NGE, WDL Agree to Terminate Papua New Guinea Rig Deal

Australia's oil and gas exploration company New Guinea Energy Ltd. revealed Tuesday that the contract previously announced Oct. 31, 2013 for the use of Western Drilling Limited's SL7 Helo Rig and camp (Rig) within Papua New Guinea (PNG) has been terminated by mutual agreement.

To date, Western Drilling Limited (WDL) has been unable to obtain approval to use the Rig in Papua New Guinea from the PNG Department of Petroleum and Energy (DPE).

WDL will continue its efforts to obtain approval for the Rig from the DPE and will provide further updates to the market.

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