News

March 10, 2010

New Guinea Energy Gears Up For Some Drilling Following Its Farm Out to Talisman Energy

We know that Papua New Guinea is becoming one of the worlds newest, highly prospective hydrocarbon provinces because London Aim quoted Rift Oil presented at an oilbarrel.com conference last year and described the substantial discoveries it had made in PNG. Rift was subsequently taken over by Canada’s Talisman Energy for US$ 177 million in a deal that delivered a three fold increase in shareholder value.

ASX listed New Guinea Energy, which is presenting at our next conference tomorrow, March 11, has assembled one of the largest acreage positions in PNG covering 52,810km2 (13m acres)  in 6 onshore permits. Australian broker Martin Place Securities (MPS) estimates the risk adjusted mean resource base is greater than 500 million barrels of oil equivalent in place from an unrisked resource of 2.5 billion boe. NGE has identified 89 leads and says some of these are drill ready.

NGE was formed...