drilled
structures and validate prospects proposed by Kugler (1990). Based on these
criteria, potential Miocene and one potential Pliocene reef leads have been
identified and mapped. The seismic quality allowed the mapping of the northern
hinge zone and detailed TWT structure and isochron maps were constructed for
each interpreted lead.

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4.2 Sequence Stratigraphy

The stratigraphy of the Aitape Basin has previously been assessed by Norvick &
Hutchison (1980), Kugler (1990) and, with considerably more data, by Hilyard et
al (1994). Utilising these data, preliminary lithostratigraphic and
chronostratigraphic cross sections were constructed to illustrate the variations
in stratigraphy across the PPL249 and PPL 245 Licences (Enclosure 1). McDonagh
(1990) tabulated the salient features of the seismic stratigraphy as shown in
Table 1. These features are confirmed on the reprocessed seismic and would could
make a sound basis for a detailed basin evolution study. Accordingly it is
strongly recommended that a comprehensive sequence stratigraphic study be
undertaken to understand the facies variation in the licence, particularly the
potential reservoir development, fully integrating the results of the Hilyard et
al 1993 fieldwork.

4.3 Structural Evaluation

The structural style was assessed by analysis of the map pattern interpreted by
Norvick & Hutchison (1980), but particularly by interpretation of the
reprocessed seismic data across the Muru and North Muru Leads. However, the
majority of the structural leads are in the eastern portion of the licence,
where there is no seismic data and no wells have been drilled. Furthermore this
area has relatively little data as it comprises jungle-covered mountains
adjacent to extensive coastal swamps to the east.

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The `new' traverses, excellently recorded by Hilyard et al (1994) were useful,
but inadequate for interpreting the structure at depth. Therefore, the very well
known structures in the Los Angeles Basin were used as an analogue, as reported
by Wright (1991). A brief comparison between the Aitape and Los Angeles Basins
is included in this report (Section 5.3)

Four structural cross sections were constructed across the structural leads
presented by Cheetah Oil and Gas (PNG) Ltd. The Muru section followed seismic
line OS-3, and limited outcrop structural data and the remaining sections were
interpreted based on surface outcrop pattern, palaeontological dating in Hilyard
et al (1994) and by analogy with the Muru seismic and Los Angeles Basin
structures. The cross sections were constructed in a roughly N-S direction, at
right angles to the regional strike of beds and along traverses of Hilyard et al
(1994) so as to be constrained by surface dip data.

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4.4 Probabilistic Resource and Risk Assessment

The hydrocarbon trap rock-volumes and resource assessments of the more robust
leads were quantified probabilistically using Logicom's REP(TM) software
(Reserves Evaluation Programme) which is an adaptation of CrystalBall(TM)
customized for the oil and gas industry. The identified leads are generally
poorly defined by 1 or 2 seismic or geological 2D cross-sectional models and
therefore the trap geometry is poorly constrained in most cases. The gross rock
volume of reef leads was estimated using surface areas and estimated reef
thickness modeled as 50-100m. The gross rock volume of transpressional anticline
leads was estimated from outcrop surface areas, reservoir cross sectional areas
and an estimated gross rock thickness of 100 metres.

P90 and P10 values for hydrocarbon and reservoir parameters were derived from
offset wells and the distribution of these variables were assumed to be log
normal. The footnote under each parameter distribution in the REP reports
describes the data source and serves as an audit trail. Gas is interpreted to be
the most likely hydrocarbon phase present in western PPL249 based on the
presence of gas shows in the wells and several gas seeps confirmed to be of a
thermogenic origin. Two structures, Pinyare and Barida Anticline, were modeled
to be oil prospects on the basis that oil seeps occur 50-100 km east at Lemieng
and Matapau. Gas compressibility was calculated using reservoir temperature and
pressure assumptions based on normal hydrostatic gradients and a regional
thermal gradient of 2.7(0) C/km based on the temperature data from the deepest
well Boap Creek-1.

Probabilistic ranges of resource estimates were generated using a large number
of iterations with a single fixed seed. The results are reported in a single
page summary format in this report and a .pdf file containing the complete
report for each assessment is provide to the client on a CD.

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Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

The technical risk of geological parameters of reservoir, source and trap were
reviewed with respect to their likely presence and effectiveness to support the
P90 resource assessment. Whilst these risk factors are arguably conjectural they
have been rigorously and consistently applied to permit a reliable comparison
and ranking of the structures as candidates for future exploration activity.

5 GEOLOGICAL BASIN MODELS

5.1 Comparison with the Salawati Basin

As reported by Kugler (1990), previous hydrocarbon explorers have likened the
Aitape Basin to the productive Salawati Basin. Both basins are considered wrench
/ transpressional related basins adjacent to the sinistral Sorong and
Bewani-Torricelli Fault Zones. Oil production in the Salawati Basin of West
Papua (formerly Irian Jaya) is from pinnacle reefs of Miocene age which were
built on a contemporaneous, basinward dipping, shoal carbonate platform. Deep
water basinal limestones (foraminiferal oozes) and clastics replace the shoal
carbonates in the basin and provide both source and seal for the reefs. Current
exploration is focused on reefs with unrisked potential reserves of 20 million
barrels of oil and more than 400 Bcf of gas. To date some 350 mmbls oil has been
discovered in the Salawati Basin which is described as Indonesia's most prolific
oil basin. Table 2 compares the Salawati Basin salients with the Aitape Basin.

5.2 Comparison with the East Sengkang Basin

Pinnacle reefs of Upper Miocene age in the East Sengkang Basin, Sulawesi,
Indonesia are identified at outcrop and on seismic and subsequent drilling
proved the build ups to be of 200-400 metre vertically above the regional
platform carbonates of <100m thickness. Figure 5 of Grainge and Davies (1985)
illustrates the seismic definition of the Kamung Baru reef. The upper Unit C
interval of the Tacipi Formation is comprised of bioclastic packstones with
occasional grainstones and forms the primary reservoir. The reefal bioclasts are
predominantly coral and encrusting calcaresou algae which have been extensively
modified by diageneses (freshwater leaching, calcification and some
dolomitisation). Log derived porosities average over 30% in the core areas and
averages 26%in areas of smaller bioclasts. Average core permeabilities vary from
13 to 313 md. Four reef structures are believed to contain 750 bcf of gas. The
East Sengkang Basin contains some 1800 metres of Tertiary sediments in a
transpressional setting adjacent to the sinistral Walanae Fault zone and
warrants further study to compare with the Aitape Basin

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________________________________________________________________________________________________________
Aitape Basin | Salawati Basin
_____________________________________________________|__________________________________________________
~2,500 sq km in Central Basin | ~5,000 sq km (basinal)
~6,500 km (basin and platform) | ~12,000 sq km (basin and platform)
~ 6,000 m of marine Tertiary sediments | ~ 6,000 m of marine Tertiary sediments
_____________________________________________________|__________________________________________________
Left Lateral Transpression | Left Lateral Transpression
_____________________________________________________|__________________________________________________
Adjacent to Pacific margin | Adjacent to Australian margin
_____________________________________________________|__________________________________________________
Middle Miocene subsidence | Middle Miocene subsidence
_____________________________________________________|__________________________________________________
Late Miocene subsidence and turbidites | Late Miocene subsidence and clay deposition
| during marine transgression
_____________________________________________________|__________________________________________________
Pliocene compression? and subsidence | Early Pliocene extension and marine regression
_____________________________________________________|__________________________________________________
Pleistocene transpression; Similar risks of | Pliocene-Pleistocene transpression; Late Pliocene
breaching flushing and degradation may occur on | tectonics has caused leakage through top seal and
basin margins | biodegradation through fresh water seepage
_____________________________________________________|__________________________________________________
Oceanic crust basement | Continental crust basement
_____________________________________________________|__________________________________________________
Thermal Gradient 2.7 (0)C/km (Boap Creek-1 Montague | Thermal Gradient 3.6- 3.7 (0)C/km (ref Simbolon)
1986) |
_____________________________________________________|__________________________________________________
Common carbonates and possible reefs identified on | Reef build-ups are 300-750 high and encapsulated
422 km of 2D seismic shot in 1983/84 and in | by shale and are typically 1-10 sq km in area.
stratigraphic sections at outcrop and penetrated by | Average porosity 20-25% (range 15%-30%) and
3 exploration wells. Two wells confirmed Miocene | permeabilties range 1-7 Darcies. Upper 50-75 m is
carbonates contain bioclastic debris but primary | tight in some reefs whilst upper and definition
porosity is low. The third wel confirmed the | of 30 m build-us was poor on 1950's seismic data
potential for Pliocene reefs. Six seismic | Reef trend occurs along irregular shelf margin
anomalies, 3 of them possibly reef buildups and | with tongues and embayments 15 km x 3 km.
geomorphic remain unexplored/untested. Bioclastic | Elongate reefs are 7 x 2.5-3.5 km whilst
debris identified in wells and at outcrop suggest | concentric reefs are 1.5 -5 km diameter
proximity to reefs but true in-situ reefs not yet | (Vincelette, 1974). Initial oil in place may be
confirmed. | large (several hundred million barrels in each
| reef) but recoverable reserves are of the order
| of 0.5 to 2 million barrels oil. Current
| exploration in the Salawati Basin using 2D and
| 3D seismic is focussed on 5-10 million barrels
| oil potential for each reef (Lundin Petroleum
| 2004)
_____________________________________________________|__________________________________________________
Few oil seeps, many gas seeps, mainly biogenic, | Abundant seeps and tar mats. Early wells drilled
some thermogenic | on anticlinal structures with oil and gas seeps
_____________________________________________________|__________________________________________________
20 years of exploration, 425 km 2D seismic and 3 | Approximately 30 wells drilled (mostly on surface
wells acquired/drilled in 1980's based on | anticlines before commercial production was
geomorphic anomalies and seismic, aeromagnetic and | established. Early exploration methods included
gravity data. | gravity, geomorphic anomalies and sparse 2D
| seismic (6 and 12-fold) data
_____________________________________________________|__________________________________________________
Real Jungle | Offshore and onshore (Jungle)
_____________________________________________________|__________________________________________________
Table 2: Comparison between the Aitape Basin and the Salawati Basin

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5.3 Comparison with the Los Angeles Basin

The overall tectonic architecture, structural styles, timing of development and
size of the Aitape Basin compares very favourably with that of the Los Angeles
(LA) Basin in California, which will ultimately yield around 10 billion
oil-equivalent barrels of petroleum (Wright 1991). Significantly in the LA
Basin, most of the hydrocarbon is trapped in faulted anticlines, similar in
structural style to those adjacent to the Bewani-Torricelli Mountains in the
Aitape Basin. Discoveries prior to 1925 in the LA Basin were drilled on seeps,
but subsequent discoveries had little or no Quaternary expression (Wright 1991).

_________________________________________________________________________________________________________
Los Angeles Basin (Wright 1991) | Aitape Basin
_____________________________________________________|___________________________________________________
~3,500 sq km |~2,500 sq km in Central Basin
_____________________________________________________|___________________________________________________
Right Lateral Transpression |Left Lateral Transpression
_____________________________________________________|___________________________________________________
Adjacent to Pacific margin |Adjacent to Pacific margin
_____________________________________________________|___________________________________________________
Middle Miocene volcanism |Middle Miocene subsidence
_____________________________________________________|___________________________________________________
Late Miocene subsidence and deep-sea fans |Late Miocene subsidence and turbidites
_____________________________________________________|___________________________________________________
Early Pliocene extension |Pliocene compression? and subsidence
_____________________________________________________|___________________________________________________
Pleistocene transpression |Pleistocene transpression
_____________________________________________________|___________________________________________________
Continental crust basement |Oceanic crust basement
_____________________________________________________|___________________________________________________
Abundant clastic reservoirs |Minimal clastic reservoirs
_____________________________________________________|___________________________________________________
Minimal carbonates |Common carbonates and possible reefs
_____________________________________________________|___________________________________________________
Abundant seeps and tar mats |Few oil seeps, many gas seeps, mainly biogenic,
|some thermogenic
_____________________________________________________|___________________________________________________
100 years of exploration, many many wells |20 years of exploration, 3 wells
_____________________________________________________|___________________________________________________
Concrete Jungle |Real Jungle
_____________________________________________________|___________________________________________________
Table 3: Comparison between the Aitape Basin and the LA Basin

6 STRATIGRAPHIC MODEL

The stratigraphic variations across PPL249 are illustrated on the accompanying
chronostratigraphic chart shown as Enclosure 1. The key points are summarized
here, particularly addressing potential reservoir horizons.

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6.1 Source Rock

McDonagh (1990) reports that carbonate source rocks with VR <0.5% TOC may be
capable of generating significant volumes of hydrocarbon. He also points out
that Eocene and Oligocene rocks are well known for source potential in the
Indonesian region, and suggests there is little reason to expect that similar
depositional conditions did not occur in the Aitape Basin at similar times.
Hilyard et al (1994) carried out organic geochemical analyses on 67 outcrop
samples selected in the field on the basis of apparently high organic content
and freshness. All samples had low VR values, with Ro ranging from 0.23-0.39,
well below the start of the oil window at Ro=0.5. Most samples were organically
lean with <0.5 wt % TOC or marginal source with 0.51-1.0 wt % TOC. Specimens
with >1% TOC had visible coal detritus. The Barida Beds and equivalent open
marine carbonates identified as a potential source by Kugler (1990) contain TOCs
of 0.35-0.61%, with an average of 0.41%, which is regarded as non-source level
(Dow, 1993). The rocks analysed had low pyrolysis response and are not capable
of generating oil. Only gas-generating or infertile kerogen types III and IV
were recorded (Hilyard et al 1994). Analyses of subsurface source rocks from the
three wells average 0.3% TOC whereas 30% of the samples analyzed over 0.5% TOC
leading McDonagh to conclude that sufficient source is probably located within
the deeper part of the Aitape Basin.

The 1:250,000 geological map sheet, and previous exploration efforts records oil
and gas seeps in eighteen (18) locations and a thorough field programme was
undertaken by Hilyard et al (1994) to visit, describe and analyse these.

The most significant results of Hilyard et al's seep sampling exercise was the
discovery of an oil seep offshore at Lemieng, a wet gas seep probably associated
with oil at Moipu and the confirmation of oil and gas seeps at Matapau; all
localities are east of the PPL249 block.

Gas seeps of a thermogenic or mixed thermogenic/biogenic origin were discovered
at ten (10) locations and confirmed by laboratory analysis. These include gas
seeps in the vicinity of

o the Muru Anticline (Seeps #1 and #2)

o the Pinyare Anticline (Seeps #22/23-10km SW and #30 6km N)

o the Barida Anticline (Seep #24 - no analysis)

NB See Hilyard et al's Tables 5.1.2 and 5.1.3 and their Figure 5.1.1. for
details and beware since the reported grid co-ordinates are unreliable; Seeps
#1-6 probably occur at 551666 (and not 551646 as reported); seep #20 a
thermogenic gas location is not shown on the map and the co-ordinates are
questionable.

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The oils to the east of PL249 are derived from mature, oil-prone source rocks
with kerogens of Type II or mixed Type II/III. The offshore Lemieng oil has been
generated from a carbonate-rich source rock and the Matapau and Forok oils are
probably from source rocks containing a significant terrigenous component. These
oils are are dissimilar to oils known form the Papuan Foldbelt (Jurassic Source)
and the Lufa area (Cainozoic source rocks) and consequently represent a new,
unexploited petroleum system in PNG. The presence of hydrogen sulphide in some
of the gas seeps and the common occurrence of H2S in water springs along the
mountain front supports the interpretation of hydrocarbons generated from
over-mature carbonate source rocks.

It is considered likely that in the un-sampled deeper parts of the Aitape Basin,
anoxic conditions were locally present during the Early Miocene allowing local
development of gas and oil source rocks in the Early Miocene and Barida Beds
(Enclosure 1). On the basis of the proliferation thermogenic gases and of
confirmed oil seeps PPL249 is considered to be gas prone in the west whilst
leads and prospects east of the Pinyare anticline have likely access to charge
from light oil prone source rocks.

6.2 Seal

As shown on the chronostratigraphic chart, marine muds are common throughout the
stratigraphic section above the Early to Middle Miocene carbonates. It is
expected that these will seal most reservoir horizons, but the shallow depth of
the Quaternary reefs and sands makes seal a higher risk for those horizons.
Unconsolidated siltstones and sands interbedded with mudstones are likely to
provide poor seals to Pliocene reef objectives.

6.3 Reservoir

The Aitape Basin has three types of potential reservoir, carbonate, clastic and
fracture reservoirs. Overall, reservoir is the primary risk in the basin.

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6.3.1 Carbonate Reservoirs

As the Aitape Basin was remote from major sources of sediment supply through
much of the Miocene, carbonate deposition was common, but depositional porosity
appears to have been low, generally <5% (Hilyard et al 1994). However, the upper
8 metres of the Puwani Limestone in the Pulan-1 well recorded a mean porosity of
13% unconformably overlain by Pleistocene (N22) beds. Furthermore, there is the
potential for reef development during late Early to Middle Miocene subsidence,
as shown on the chronostratigraphic chart. These reefs would eventually be
drowned and encased in Barida Beds marls and shale, interpreted to have been
deposited in outer neritic to bathyal depths. Kugler (1990), Hilyard et al
(1994) and Wilson (1993 reported in Hilyard) record the presence of corals and
reef detritus or talus, but reefs have not yet been conclusively found in
outcrop or the three wells. However, reefal-type anomalies are suggested on
seismic, as reported below, and on topographic maps and air photographs
(Australian Photogeologic Consultants 1993, as reported in Hilyard). Geomorphic
/ topographic anomalies of >10 km2, suggestive of reefs, are present in the
eastern part of the licence (Section 9.10 and 9.1) . Furthermore an unconfirmed
report of reef material at Mt Sel (St John 1983) and abundant bioclastic
material reported by Kina Oil & Gas (1982) in a report entitled "Geochemistry
and Biolithic Analysis of Outcrop Samples" warrants follow-up field studies.

Reefs may also have been developed on the growing structural highs within the
Pliocene and Pleistocene section, and a potential reef anomaly has been recorded
on the reprocessed seismic. Porous and permeable Quaternary limestones have been
recorded to the north of the Aitape Basin in the Serra Hills and to the south in
the eastern and western Bewani-Torricelli Mountains (Hilyard et al 1994), so it
is reasonable to expect that they may be present on highs in the subsurface.

6.3.2 Fracture Reservoirs

The structural analysis (Section 8) indicates that the areas adjacent to the
Bewani-Torricelli Mountains are dissected by common near-vertical strike-slip
faults and that the potential for extensive fracturing of the Puwani Limestone
in the anticline cores is high. Hilyard et al (1994) reported that some basinal
limestone units had moderate to excellent fracture porosity of up to 30-40% due
to large mesoscopic breccia fractures, but point out that, where exposed, this
has been occluded by sparry calcite cement. In the subsurface, it is important
for the fracturing to have occurred during hydrocarbon charge in order to
preserve the excellent porosities. Such conditions are likely to have occurred
during the Pleistocene when strike-slip faulting was pervasive and the basin
reached maximum burial depths.

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The Barida and Early Miocene Beds, comprised of marine basinal marls and shales
have already been discussed as potential source rocks. If they are sufficiently
deformed (sheared and fractured) in a transpressional regime they may act as
both source rock and a reservoir /resource horizon in anticlinal structures such
as the Pinyare, Barida and Muru Anticlines. The Najmah Formation is a carbonate
rich source rock in the Arabian Basin and produces oil (at commercial rates)
when fractured (Yousif and Nouman 1997, page 102). The Minagish and Kra Al Maru
Fields of Kuwait produce from these fractured source rocks and many Kuwait
fields produce oil from the overlying fractured limestones of the Marrat
Formation including the Abduliya, Dharif, Um Gudair Fields (Carman 1996). These
fields are elongate, probably transpressional, structures along the West Kuwait
Arch Lineament (Carman 1996).

The Pliocene basinal carbonate sequences are generally impure and Hilyard et al
(1994) report ductile deformation rather than fracturing. Highly deformed
outcrops exhibit poorly developed cleavage defined by stylolitic layering and
alignment of fine phyllosilicates as opposed to fracturing (Hilyard et al 1994).

6.3.3 Clastic Reservoirs.

The tectonic model indicates that the Aitape Basin was far removed from the
Australian continental crust until the end of the Middle Miocene, ~11 Ma.
Subsequently, the main detrital sediment was derived from Pliocene-Pleistocene
uplift of the Bewani-Torricelli Mountains, which are underlain by oceanic crust
and/or island arc terrane. Thus almost all of the clastic material supplied to
the basin was derived from basic volcanic and intrusive terranes, so is
dominated by volcanolithic detritus. Therefore, sandstone and conglomerate
reservoirs are expected generally to be of poor quality. Locally within the
mountains there are exposed tonalities that could provide better quality
sandstone reservoirs where eroded and winnowed.

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Clastic reservoirs may be present in the Early Miocene Amogu Conglomerate and
Senu Beds, due to regional uplift and erosion of the oceanic basement at that
time. These beds are relatively widespread, but thickest in the
Bewani-Torricelli Mountains and are commonly interbedded with Puwani Limestone.
It is thought that the Puwani Limestone was deposited on highs or areas distal
from sediment supply whilst thick conglomerate and clastic sequences were
deposited in local troughs.

Clastic reservoirs may also be present in the Pliocene to Recent sequences
derived from rapid uplift of the Bewani-Torricelli Mountains, including proximal
parts of the Bewani Turbidites and the Krisi Formation. Hilyard et al (1994)
report poor Pliocene clastic reservoirs in outcrop, dominated by calcareous
siltstone and thin-bedded, fine quartz-lithic sandstone with abundant mud
matrix.

7 SEISMIC INTERPRETATION

7.1 Mapped Horizons

The seismic data were loaded and interpreted in Paradigm's Seisx(TM) and
interpretations of the key seismic panels are discussed and illustrated in this
report. The seismic surveys cover an area of 1200 km2 and comprise a total of
422 line kilometers. Three wells drilled in 1985 provide stratigraphic and
velocity data to tie the seismic data to regional geological model. Two maps TWT
structure maps, the top Miocene carbonate horizon and Near Base Pleistocene
gives an overview of the regional structure. Enclosure 2 is a base map showing
the location of the seismic and well data.

7.1.1 Top Miocene Carbonate (Base Barida Beds)

The lowermost horizon mapped is the Top Miocene Carbonate Horizon (Base Barida
Beds) which forms a well defined and mappable, high amplitude reflection below
the thick, well stratified Miocene - Pliocene basin fill (Figure 1) This event
does not represent a time line since the carbonate sequence in Pulan-1 is early
Miocene in age whereas Middle Miocene limestone (interbedded with siltstone and
mudstone) occur below the seismic reflector in Puwani-1. The mapped reflector
nonetheless does represent the top of potential Miocene reservoir. The detailed
stratigraphy of the Miocene Limestone is possibly complex and in the absence of
any additional or new palaeontological data, has not been addressed in this
interpretation.

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Kugler (1990) reported the presence of a structural hinge, possibly associated
with down to the basin normal faults, expressed at the top Miocene carbonate
level. The reprocessed seismic interpretation supports the identification of the
Hinge Zone which is prospective as a focus for hydrocarbon migration and in situ
reef growth.

Interpretation of the reprocessed seismic confirms the overall geometry and the
presence of the normal faults and associated growth sequences. The Top Carbonate
horizon dips from outcrops in the north, over a marked flexure, or Hinge Zone
and southwards to over 3.5 secs TWT at the southern margin of the Aitape Basin
adjacent to the Bewani Torricelli Mountains. The Hinge Zone forms a 6 km wide
zone of steep dips, with mound features and approximately NE-SW striking normal
faults across which the Pliocene section thickens dramatically towards the
south. To the north of the Hinge Zone a hiatus has been recorded between the
Miocene limestones and the overlying Pliocene clastics. The amount of missing
section varies along strike such that all of the Middle and Late Miocene are
absent at Pulan-1 and an almost complete section is present at Puwani-1.

Enclosures 3 shows the geometry of the Miocene carbonates from outcrop across
the seismic grid and the steep-dipping (~20-25(degree)) Hinge Zone to the
southern margin of the basin.

7.1.2 Near Base Pleistocene Horizon

The shallowest horizon picked, correlated and mapped across the seismic grid is
a major regional unconformity identified as Near Base Pleistocene unconformity
(Enclosure 4) and tied to the Base Mugi Sequence in Pulan-1 and Boap Creek-1.
Angularity of the unconformity is strongest in the western part of the area
covered by the seismic surveys as shown on Figure 1. The Near Base Pleistocene
horizon crops out along a line trending roughly east west south of the Puwani-1
well site and the geological map shows that this horizon probably swings
northeasterly towards the Serra Hills (mapped as the base Bulimp Formation).
From the line of the outcropping unconformity, the horizon plunges generally
towards the south to a maximum of 1 sec TWT. Generally the Near Base Pleistocene
unconformity is planar but does show some deformation over the Puwani area and
Muru areas as a result of late Pliocene to Recent strike slip motion along the
Bewani Fault Zone. The Near Base Pleistocene Horizon is relatively undisturbed
in the western parts of the seismic grid which preserves seal integrity for
potential hydrocarbon accumulations in this area.

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7.2 Analysis of the wells Pulan-1 Puwani-1 and Boap Creek-1

Both Pulan-1 and Puwani-1 were drilled on the Hinge Zone targeting seismic
anomalies interpreted as reefs. Puwani-1 encountered 485 m of Late
Miocene-Pliocene Barida Beds (interbedded limestone and siltstone with a basal
conglomerate) overlying 221m of Middle and Early Miocene Limestones and
siltstones of the Senu Beds. Pulan-1 encountered 378 m of Puwani Limestone of
Early Miocene age and bound by major unconformities at the top and base. The
Puwani Limestone is comprised of hard dense limestone containing packstone and
wackestone depositional fabrics. Fossil fragments include coral, bryozoans,
gastropod, foraminifera and possible echinoderm parts. Whilst a shelf
environment of deposition is interpreted these fragments indicate proximity to
potential reef growth or longer distance transportation by channelised or mass
flow systems. Table 4 lists the seismic characteristics used in this study to
cross-check for presence of carbonate reefs.

7.2.1 Pulan-1

Pulan-1 was drilled to test a reef anomaly interpreted on at least two seismic
lines (HPN104 and OS-10). The well intersected 378 m of early Miocene Puwani
limestone comprised of finely crystalline wackestone and packstone with
bioclasts including echinoderm debris, some larger foraminifera and coralline
algal and bryozoan debris.

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Seismic reef identification
---------------------------

o Reef outline by reflections

o Velocity anomaly below and above reef

o Diffraction from reef edges

o Termination of reflections, limited to no stratification within
reef-core

o Change in reflection patterns on each side

o Thinning/condensed section over reef; draping

o Located on shelf edge or structural uplift

Problems
--------

o Subtle features; often identified only in areas of expected carbonate

o If not proven by well elsewhere in the basin, very high risk
interpretation

-------------------------------------------------------------------------------
Table 4: Checklist for reef seismic identification and associated difficulties

Primary porosity is very low with some (~5%-10%) moldic and vuggy porosity.
Despite the lack of in-situ reefal lithologies in the well McDonagh (1990)
considered the anomaly to be a reef. Inspection of the criteria supporting a ref
interpretation the Pulan feature lacks only one attribute

x Reef outline by reflections

x Velocity anomaly below and above reef

x Termination of reflections, limited to no stratification within
reef-core

x Change in reflection patterns on each side

x Thinning/condensed section over reef; draping

x Located on shelf edge or structural uplift

Examination of line HPN-104 shows a prominent mound feature positioned at the
southern edge of the regional Hinge Zone and the Barida Beds transgressing and
onlapping the Pulan Mound feature (Figure 2). Flattening of the line on the Top
Miocene Carbonate (unconformity) Horizon illustrates that the Barida and younger
beds are thinner to the north of the Pulan feature than the to south suggesting
that the southern area has always been downthrown / basinal and that thickening
of the Pulan feature is unlikely to be due to an inverted half-graben high
(Figure 2).

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The presence of reefal detritus as bioclastic wackestones and packstones with
coral and shell fragments, algae and abundant foraminifera supports the
interpretation of Miocene reefs in the vicinity. Whilst reefs providing the
debris were possibly present up-palaeo slope or on paleo-structural highs within
the general vicinity, the preferred interpretation is that Pulan-1 was
unfortunately placed on a non-reef core facies. Figure 6 of Vincellette and
Soeparjardi (1976) demonstrates the position of successful and unsuccessful
exploration wells along the Miocene upper Kais Formation carbonate shelf edge in
the analogous Salawati Basin suggesting a high percentage of non-productive
wells are common even when drilled along a known reef trend and using
appropriate geophysical and geological tools (seismic, gravity, geopmorphology,
well data and petrology). Figures 3 and 4 show the TWT structure map and the TWT
isochron map, respectively over the Pulan-reef anomaly.

7.2.2 Puwani-1

Puwani-1 was drilled to test an anomaly interpreted as a Miocene reef on 3
seismic lines (OS-1, OS-2 and HPN105). The well intersected 485 m of late
Miocene -Pliocene Barida Beds comprised of interbedded siltstones and limestones
underlain by 211m of Senu beds of Early and Middle Miocene age and ~100 m of
Early Miocene Amogu Conglomerate with basal limestones on Bliri Volcanics (BHP
well completion report). The limestones are reported as tight with 2%-8%
porosity measured in Core#1 and log porosities reported as <10%.

The reprocessed seismic through the Puwani-1 well site shows Pleistocene folding
in the area of the Hinge Zone (Figure 5). Puwani-1 was drilled in the core of
the anticline. After flattening the seismic to a dummy horizon which restores
the Pleistocene deformation, the Puwani structure does not show any build-up on
the seismic nor does the seismic show an obvious change in reflectivity patterns
besides amplitudes to each side of the target. Stratification within the main
proposed reef-core is present and the overlying sequence does not show drape or
condensation. The Puwani-1 well intersected a near complete stratigraphic
section and there is no marked hiatus between the Miocene carbonates and the
overlying Pliocene clastics. Based on the seismic interpretation, the carbonates
intersected in Puwani-1 do not appear to be deposited in a half-graben setting.
The half-graben interpreted between SP 2133 and SP 2223 on Figure 5 probably
channeled the coarser carbonate detritus while the calcarenites and interbedded
mudstones towards the southeast at Puwani-1 are interpreted as either overbank
deposits or as the back-reef facies (boundstones are reported in almost every
sampled interval of the Miocene section). The Puwani structure is located at the
northeastern margin of the interpreted reef Lead A (see section 7.4.1) and on
seismic line HPN-104 the lithofacies could be interpreted as part of the
lagoonal facies to Lead A. The litholog reports algal and coralline boundstones
among bioclastic calcarenites, foraminifera are abundant. A lagoonal facies
however is contradicted by palaeobathymetry analysis based on foraminifera which
indicates water depth between 500-1000m (mid-slope) (Deighton, 1984). If not
transported the algal boundstones would require to have been developed in the
photonic zone. The anticline formed during the latest phase of compression
during the Pleistocene to Recent.

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7.2.3 Boap Creek-1

The Boap Creek-1 well targeted a Pliocene reef play on the southern flank of the
Muru anticline. The well intersected 103 m of calcarenites with packstone to
grainstone texture interbedded with an interval of mudstone (WCR) which has been
interpreted as a channel fill (McDonagh 1990). The reprocessed seismic strongly
supports the McDonagh interpretation (Figure 6). The Pliocene section
immediately below the Near Base Pleistocene unconformity is characterized by
channeling (Figure 7). These channels are best imaged along ~N-S striking
sections, indicating basin axis-parallel (E-W) transport.

7.3 Re-analysis of seismic reef anomalies on reprocessed data

A major component of this project is to use the recently reprocessed seismic to
analyse the reef anomalies proposed by Kugler (1990). In this section four reef
anomalies (A, B C and D) and three reefs (Punwep, Mugi and an un-named Pliocene
reef) are reviewed. Those which are considered to be prospective as reefs or
otherwise are more fully described in Section 9 of this report.

7.3.1 Reef Anomaly A

Reef anomaly A is located at the southern edge of the Hinge Zone in the hanging
wall of the northernmost Miocene half-graben along the Hinge Zone and to the
south of the Pulan and Puwani wells. Seismic line OS-2 images the spatial
relationship between Puwani-1 and the reef anomaly A. The seismic anomaly mapped
as reef anomaly A is shown in Figure 8 and is interpreted as a reef as it
complies with all of the seismic characteristics outlined in Table 4. Although
being located south of the Hinge Zone and associated faults it should be
stressed that at the time of Miocene deposition anomaly A was in a shallow water
position in the footwall of a major half-graben to the south (Figure 8). After
restoring the Pliocene deformation (fault offset only) along the Hinge Zone
normal faults and rotating the section to ~horizontal the potential reef-lead
stands out on the seismic as a build-up structure (Figure 8B). In the Puwani-1
well the litholog reports algal and coralline boundstones among bioclastic
calcarenites and abundant foraminifera. These lithologies are interpreted as the
back-reef/lagoonal facies of the interpreted reef. Figure 9 is an isochron map
of the mapped anomaly indicating the shape of the interpreted reef core. The TWT
structure map (Figure 10) shows there is no structural closure at the top
limestone level and the lead would depend on stratigraphic trapping up-dip
towards the north. A facies change towards the Puwani-1 well is likely,
considering the lithologies intersected in the well of interbedded silt and
limestones (WCR - Montague, 1985). Reef anomaly A is considered a prospective
lead for reef exploration.

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7.3.2 Reef anomaly B

Reef anomaly B is imaged along the northern part of seismic line OS-5 between SP
1660 and 1560 (Figure 11). Flattening the seismic to restore the Pleistocene and
younger deformation reveals that the anomaly is best interpreted as the latest
growth phase of a Miocene half-graben as shown in Figure 11B. This
interpretation would be consistent with the half-graben growth structures along
strike shown on seismic line HPN-104 (Figure 2). Anomaly B is not considered to
be a prospective reef lead as it is interpreted to fall in the hanging wall of
the fault controlling the anomaly and that the Miocene lithologies are expected
to be similar to those intersected in Pulan-1.

7.3.3 Reef anomaly C

Reef anomaly C is imaged on seismic line OS-4 between SP 1330 and 1550 (Figure
12) and line HPN-100 SP 306-406. Although this feature does not comply with all
of the reef criteria in Table 4, the seismic does show an isochronal thick in
the Miocene section and along the southwestern flank between SP 1340 and 1385 on
line OS-4. The suggested reef core is not very well imaged at the seismic line
end where the imaging is generally of poorer quality. On seismic line OS-4 the
anomaly does not have high amplitude reflections below or above the interpreted
reef. On seismic line HPN-100 the anomaly is less obvious but is mainly located
on the footwall of a normal fault at SP 276 (Figure 12B). Seismic line HPN-100
crosses the anomaly at the northeastern flank and does not image any reef core.
A map of anomaly C isochrones together and a TWT-structure map is shown in
Figures 13 and 14 respectively. Anomaly C is positioned along strike from Reef
Anomaly Lead A in a very similar tectonic stetting and position on a structural
high. It is considered to carry technical risk higher than Reef Lead A although
the poor seismic quality limits confidence of the interpretation.

7.3.4 Reef Anomaly D

Reef anomaly D is imaged in seismic line OS-3 between SP 1470 and 1380. As shown
in Figure 15 this seismic anomaly has been interpreted as part of the Muru
wrench fault system. The break in amplitudes and non-reflective character of the
Puwani Limestone section on Figure 15 is interpreted to be caused by strong
faulting along closely spaced wrench faults of the Muru-North wrench system. No
reef has been interpreted at this location but fracture porosity could be
preserved in this area in the Miocene limestone interval (see structural leads).

7.3.5 Punwep Reef Anomaly

The Punwep Reef Anomaly was described by Kugler (1990) using seismic line
HPN-109 between SP's 570 and 470 (Figure 16). The top of the proposed reef was
interpreted by Kugler based on a break in reflectivity/amplitude between SP 500
and 460. The reprocessed data reveals that there is a gradual change in
amplitudes, but the main reflectors appear to be continuous between SP 580 and
390. No reef build-up could therefore be identified and the previous mapped
anomaly appears to be a result of a change in amplitudes along strike of the
section. The Punwep anomaly is therefore not considered to be a prospective reef

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7.3.6 Mugi Creek Reef Lead

The Mugi Creek Reef anomaly is imaged at the overlap of seismic lines HPN-109
and OS-9 (Figure 17). Kugler's interpretation (1990) is based on the break in
the reflectors around SP 150 as shown in Figure 17. The reprocessed seismic
shows that no obvious reef outline is present, no thinned or condensed section
can be interpreted over the interval and it appears to be not located on a
structural high. The centre of the anomaly (the proposed reef core) shows some
interruptions in the seismic reflections but is still well stratified. Based on
the criteria in Table 4, the mapped seismic anomaly is not likely to represent a
reef and the disrupted reflectivity could be explained by slumping.

A little farther west on the same line (Line HPN-109 SP 0-200) an anomaly is
present which shows a non-reflective unit within a high-amplitude, well
stratified unit between SP 200 and the end of seismic line (Figure 1). This
anomaly complies with all but one (it does not appear to be located on a
structural high) of the criteria in Table 4. This potential Miocene reef is
therefore identified on the basis of its interpretation and isochron and
TWT-structure map forms (Figures 18 and 19 respectively). This lead, named Mugi
Creek Reef West, does not show structural closure on the TWT-structure map and
would therefore rely on stratigraphic trapping up-dip towards the north. The
main risk for the interpretation of this lead as a reef is that it is not
located within the reach of the Hinge Zone and could potentially be located in
an area of deeper water deposition during the Miocene. The mapped anomaly might
also be interpreted as a carbonate-debris flow.

7.3.7 Pliocene Reef Anomaly

A seismic anomaly on lines HPN-101 and HPN-102 within the Pliocene section is
mapped and interpreted as showing strong compliance with the seismic reef
criteria in Table 4. Figure 20 shows the anomaly on seismic line HPN-101 between
SP 510 and 660. An isochron and TWT-structure map of the potential reef is shown
in Figures21 and 23.

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The main risk associated with the proposed Pliocene lead is the lack of a
structural control/high associated with the potential reef and that the drilled
Pliocene sections have not indicated a carbonate-prone environment. The seismic
anomaly could also be interpreted as part of a turbiditic fan system (Figure
20B). However limestone filled Pliocene channels above in the section, as
drilled in Boap Creek-1 indicate the presence of Pliocene carbonates in the
area. Furthermore the lead is generally located in a current syncline position
which puts a high risk on any hydrocarbon charge.

8 STRUCTURAL MODELS

8.1 Muru Anticline Structural Section

Seismic lines OS-3 and HPN-101 cross the Muru Anticline show thrusting up of the
section towards the north on steeply south-dipping fault(s), but also the likely
presence of several steeply-dipping to vertical fault sets. On the reprocessed
seismic data, when displayed roughly with no vertical exaggeration, it is
apparent that the listric fault interpretation of Kugler (1990) is unlikely and
that the structure is far more likely to be a flower structure formed by
left-lateral transpression, very similar to those formed by right-lateral
transpression in the Los Angeles Basin (Wright 1991). It is notable that the en
echelon Pinyare and Barida Anticlines and the unnamed anticline to the east are
very similar to those along the highly productive Newport-Inglewood trend in the
Los Angeles Basin.

The model section (GR 5560/9658 south: 5548/9674 north) has been derived from
the OS-3 seismic, proximal well data and the Aitape-Vanimo map 1:250,000
geological (1980) that includes less than 20 dip orientations (Figure 21).
Impacts on the interpretation when comparing the Aitape-Vanimo map (1980)
includes revision of the Pliocene surface outcrop to be Pleistocene and
identification of inconsistency of dip orientations on the northern flank of the
Muru Anticline.

The section is located 5 km to the east of the OS-3 line and to the west of a
north-south traverse with sparse outcrop structural data. This however leads to
some inconsistency between the seismic that can explained by some of the dip
orientations being proximal to a north-south transfer or by structural
interference between the two flower structures. Faults within this structure
have smaller fault offset when compared wit structural sections modeled farther
east where Barida beds crop out to the south of or within core of the
structures. There is subsequently an increase in the amount of throw across
these faults to the south.

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The structure of the Muru Anticline is well constrained but could be better
understood by the acquisition of more data to define the structure's 3D
geometry. In addition to more creek traverses the quality of the available
seismic indicates additional seismic would be a viable exploration method.

8.2 Pinyare Anticline Structural Sections

Hilyard et al (1994) completed two traverses across the Pinyare Anticline
adjacent to the Bewani-Torricelli Mountains towards the eastern end of the
licence, GR 590654. These traverses included well-dated samples including
estimates of palaeobathymetry (Haig 1993) so were used as the basis for two
sections across the anticline, in conjunction with the data from Norvick &
Hutchison (1980). Figures 24 and 25 show two lines of section based on sparse
data from the Piore River section (west of the crest) and the other using very
sparse data from the Pinyare Creek section close to the interpreted crest. The
Muru seismic lines showing the regional dip of basement and the overlying Puwani
Limestone was used to draw the northern portion of both section. A strike-slip
fault cutting basement beneath the Pinyare Anticline is inferred in the core of
the structure. On both sections a flower structure is inferred to have thrust up
the Pinyare Anticline, but with possible extensional faults in the core, similar
to those observed in the Inglewood Oilfield in the Los Angeles Basin. The core
of the flower structure is interpreted to be a zone of intense fracturing that
may have reservoir potential above basement which is interpreted to be >3500 m
depth. To the south basement has been thrust up on transpressional faults and
there is potential for sub-thrust reservoirs in fractured clastics or carbonate
reservoirs.

8.3 Barida Anticline Structural Section

The Barida Anticline is illustrated on the regional 1:250,000 PNG Survey
geological map as a roughly east-west but sinuous and narrow structure exposing
Barida Beds at the core and faults interpreted along the northern flank. A
single 2D sectional model (Figure 26) was generated using Geosec(TM) and the
Ossima- Neumeyer seismic data as a general guide for the regional dip of
basement and the overlying Puwani Limestone. A strike-slip fault cutting
basement beneath the Barida Anticline was inferred with a flower structure to
cause the uplift of the Barida Anticline. The core of the flower structure is
interpreted to be a zone of intense fracturing that may have reservoir
potential. The Barida Section was derived from the Aitape-Vanimo map (1980) that
shows curved fold structure that is offset by cross cutting lineaments. The
1:250,000 geological map illustrates a north-south section across the Barida
structure located between K-L on which basement is interpreted as thrust up to
the near the surface along steep faults.

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The 2D line of section (GR 56069/6400 south: 56200/9660 north) presented here
was modeled using GeosecTM using surface data (< 10 dip orientations) projected
from few a kilometers east and by taking into consideration the structure style
developed from seismic lines OS-3 and HPN-103. The interpreted structural model
invokes a fold defined by a series of thrusted bocks of Barida Beds within a set
of steep faults and with basement at approximately 3 km depth. Within the
southern portion of this section the Puwani unit inter-fingers with the Senu and
Amogu units before the sequence steeps up across a major tectonic strike-slip
fault.

The very limited control on the stratigraphic thicknesses and the very sparse
amount of surface data means that the interpretation is poorly constrained.
Additional field data are required to build a robust 3D model which would need
be based on a set (minimum 6-8) restored 2D sections across this structure to
aid in the constraint of the flower structure, including compartmentalization.

9 RECCOMMENDED LEADS

Several hydrocarbon leads have been defined in the Aitape Basin that are
recommended for consideration of further exploration. They are the five reefal
anomalies defined on seismic (Pulan Reef, Lead A, Lead C, Mugi Creek-West and a
Pliocene reef) and two geomorphic anomalies that are potential reefal anomalies
(the Lower and Upper Fivuma Leads, adjacent to the Fivuma River). A further
carbonate Lead is the Serra Hinge play. Structural leads recommended for further
exploration are the Pinyare, Barida and Muru Anticlines. These leads are
described in this section of this report and the larger leads are evaluated
volumetrically in Section 10.

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9.1 Pulan Reef Lead

The Pulan Reef Lead is a prominent mound feature located at the southern margin
of the top Miocene carbonate Hinge Zone. The mound is at 1350m depth and is
approximately 2.75km across (SP 218-328 Line HPN 104). The reef mound is
correlated and mapped on lines mapped OS-10 and OS-12 over a closed area of ~
8-12 km2. The maximum isochron thickness is 140msecs approximating to 380-400
metres. The proposed reservoir is reef core facies within the Puwani Limestone
away from the Pulan-1 well with primary porosity of the order of 20%-25% as in
other Indonesian Miocene reef analogues. Interbeds of mudstone and clastics in
the lower Ugnu Sequence as seen in the Pulan-1 well form a risky seal to the
prospect.

It is recommended that geological studies be undertaken to better understand the
potential for reef build-ups in the Puwani Limestone Formation including
acquisition and analysis of the available Pulan-1 petrology (Wilson 1993) and
Kina Oil & Gas (1990) regional petrology reports, field studies of Puwani
Limestone outcrops including Mt Sel (St John 1983) and acquisition and analysis
of additional seismic over the Pulan and other reef anomalies. A dedicated mini
3D seismic survey over the Pulan Reef may resolve facies variations and hence
porosity distributions in the Puwani Limestone reservoir target.

9.2 Reef Lead A

Lead A is located in the centre of the Hinge Zone ~10km to the east of Pulan-1
and 9.5km southwest of Puwani-1 (Figure 8) and was also discussed in Section
7.4.1. The reef is best imaged on a cross section along seismic line OS-2
between shot points 1560 and 1670 (Figure 8). The lead has been mapped along its
top and base on seismic lines OS-2, OS-6, HPN-107, OS-11 and OS-8 as shown in
Figures 9 and 10. The TWT time-structure map reveals the lack of structural
closure over the lead. Stratigraphic/lithologic trapping is therefore essential.
The 150ms-TWT isochron on Figure 9 has been used to estimate the extent of the
potential reef-core with inferred reservoir quality porosity. The lead covers an
area of ~4.5 km2 with its thickest point at GR WM211752 with 190ms-TWT.

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The seismic image on line OS-2 (Figure 8) shows that the lead complies with all
the proposed criteria in Table 4. The potential reef-core shows limited internal
reflectivity, typical for reef mounts. On both sides, in particular the
southwestern side, the seismic shows downlapping reflectors which suggest the
presence of reefal detritus in a fore-reef setting. Towards the northeast, the
seismic image is characterized by strong amplitudes that are possibly onlapping
the interpreted reef-core. Together with the intersected limestone/siltstone
interbedded section in Puwani-1 possible back-reef facies can be interpreted to
the northeast of the reef-mount.

Reef Lead A requires further definition through additional seismic and
uncertainties on reservoir could be decreased if in-situ Puwani reefs could be
confirmed in the basin through regional field work.

9.3 Reef Lead C

Lead C is located at the southern edge of the Hinge Zone ~17km to the southeast
of Puwani-1 (Enclosure 5) The potential reef is best imaged on a cross section
along seismic line OS-4 between shot points 1330 and the end of the line (Figure
12). The lead has been mapped along its top and base on seismic lines OS-4 and
HPN-100 as shown in Figures 13 and 14.

The TWT time-structure map reveals the lack of structural closure over the lead.
Stratigraphic/lithologic trapping is therefore essential. The 150ms-TWT isochron
on Figure 13 has been used to estimate the extent of the potential reef-core
with inferred reservoir quality porosity. The lead covers an area of ~28km2 with
its thickest point at GR WM450767 with 260ms-TWT.

The seismic quality is not the best and a change in seismic amplitude above and
below the reef-core is not very obvious. Otherwise the seismic anomaly fulfills
the major criteria in Table 4. At around shot point 1375 on seismic line OS-4
(Figure 12) the non-reflective reef-core character is replaced by a downlapping
high-amplitude character, indicating the change into fore-reef facies.

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The reef-core facies seems to thin at around shot point 1500 towards the
northeast on seismic line OS-4 (Figure 12). The change in seismic character is
less apparent on this side of the reef-core as seismic quality deteriorates
towards the end of the line.

9.4 Mugi Creek West Reef Lead

The Mugi Creek West Reef Lead is located to the south of the Hinge Zone ~17km to
the south of Puwani-1 and 16km northwest of Boap Creek-1 (Enclosure 5). The
potential reef is best imaged on a cross section along seismic line HPN-109
between shot points 170 and 500 (Figure 1). The lead has been mapped along its
top and base on seismic lines HPN-109, OS-9, OS-4, HPN-112, HPN-111, HPN-108 and
OS-5 as shown in Figures 18 and 19. The TWT time-structure map reveals the lack
of structural closure over the lead. Stratigraphic/lithologic trapping is
therefore essential. The 100ms-TWT isochron on Figure 18 has been used to
estimate the extent of the potential reef-core with inferred reservoir quality
porosity. The lead covers an area of ~13km2 with its thickest point at GR
WM655359 with 130ms-TWT.

On seismic line HPN-109 between shot point 230 and 390, at about 2800ms TWT an
approximately 100ms thick non-reflective unit is imaged that complies with most
of the seismic criteria for reefs in Table 4. The main uncertainty is the
presence and distribution of reservoir porosity. Between shot point 230 and 210
on HPN-109 the non-reflective unit is on-lapped by high-amplitude, continuous
reflectors which could be interpreted as draped sediments over the reef-core.
Between shot point 330 and 380 a hint of clinoforms are interpreted as downlaps
onto the high-amplitude reef-base.

Considering that the lead is located some 15km south of the Hinge Zone,
potentially deposited in deeper water than Leads A and C an alternative
interpretation for the seismic anomaly could be valid. We believe that carbonate
turbidites funneling detritus from the carbonate platform into the deeper basin
could be responsible for the seismic reflection patterns we observe. The
non-reflective unit would represent one or an amalgamated turbiditic flow of
carbonate material against an otherwise shale-prone background. It is
recommended that this lead be reconsidered once in-situ reefs are proven in the
basin.

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9.5 Pliocene Reef Lead

A Pliocene Reef Lead is located 8km northeast of Boap Creek-1 on the northern
flank of the Muru Anticline (Enclosure 5). The anomaly is best imaged on a cross
section along seismic line HPN-101 between shot points 490 and 650 (Figure 20).
The lead has been mapped along its top and base on seismic lines HPN-101 and
HPN-102 as shown in Figures 21 and 22. The TWT time-structure map reveals the
lack of structural closure over the lead. Stratigraphic/lithologic trapping is
therefore essential. The 40ms-TWT isochron on Figure 21 has been used to
estimate the extent of the potential reef-core with inferred reservoir quality
porosity. The lead covers an area of ~27km2 with a small core ~5km2 and with its
thickest point at GR WM674570 with 50ms-TWT.

This seismic anomaly complies with most of the seismic reef criteria in Table 4.
In the central part of the feature, between shot point 530 and 600 on seismic
line HPN-101 the potential reef-core is imaged as a unit of disturbed and
thickening / diverging reflectors thinning towards both ends into continuous,
high-amplitude reflectors. The Late Pliocene was the initiation of a strike slip
tectonic margin and uplift of the area could have produced favorable conditions
for reefs growth. However, below the base of the mapped lead well imaged
clinoforms indicate a possible turbiditic depositional system. The observed
seismic anomaly could also be interpreted as overlapping turbiditic lobes.

The Pliocene Reef Lead requires additional seismic definition to confirm areal
extent and reef internal architecture and the seal capacity of overlying
Pliocene sediments presents a risk of leakage.

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9.6 Muru Anticline Lead

The Muru Anticline is ~12 km long and ~2km wide with Pliocene (N19-N21) Bewani
Formations rocks (Norvick & Hutchison 1980) in the core. It is defined by 3
seismic line segments and one 2D geological sectional model. The prospective
reservoir is envisaged to be fractured limestones of the Barida Beds and
possibly the Puwani Limestones at depths below 2200m subsea. Based on the 2D
structural model the vertical closure may be of the order of 100 metres (Figure
23). The success of the structure requires that the early Pliocene formations
form an adequate top seal to the Barida beds.

The Muru anticline requires additional seismic coverage to confirm the
subsurface geometries and to explore for potential fracture porosity development
to provide viable reservoir target.

9.7 Muru North and Mili Anticlines follow up leads

The Muru North Anticline feature is located between the confluence of the Bilia
and Duro Creeks north of the Muru Anticline. It is imaged on seismic line OS-3
which illustrates a steeply dipping faults in a flower structure similar to the
Muru Anticline. There is no evidence of this structure on the 1:250,000 regional
geological map compilation. The Muru North Anticline may offer potential
hydrocarbon production from fractured Barida Beds or Puwani Limestone at
approximately 2000 - 2800 mbsl.

The Mili Anticline is located to the south of the Muru Anticline and south-east
of the OS-3 reflection seismic line and is illustrated in the 1:250,000
geological map compilation. It is defined by 5 dip azimuth readings at outcrop
and the regional dip from the adjacent OS-3 line. The structure is interpreted
as a simple fold that is likely to be the northern edge of a flower structure
similar to the Muru Anticline.

Additional structural field work is recommended to acquire more data so as to
validate this structure as a potential follow up drill location for a successful
drilling campaign at Muru Anticline.

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9.8 Pinyare Anticline Lead

The Pinyare Anticline is ~12-15 km long and up to 1-3 km wide, exposing Late
Pliocene Neni Formation (Norvick & Hutchison 1980) in the core, dated as N21 by
Haig (1993) in Hilyard et al (1994). Vertical closure is of the order of 500
metres. The Neni Formation comprises alternating mudstone and sandstone,
blue-black fissile mudstone, conglomerate and pebbly mudstone. The core of the
anticline appears to be older towards the east, suggesting a general westerly
plunge. The anticline is interpreted to overlie a strike-slip flower structure,
probably with extensional faults in the core (Figures 24 and 25). A gas seep
sampled towards the eastern end of the anticline was found to be of biogenic
origin. The main hydrocarbon play is interpreted to be due to fracture porosity
in the Barida Beds, Puwani Limestone at about 3000 mss and Basement, with oil or
gas sourced from adjacent Early Miocene source rocks and Barida Beds during
fracturing. A second play may exist to the south beneath the upthrust basement
of the Bewani-Torricelli Ranges (see cross sections).

9.9 Barida Anticline Lead

The Barida Anticline is >20 km long and ~5 km wide at the surface exposure of
the Pliocene Nengare Member outcrops. The core of the structure exposes late
Miocene-Pliocene limestones of the Barida Beds. The western end of the structure
probably plunges to form western closure but the eastern closure is uncertain as
the structure is compartmentalized by a north trending transverse fault that may
destroy the integrity of the top seal. The sectional model shows 3 faulted
blocks of Barida Beds elevated above basement but not breached (Figure 26) and
having potential as reservoirs where fracture porosity may be developed.

Surface outcrop dips are steep in places and the topographic expression is quite
rugged and up to 600 m amsl. However modern seismic acquisition and processing
methods should be able to produce a useful profile to validate the geological
model. Additional surface structural measurements on 6-8 serial dip sections are
required to better constrain the model along strike. The occurrence of Barida
Beds at outcrop in a fourth uplifted block near the crest of the structure
provides an opportunity to study fracture development at outcrop.

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9.10 Upper Fivuma geomorphic anomaly

This 12 sq km geomorphic anomaly centered at GR WM578664 was originally defined
by Hilyard et al (1994) from photogeologic interpretations. It is a roughly
circular anomaly ~6 km in diameter marked by a radial drainage pattern and a
flat top at over 200 metres elevation, generally higher than the surrounding
area. The anomaly may reflect the presence of an underlying reef and is
presented as a notional lead for further consideration as an eastern oil reef
play.

9.11 Lower Fivuma geomorphic anomaly

This 10 sq km anomaly centered at GR WM589660 is roughly circular and ~5 km in
diameter marked by a radial drainage pattern and a flat top at over 200 metres
elevation, higher than the surrounding area. The anomaly may reflect the
presence of an underlying reef and is presented as a notional lead for further
consideration as an eastern oil reef play.

9.12 Serra Hinge Play

In the eastern part of the licence at GR WM568671, 15 km SSW of Leitre Mission,
which is on the coast, there is an oil seep marked on the map of Norvick &
Hutchison (1980) in an area inferred to overlie a structural hinge and probable
down to the basement fault as shown on section G-H of Norvick and Hutchison
(1980). This area also coincides with a relatively large region of
counter-regional dips, towards the north, that suggest the presence of an
underlying footwall-high, or tilted-fault block play, with Puwani Limestone
and/or Quaternary Limestone reservoir. This play has potential for light oil
sourced from eastern PL249 requires further consideration to generate leads for
further exploration.

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10 PROBABILISTIC RESOURCE AND RISK ASSESSMENT

Appendix 1 contains the probabilistic resource assessment realizations generated
using Logicom's REP software. Table 5 summarises the results, which are
presented as separate oil and gas leads ranked in order of the risk-weighted
resource.

Two transpressional anticlines are prospective for oil based on the confirmed
occurrence of oil seeps 50-100 km east at Lemieng and Matapau. They oils are
assumed to be light (50(0) API) but no laboratory data was sighted to confirm
this.

Six leads (five seismically defined reef leads and one seismic /outcrop defined
anticline structural lead) are prospective for gas on the basis that thermogenic
gas seeps and gas shows in wells are present but no confirmed oil occurrences in
the western part of the block.

A full REP report for each lead is provided to Cheetah Oil & Gas in digital
format (.pdf files) on a compact disc and a printed version appended to this
report.

In addition to the eight probabilistic estimates, a deterministic resource
estimate is presented for each of the small Muru North and Mili structural plays
north and south of the Muru Anticline and three notional reef leads (Serra Hinge
Play, and the Upper and Lower Fivuma geomorphic anomalies).

The identified leads all carry considerable risks estimated to range from 1 in 9
to 1 in 45. The risks are estimated by an assessment of the geological
parameters of reservoir, source and trap with respect to their likely presence
and effectiveness to support the P90 resource assessment. In most cases the
principal risk elements are the presence of an effective reservoir or structural
integrity of closure because of the sparse defining data. Whilst these risk
factors are arguably conjectural they have been rigorously and consistently
applied to allow a reliable comparison and ranking of the structures as
candidates for future exploration activity.

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The Barida Anticline is potentially the largest oil structural lead in PPL249
(390 million barrels P50 oil-in-place) but on the basis that its subsurface
geometry is only constrained by a single 2D model and that the core of the
structure includes outcrops of the proposed Barida Beds the technical risks are
high. On a risk weighted resource basis the Pinyare Anticline is the best oil
structural lead since the structure is doubly plunging, no Barida Beds crop out.

On a risk weighted resource basis the Muru Anticline is the most attractive gas
lead identified in PPL249 based primarily on its size which is well defined by
outcrop and two seismic lines. The Muru Anticline is prospective for 500 bcf
unrisked mean recoverable gas. The greatest uncertainty with this lead is the
presence of a viable reservoir in the sub surface.

The reef leads identified and recommended for consideration for further
exploration range 32-175 bcf unrisked mean recoverable gas. On the basis of
risked weighted resource the Pulan Reef feature is the most attractive despite
the Pulan-1 well having failed to encounter porosity. Industry experience in
exploration and production wells in Miocene reefs elsewhere in Indonesia show
that porosity prediction is one of the greatest hazards in this type of play.

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Table 5: Summary of the probabilistic resource assessment (generated using
Logicom's REP software) ranking light- oil and gas leads in order of the
risk-weighted reserve for structural and reef leads in PPL249

Risked
Mean Risk C.O.S.
Name COGL Status Reserve Factor 1 in Reservoir

Pinyare Anticline Lead 100% Lead 16 0.113 9 Fractured Miocene Barida Beds mmb
Barida Anticline Lead 100% Lead 14.2 0.077 13 Fractured Miocene Barida Beds mmb
Sum of Means mmb

Upper Fivuma geomorphic anomaly 100% Lead 2 0.030 33 Miocene or Piocene reef mmb
Lower Fivuma geomorphic anomaly 100% Lead 2 0.030 33 Miocene or Piocene reef mmb
Serra Hinge play 100% Lead 1 0.018 56 Pliocene Lst Reef mmb
Sum of Means mmb
Total sum of Means {oil} mmb

Muru Anticline Lead 100% Lead 11 0.022 45 Fractured Miocene Barida Beds bcf
Pulan Reef Lead 100% Lead 7 0.113 9 Miocene Puwani Lst Reef bcf
Reef Lead C 100% Lead 6 0.035 29 Miocene Puwani Lst Reef bcf
Mugi Creek West Reef Lead 100% Lead 2 0.025 40 Miocene Puwani Lst Reef bcf
Pliocene Reef Lead 100% Lead 2 0.044 23 Pliocene Lst Reef bcf
Reef Lead A 100% Lead 1 0.045 22 Miocene Puwani Lst Reef bcf
Sum of Means bcf

Muru North Anticline follow-up lead 100% Lead 2 0.043 23 Fractured Miocene Barida Beds bcf
Mill Anticline follow-up lead 100% Lead 2 0.043 23 Fractured Miocene Barida Beds bcf
Sum of Means bcf
Total sum of Means {gas} bcf

Unrisked In-place resources Unrisked recoverable resources
Name P90 P50 P10 Mean P90 P50 P10 Mean Source

Pinyare Anticline Lead 111 288 566 321 47 124 247 139 3D-GEO REP evaluation Jan 05
Barida Anticline Lead 178 390 712 425 75 168 311 184 3D-GEO REP evaluation Jan 05
Sum of Means 746 323

Upper Fivuma geomorphic anomaly 94 57 Deterministic estimation
Lower Fivuma geomorphic anomaly 94 57 Deterministic estimation
Serra Hinge play 94 57 Deterministic estimation
Sum of Means 283 170
Total sum of Means {oil} 1029 493

Muru Anticline Lead 266 549 1044 614 214 445 855 501 3D-GEO REP evaluation Jan 05
Pulan Reef Lead 23 63 158 80 19 52 131 66 3D-GEO REP evaluation Jan 05
Reef Lead C 61 161 417 212 50 133 347 175 3D-GEO REP evaluation Jan 05
Mugi Creek West Reef Lead 21 66 193 92 18 54 159 76 3D-GEO REP evaluation Jan 05
Pliocene Reef Lead 10 32 86 42 8 26 72 35 3D-GEO REP evaluation Jan 05
Reef Lead A 11 30 75 38 9 25 62 32 3D-GEO REP evaluation Jan 05
Sum of Means 1078 885

Muru North Anticline follow-up lead 63 50 Deterministic estimation
Mill Anticline follow-up lead 63 50 Deterministic estimation
Sum of Means 126 101
Total sum of Means {gas} 1204 986

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11 CONCLUSIONS AND RECOMMENDATIONS

11.1 Prospectivity

1. PPL249 has a proven hydrocarbon source, generation and migration due
to the seeps of thermogenic gas, but no source rocks have been found
in outcrop. The block is considered prospective for light oils in the
east and gas in the west.

2. PPL249 has a potential Miocene limestone reef reservoir and inferred
Pliocene and Pleistocene reef or porous carbonate reservoirs. The
identification and prediction of porosity development and distribution
is difficult.

3. Strike-slip flower structures have been interpreted with the potential
to develop high fracture porosities in the core, as observed in
outcrop, albeit subsequently plugged.

4. PPL249 has Middle and Late Miocene and Pliocene marine marls and
mudstones that are likely to seal potential reservoir horizons,
although Quaternary carbonates may only have a thin seal. Interbeds of
siltstones present some risk of leaky seals.

5. Five potential reefal anomalies have been recorded on the reprocessed
seismic data, and two further anomalies indicated from topographic
analysis.

6. One hinge-line play has been inferred, where there is an area of
substantial dip reversal and a recorded oil seep.

7. Three 20-60 km2 anticlines are interpreted to be Pleistocene flower
structures that may have substantial fracture porosity in the cores,
created at the same time as hydrocarbon generation, such that porosity
is preserved.

8. Total unrisked mean gas-in-place for all gas leads and plays is 1.2
tcf

9. Total unrisked mean oil-in-place for 2 anticlines is 746 million
barrels light oil and three other notional leads each have potential
for 94 mm bbls oil.

11.2 Risk

1. The primary risks are the presence of reservoir as either reef or
fracture porosity (see Table 5 and Appendices for details).

2. Definition of trap geometry is also poor and requires considerable
additional data in the form of either seismic and / or outcrop
structural measurements.

3. A secondary risk is the source rock as no high quality source rocks
have been identified at surface or in the subsurface. Thermogenic
seeps in the west and light oil seeps in the east confirm some
petroleum generation but these do not guarantee commercial volumes
have been generated.

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11.3 Recommendations

1. Immediately instigate a comprehensive study of the facies variations
across the licence, incorporating all the traverses of Hilyard et al
(1994) and the, as yet unseen, data of Wilson (1993), Australian
Photogeological Consultants Ltd (1993) and Haig (1993).

2. Review the source rock potential and seeps using the reports of Dow
(1993), and Talukdar and Dow (1993), available geochemical laboratory
data and consider modeling potential generative potential of the
basin.

3. Utilise the surface geological maps, air photos, SAR images and
theories of strike-slip fault development to infer the presence of
cross-cutting faults and fracture sets that may enhance the fracture
porosity at depth providing sweet-spots to drill.

4. Carry out field mapping of the Pinyare and Barida Anticlines to
further constrain structural style and fracture development and to
confirm the Barida and Serra Hinge oil seeps and Serra Hinge dip
reversal.

5. Consider acquisition of modern high quality reflection seismic data
and the application of amplitude analysis over the larger leads (Pulan
Reef, Reef Lead C, Mugi Creek West and Muru Anticline) on a close line
spacing and reconnaissance seismic acquisition over the Fivuma
geomorphic (?reefal) anomalies and the Pinyare and Barida Anticlines.

6. Implement the Phase 2 assessment of the licence including:

a. A review of all data and literature

b. Entering all data in a digital format

c. Well post mortems

d. Petroleum Systems and Play Fairway Analysis

e. Geochemical analysis

f. Basin Modeling

g. Acquisition of new field data

h. Complete and upgrade the prospect inventory

i. High grade the prospectivity applying segment analysis.

3D-GEO, Jan 2005
43

Cheetah Oil and Gas (PNG) Ltd PPL 249 Hydrocarbons 3D GEO

12 REFERENCES

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the Aitape Basin and adjacent areas, Papua New Guinea (unpublished). NOT
SIGHTED
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Kevin Hill, La Trobe University, Melbourne. 109 pages.
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Wilson C. 1993. Description of limestone and some sandstone samples from PPL
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