New Guinea Energy Acquires Stake in Karoon Gas Australia
Papua New Guinea-focused New Guinea Energy Ltd. (NGE or Company) revealed Monday that, after the close of trading on April 15, it made a circa $2.72 million (AUD 3.55 million) investment in Karoon Gas Australia Ltd., representing approximately 18 percent of the Company's net assets as at Dec. 31, 2015.
The investment is in line with NGE's stated strategy of shifting away from investing in few, high cost, high risk activities to more attractive investment opportunities aimed at maximizing returns for shareholders over the medium to long term, as outlined in our Strategy Review dated Oct. 13, 2015.
The investment is also in line with the previously stated strategy of making strategic investments to take advantage of currently depressed oil and gas markets and also evolving the Company's activities outside of Papua New Guinea, as discussed in NGE's corporate presentation on May 14, 2015.
The Company will continue to keep the market informed of material developments in accordance with the ASX Listing Rules.
WHAT DO YOU THINK?
- Karoon Buys PEPC's 35% Stake in 4 Santos Basin Blocks in Brazil for $20.5M (Sep 28)
- PEPC Makes Overdue Payment to Karoon for Brazil's Santos Basin Blocks (Jun 16)
- Karoon Issues Default Notice to Santos Basin Block Partner PEPC (Jun 15)
Company: New Guinea Energy Ltd. more info
- New Guinea Energy Acquires Stake in Karoon Gas Australia (Apr 18)
- NGE Completes Sale of a 50% Stake in PPL 269 in Papua New Guinea to Santos (Mar 11)
- Papua New Guinea Approves NGE's Sale of 50% in PPL 269 to Santos (Feb 18)