New Guinea Energy Limited (NGE) reported that its wholly owned subsidiary, Kirkland Limited (Kirkland),completed the sale of its 50 percent interest in Petroleum Prospecting License (PPL) 269 in Papua New Guinea (PNG) to Barracuda Limited - a subsidiary of Santos Limited (STO).

Under the terms of the sale and purchase agreement, STO has now acquired Kirkland’s 50 percent 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 Licence (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.

Tags: New Guinea Energy Ltd, Santos