New Guinea Energy has accepted an offer by the Minister of Petroleum
and Energy to extend the licence periods and exploration expenditure
programmes for Petroleum Prospecting Licence (PPL) 266 and PPL 267 for
a further five years.
NGE has an attractive exploration portfolio in Papua New Guinea and is
100% owner and operator of four licences and 50% equity owner and
non-operator in two licences. The tenure on two 100%-owned licences,
PPL 266 and PPL 267, expired in mid-August 2011, whilst the tenure on
another two 100%-owned licences, PPL 265 and PPL 277, is due to expire
at the end of November 2012.
Well in advance of expiration dates, applications were lodged with the
PNG Department of Petroleum and Energy to extend all four licences.
Whilst awaiting endorsement for licence extensions, NGE continued to
de-risk its operated licences and on 21 August 2012 announced the
results of seismic programmes on both PPL 265 and PPL 266 and its
objective of farming out equity to fund drilling.
"Gaining confirmation that NGE has the rights for the next five years
to continue exploration in these prospective licences is tremendously
helpful and fundamental in providing the certainty to potential
farm-in partners," said NGE chief executive officer, Grant Worner.
The company looks forward to keeping shareholders updated on the
future work programmes and progress on each of these licences.