Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

New Guinea Energy To Re-Engage Potential Buyers Of Stake In Papua New Guinea Licence

New Guinea Energy (ASX: NGE) plans to re-engage other parties who have approached it regarding a possible acquisition of its 50% interest in Petroleum Prospecting Licence (NYSE:PPL) 269 in Papua New Guinea.

This follows Esso PNG Robin advising that it was not proceeding with the US$40 million Sale agreement.

Esso, a subsidiary of ExxonMobil (NYSE: XOM), said it was unable to reach alignment on a number of confidential commercial matters (which have not been disclosed to NGE) with the other joint venture partners in PPL 269.

The other partners in PPL 269 are Talisman Energy (TSX:TLM, NYSE:TLM) and Mitsubishi.

PPL 269 is believed to host 12 trillion cubic feet of in place gas in 32 prospects and leads.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.