The PNG interests, which comprise 26.82% of PRL 4 and 15.0% of PRL 5, were sold subject to the pre-emptive rights under the respective joint venture agreements. A majority of the existing joint venturers have pre-empted the sale. The consideration for the sale is A$500,000 cash.
The sale of these interests remains subject to regulatory approvals.
Commenting on the sale, AWE's managing director Mr. Bruce Phillips said:
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