New Guinea Energy just sold a PPL to PNG LNG for only $14.2 million
New Guinea Energy Ltd : Completion of Sale of PPL 277
12/13/2012| 04:35am US/Eastern
New Guinea Energy Limited (NGE) is pleased to announce that it has completed the sale of Petroleum Prospecting Licence (PPL) 277 to Esso PNG Exploration Ltd (Esso) and Oil Search (PNG) Limited (OSH).
"NGE is delighted to have completed the sale of PPL 277 which strengthens our balance sheet and retains our exposure to significant upside potential and a source of ongoing revenue in the event of commercial development from the licence", said NGE Chief Executive Officer, Grant Worner.
The Worner quote apparently does not tell all about some of the terms...see .."and retains our exposure to igniificant upside exposure". The quoted sale price of "only 14.2MM" is therefore
for only a part of full ownership....so we do not know what the ppl license is worth.
Sentiment: Strong Buy
This is OLD news bro. or did I miss something here?
Wednesday, 7 Mar 2012
New Guinea Energy Ltd announced that it has signed agreements with Esso PNG Exploration Ltd (Esso), a subsidiary of Exxon Mobil Corporation, and Oil Search (PNG) Limited (OSH) regarding Petroleum Prospecting Licence (PPL) 277, held by Kingsbury Limited (Kingsbury), one of NGE's wholly owned subsidiaries. Under the terms of the agreements, and contingent on receipt of the next extension of PPL 277 and other requisite government approvals, Esso and OSH will each acquire 50% of the working interests in PPL 277 in exchange for a total of USD 15 million (Esso USD 7.5 million, OSH USD 7.5 million). Subject to further conditions, NGE may become entitled to an additional USD 20 million if a Petroleum Development Licence (PDL) is granted, and if commercial production occurs, a royalty over all revenue received from the petroleum produced and sold (Royalty).
Sentiment: Strong Buy
Be sure and check out how many of the stories in the PNG Industry News about New Guinea Energy Ltd. were written by BLAIR PRICE.
Oh, and he's written a lot of stuff on Nautilus Minerals too. The guy certainly covers the waterfront for his boss Andrew L. Kent, owner of Aspermont which owns PNG Industry News!!!!!!!
Sentiment: Strong Sell
I just checked and PNG Industry NewsNet ran a whole lot of stories about New Guinea Energy Ltd. I wonder if ANY of them mentioned that the owner of Aspermont Ltd. was on the BOD of New Guinea Energy Ltd?
LOL. I just checked the New Guinea Energy Ltd. website. New Energy Ltd. is an Australian company and guess who's on their BOD? LOL, the guy who owns the PNG Industry News rag website!
ANDREW L KENT --- New Guinea Energy Ltd.
Andrew is an experienced business manager and corporate advisor with over 40 years experience in international equities and media. He is the Chairman of Aspermont Limited and was CEO of that company from 2000 to 2005. He holds directorships in Maqyar Mining, Excalibur Mining and Water Resources Group. He is a member of the Australian Institute of Company Directors.