New Guinea Energy Ltd (NGE) today announced that the operator, Talisman New Guinea Pty Ltd has obtained approval from the Papua New Guinea Government to vary the seismic and drilling programs on its 50% owned Petroleum Prospecting Licence (PPL) 269.
The announcement was made by the company secretary Lucy Rowe in a statement released today to the market.
“The approval to vary these programs has today been gazetted under the PNG Oil and Gas Act No 49 of 1998. As announced on 13 February 2014, obtaining this approval from the Department of Petroleum and Energy was one of the conditions precedent of the sale agreement between NGE’s wholly owned subsidiary Kirkland Limited and Barracuda Limited, a subsidiary of Santos Limited (Santos), for the Company’s 50% interest in PPL 269.
“The approvals for the PPL 269 variation include the deferral of the well commitments from Years 1 and 2, to Years 3, 4 and 5 as well as approving the Work Program and Expenditure for Years 3, 4 and 5.
Earlier on 15 May 2014, NGE announced that its 50% joint venture with Maps Tuna Limited, Western Drilling Limited (WDL) had signed a contract for the use of WDL’s SL 7 Heli Rig and camp.
As per that announcement, NGE states that the mobilization has commenced, with the rig camp equipment now en route to the field.