Kina Petroleum has acquired a stake in PPL 435 in Papua New Guinea from fellow Australian player Cott Oil & Gas. Kina said that it had entered into a farm-in agreement with Wondecla, a wholly-owned sub- sidiary of Cott, for each company to hold a 50% stake in PPL 435 in the Western Papuan Basin. PPL 435 covers 5,670sq km and lies 45km southwest and up dip from Kina's PRL 21 block, which hosts the Elevala and Ketu gas fields. The primary reservoir for these fields is basal Cretaceous Elevala sandstone.
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