Cheetah Oil & Gas Wins License for Property 246 in PNG

Cheetah Oil & Gas reports that the Papua New Guinea Department of Petroleum and Energy has issued the Company's subsidiary, Scotia Petroleum Inc., a Petroleum Retention License for petroleum property #246. Scotia Petroleum Inc. is an 85% controlled subsidiary.

As previously announced, the Company commissioned an independent risk assessment of property #246 from 3D-GEO of Melbourne Australia. That original assessment estimated total unrisked mean gas-in-place for all leads and plays within property #246 as 2.6 trillion cubic feet. 3D-GEO has subsequently informed the Company that its original report contained calculation errors and has now revised this report. 3D-GEO's revision now estimates total unrisked mean gas-in-place for all leads and plays within property #246 as 3.3 trillion cubic feet.

The Company anticipates receiving independent assessment reports on petroleum properties #245 and #249 shortly and will release additional information regarding these evaluations as soon as possible.

The Company is evaluating and exploring for energy resources on its five 100%-owned and operated PPL's of approximately 8.3 million acres, as well as its 97.5% farm-in interest in two PPL's of another 3.9 million acres, making this total of 12.2 million acres the largest land position of its kind in Papua New Guinea.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Sr Advising Engineer - Tech Development
Expertise: Business Development|IT - Software Development
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Marketing
Location: Salt Lake City, UT
Project Manager II
Expertise: Estimating|Project Controls|Project Management
Location: Hayward, CA
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours