New Guinea Energy Ltd., Sydney, through its Kirkland Ltd. subsidiary, has elected to retain its 50% interest in PPL 269, operated by Talisman Niugini Pty. Ltd. in western Papua New Guinea.
PPL 268 and PPL 269 are prized licenses as part of the gas aggregation strategy in the Western Province of PNG (OGJ, Sept. 5, 2011, p. 20). It is believed the licenses hold a mean prospective resource of some 2 tcf of gas in PPL 268 and 7 tcf of gas in PPL 269, NGE said.
NGE continues to be of the view that these licenses are highly prospective and are strategic landholdings in the Western Province. Seismic programs focused on the Champion lead on PPL 269 and the 268-1 lead on PPL 268 are planned for the first quarter of 2012 to mature targets for drilling.
Potential strategic partners have expressed their interest in the license, and NGE is progressing negotiations that should add value to both the license and the company. NGE is also continuing to develop exploration and drilling programs on its four other wholly owned licenses as well as actively seeking joint venture partners.
