Oil Search of Papua New Guinea announced the completion of its acquisition of the relevant Pac LNG Group Companies holding a 22.835% gross interest in Petroleum Retention Licence 15 (PRL 15), containing the Elk/Antelope gas discoveries in Papua New Guinea.
The purchase was funded by a placement of 149.39 million fully paid ordinary shares to the Independent State of Papua New Guinea, which was completed yesterday.
Peter Botten, Oil Search’s Managing Director said: “Oil Search’s entry into the PRL 15 joint venture provides us with the opportunity to play a key role in determining the optimal commercialisation route for the Elk/Antelope resource, which is the largest undeveloped gas resource in Papua New Guinea and highly complementary to our existing asset base. We look forward to working with InterOil and other potential partners to realise the full value from the material gas resources contained within PRL 15.”
Press Release, March 13, 2014