New Guinea Energy Limited (NGE) reported Wednesday that its wholly owned subsidiary, Kirkland Limited (Kirkland), today completed the sale of its 50 percent interest in Petroleum Prospecting License (PPL) 269 in Papua New Guinea (PNG) to Barracuda Limited - a subsidiary of Santos Limited (STO).
Under the terms of the sale and purchase agreement, STO has now acquired Kirkland’s 50 percent participating interest in PPL 269 in exchange for a total consideration of:
“We are very pleased to have reached Completion of the sale of our interest in PPL 269, today, to a subsidiary of Santos Limited. The funds secured from this transaction now give the Company the ability to consider future growth opportunities and we look forward to updating shareholders of these considerations in the near future," commented Executive Chairman, Michael Arnett.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Most Popular Articles
From the Career Center
Jobs that may interest you