New Guinea Energy (NGE)

Shares / Stock Code

NGE

Stock Exchange / Sharemarket

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New Guinea Energy (NGE) is an Australian company focusing on oil and gas exploration in PNG. PNG has a favourable tax regime with incentives for oil and gas development. The Papuan Basin is a proven petroleum play with a similar petroleum system to the offshore Australian North West Shelf. NGE listed on the Australian stockmarket (ASX) on 28 December, 2007.

New Guinea Energy has 6 onshore Petroleum Prospecting Licences (PPLs) covering more than 50,000 sq km.These 6 PPLs contain an excellent exploration inventory of 7 prospects and 90 leads, The 7 prospects contain contingent prospective resources (Pmean) in excess of 600mmboe, while the top 10 leads add an additional 1800 mmboe.Farmout Agreement signed in September 2009 with Talisman Niugini Limited on PPL 268 and PPL 269.

Good access to PPLs is provided by the Fly River and the ports of Aiambak and Kiunga. The existing all weather roads connecting Kiunga to the Ok Tedi mine provides great access for drilling operations and significantly reducing well costs by limiting the use of helicopters.A number of significant oil and gas discoveries are proximal to NGE's PPLs.

Seismic and gravity field surveys have recently been completed and a new seismic program with Talisman Niugini Limited was completed in 1Q 2010 on PPL 266.Drilling planned for 2Q 2010 on PPL 267. New Guinea Energy’s subsidiaries include Engelberg Limited, Kingsbury Limited, Kirkland Limited, Ladysmith Limited, NGE Administration Limited, Roebuck Limited and Taylor Limited.