New Guinea Energy sells its 50% interest in PPL269 to Santos
BRISBANE, Australia -- New Guinea Energy's wholly owned subsidiary, Kirkland Ltd., has completed the sale of its 50% interest in PPL269 located in Papua New Guinea to Barracuda Ltd., a subsidiary of Santos Ltd.
Under the terms of the sale and purchase agreement, Santos has now acquired Kirkland’s 50% participating interest in PPL 269 in exchange for a total consideration of $32 million cash on completion and a future payment of $2 million cash if a Petroleum Retention Licence (PRL) is granted over any area of PPL269.
Also, a future payment of a further $6 million cash has to be made if a Petroleum Development Licence (PDL) is granted over any area of PPL269. (However, if a PDL is granted prior to a PRL, a one off payment of $8 million cash will be payable instead).
