Participants in these permits as follows:-
|Horizon Oil||30% (Operator)|
* Conditional on customary PNG Government approval
In January 2017, the Company acquired Eaglewood Energy (BVI) Limited which holds licence interests in Western Province, Papua New Guinea, including a 50% interest in, and operatorship of, the Ubuntu gas condensate field, adjacent to PRL 21. Participation in the Ubuntu gas condensate field provides complementary strategic benefits to Horizon Oil’s material PNG portfolio as the resource can be aggregated into the proposed Western LNG project. The consideration for the acquisition was a combination of cash, funded through existing cash reserves, and assumption of the acquired entity’s PNG liabilities, including longer term licence obligations.