NGE gets PNG licence extensions

Papua New Guinea: NGE has received a five year extension for two onshore licences

DREW DOUGLAS

 

By JOSH LEWIS in Upstream

 

Australia-listed New Guinea Energy (NGE) received extensions for the exploration periods of two licences in Papua New Guinea.

The company confirmed on Thursday that Papua New Guinea’s Minister of Petroleum & Energy had granted a five year extension to the licence periods and exploration expenditure programmes for PPL 266 and 267.
“Gaining confirmation that NGE have the rights for the next five years to continue exploration in these prospective licences is tremendously helpful and fundamental in providing the certainty to potential farm-in partners,” NGE chief executive Grant Worner said.
NGE said the tenure on the licences, in which it holds a 100% interest, expired in August last year, while its other two wholly-owned PNG licences, PPL 265 and PPL  277, are due to expire at the end of November this year.
It noted that it had lodged applications with the PNG Department of Petroleum & Energy “well in advance” of the expiration date