Santos Ltd. has finalized its acquisition of 50% interest in exploration permit PPL 269 in Papua New Guinea from New Guinea Energy for an initial payment of $32 million.
The permit straddles the forelands and foldbelt in that country’s Western province.
The permit lies immediately west and south of P’nyang gas-condensate field and west of Juaha gas-condensate field.
The acquisition was first announced about a year ago, but the final condition precedent of the sale has only now been met and the Papua New Guinea Minister for Petroleum and Energy has approved the transfer of interest.
Under terms of the agreement, Santos will pay another $2 million if a retention license is granted for any part of the permit and $6 million if a development license is granted.
PPL 269 has five mapped prospects at drillable stage along with 34 identified leads.