Horizon Oil Limited reported Monday that the Hon. Nixon P. Duban, PNG's Minister for Petroleum and Energy has formally notified the Company of the decision of the Papua New Guinea (PNG) National Executive Council (NEC) to approve the Stanley gas condensate development project (Stanley Project), in Western Province in PNG.
In association with its approval of the Stanley Project, the NEC:
Horizon Oil further advises the licensees have received notification of the Minister's intention to grant a petroleum development license (PDL 10) and pipeline license (PL 10) in respect of the Stanley Project and, in accordance with the Act, Horizon Oil and its fellow licensees have requested the Minister grant such licenses.
The Minister has requested the licensees attend a formal ceremony for signing of the Stanley Gas Agreement April 17. Under the terms of the Gas Agreement, the Minister will grant Horizon Oil and its fellow licensees Stanley PDL 10 and PL 10 within two weeks of its execution. Grant of PDL 10 is the final step to completion of Horizon Oil's sale of 40 percent of its PNG asset to Osaka Gas and will trigger transfer to Horizon Oil of the balance of the sale proceeds plus adjustments of approximately $77 million in total.
*Wholly owned subsidiaries of Talisman Energy, Mitsubishi Corporation and Osaka Gas
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