Australia's New Guinea Energy (NGE) has signed a heads of agreement to farm out stakes in two blocks it holds in western Papua New Guinea (PNG) in return for exploration funding. NGE declined to identify its new partner, referring to it only as a "wholly-owned subsidiary of a major multinational oil company." In exchange for 50% of Block PPL 269, the farm-in company will fund a seismic program and one exploration well costing up to $15 million, with an option to drill two more wells. The block holds the Tarim-1 oil find, drilled by ConocoPhillips in the 1990s, and is next to acreage held by Exxon Mobil and its partners in the PLG LNG project.
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