NGE completes sale of PNG stake to Santos

New Guinea Energy Ltd.’s (NGE’s) wholly owned subsidiary, Kirkland Ltd., has completed the sale of its 50% interest in Petroleum Prospecting License (PPL) 269 in Papua New Guinea (PNG) to Barracuda Ltd., a subsidiary of Santos Ltd. (STO).

Under the terms of the sale and purchase agreement, STO has now acquired Kirkland’s 50% participating interest in PPL 269 in exchange for a total consideration of payment of $32 million cash on completion; future payment of $2 million cash if a Petroleum Retention License (PRL) is granted over any area of PPL269; and future payment of a further $6 million cash if a Petroleum Development License (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).

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