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NEW GUINEA ENERGY LTD

ASX: NGE

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

New Guinea Energy Ltd is focused on oil and gas exploration in Papua New Guinea. The company currently has 3 onshore Petroleum Prospecting Licence covering more than 9,601km˛ and a royalty right over another 4,000km2 in a PPL running parallel to the PNG LNG project.

NGE has established joint ventures and commercial arrangements with the largest players in the booming PNG oil and gas sector, namely ExxonMobil, Oil Search, Mitsubishi, and Talisman Energy. The company is also a 50% owner of a fit-for-purpose onshore drilling rig specifically designed to be able to be mobilized and used in difficult to access, remote locations.

In December 2012, NGE completed the sale and royalty agreement for PPL 277 with Esso PNG Exploration Limited and Oil Search (ASX:OSH). This links part of NGE’s growth to the expansion of the ExxonMobil led US$19B PNG LNG project without taking the risks nor having the capital obligations. Under the terms for PPL 277, NGE received an upfront cash fee of US$15M and will receive an additional US$20M upon a Petroleum Development Licence approval, as well future royalty payments on production.

On 13 February 2014, NGE's 100% subsidiary Kirkland Limited signed a Sale and Purchase Agreement with Barracuda Limited, a subsidiary of Santos Limited for its 50% interest in PPL 269 and on 11 March 2015 this sale was Completed.

Mine For

oil, gas

Location of operation(s)

Papua New Guinea

Address

Se 401 Level 4 2-10 Loftus St
SYDNEY, NSW, AUSTRALIA

Phone

(61 2) 9252 0010

Email

Website


Last Updated

14/5/2015

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.