Rift Oil in 'Exceptional Position' to Become Substantial Gas Producer

Rift Oil, the oil and gas exploration company with assets in Papua New Guinea, has made significant progress toward becoming a substantial gas producer based on a nonbinding MOU with Alcan.

"Rift Oil is now in an exceptional position," said Chairman Ian Gowrie-Smith. "We have gas reserves and an in principle agreement with Alcan which together have the potential to be transformational. We are looking at what could be worth billions. There are issues we need to prove and substantial hurdles to clear, but we have the rig and the funding. I look forward to reporting on progress in due course."