Rift Adds Acreage in Papua New Guinea

Rift Oil Plc said that it has accepted the offer from the Ministry of Petroleum and Energy in Papua New Guinea (PNG) of exploration license PPL 261. This area covers approximately 4,000 sq km immediately north of PPL 235 in which Rift Oil has a 65% interest. The ownership of the lease is in the name of Foreland Oil Limited (for and on behalf of Rift Oil Plc) as to 50% and Trans-Orient Petroleum (PNG) Limited (for and on behalf of Austral) as to 50%.

This increases the area in which Rift Oil has a significant interest to approximately 7,000 sq km.

Chairman, Ian Gowrie-Smith, said: "This is an important development for Rift Oil. PPL 261 is on the migration pathway to PPL 235 in which we discovered potentially significant reserves of gas with Douglas-1. The granting of this new license materially increases our acreage in this new gas province."


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