Australia's Horizon Oil Ltd. reported Monday that the article in today’s Street Talk section of the Australian Financial Review, stating that the Company “has secured a production development license” in respect of the Stanley Gas Project in Papua New Guinea, leading to a formal announcement of same today, is premature.
As previously advised by the Company:
Under PNG’s Oil and Gas Act and the terms of the Gas Agreement, the Minister for Petroleum and Energy will grant the development and pipeline licenses.
The Minister convened the development forum, required under PNG’s Oil and Gas Act, May 16. The development forum is a key stakeholder meeting between the Stanley area landowners, the National and provincial governments at which the State’s benefit sharing proposals are discussed with landowners and other stakeholders. The development forum is in progress.
Horizon Oil will announce the grant of the Stanley Gas Project petroleum development license on receipt of the license from the Minister for Petroleum and Energy.
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