Rift Gets Extension for Petroleum Prospecting License in PNG

Rift announced that its wholly owned subsidiary, Foreland Oil Limited, has been granted an extension to petroleum prospecting license No: 235 by the Minister for Petroleum and Energy of Papua New Guinea.

The license has been extended for a further period of five years commencing on the August 29, 2009. The extension takes effect as from the date of expiry of the original license.

The license has been renewed subject to a minimum work program which includes the drilling of one exploration well and the acquisition of 80km of 2D seismic within the first two years of the 5 year term, and the drilling of a further exploration well before the expiry of the 5 year term.

The extension of License No. 235 was a condition to the offer to acquire Rift by Talisman Energy Holdings Limited by way of a scheme of arrangement (the 'Scheme') , announced on June 16, 2009. The First Court Hearing to sanction the Scheme and the Second Court Hearing to confirm the Reduction of Capital have been scheduled for August 6 and 10, 2009 respectively. It is therefore currently anticipated that, subject to Court approval, the Scheme will become Effective on August 10, 2009.