Cott Oil and Gas secures stakes in PNG licences

Proactive Investors

Cott Oil and Gas now has 50% interests in two petroleum exploration licences that have gas and liquids potential in the southern part of the Papuan Basin, Papua New Guinea.
The company has fulfilled the farm-in commitments on PPL 435, which is held by Kina Petroleum , and has together with Kina been awarded PPL 436.
PPL 435 and 436 cover a total area of 18,436 square kilometres with the latter traversing the proposed western gas pipeline to the southern port of Daru.
Partner Kina has identified three substantial prospects and a number of leads. Evaluation work is also ongoing to develop the prospects and leads to drilling targets.