Eaglewood Energy Inc. announce that Horizon Oil (Horizon), as Operator of Petroleum Retention Licence 4 (PRL 4) has received notification from the Hon. Nixon P. Duban, the Petroleum Minister of Papua New Guinea, of the decision of the PNG National Executive Council (NEC" to approve the Stanley gas condensate development project (Stanley Project), in Western Province.

Horizon has further advised that the PRL 4 licencees (wholly owned subsidiaries of Horizon, Talisman Energy, Mitsubishi Corporation and Osaka Gas) have been offered and have accepted a petroleum development licence (PDL 10) and pipeline licence (PL 10) in respect of the Stanley Project. Horizon expects that the Minister will grant the PRL 4 licencees Stanley PDL 10 and PL 10 within two weeks of the execution of the Stanley Gas Agreement, expected to occur at a formal ceremony on 17 April 2014.

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