Cott Oil and Gas (ASX: CMT) managing director Andrew Dimsey has acquired 250,000 shares in the company in on-market trades.
Dimsey acquired the shares at an average price of $0.139 each, or a total consideration $34,750, over a period from 29 January to 3 February.
He now holds 4,093,139 shares, 4 million unlisted options and 35,294 listed options.
Listed on the ASX in January 2013, Cott holds four licenses in Papua New Guinea, one with gas discoveries with farm-out/sale opportunities to fund exploration and appraisal.
The company had last month assigned a 5% interest in PRL 38 in Papua New Guinea to Kina Petroleum (ASX: KPL) for 10 million Kina shares. Cott retains a 40% interest in PRL 38.
PRL 38 hosts the Pandora gas field, Pandora A was tested by the Pandora 1X well drilled by International Petroleum Corporation in 1988.
The well intersected a 278 metre gas column and flowed dry gas at a rate of 57 million standard cubic feet per day.
Pandora B was tested by the Pandora B‐1X well in 1992. This intersected 110 metres of gas and flowed 43.1 million standard cubic feet of gas.
The Pandora license acquisition (40% of PRL 38) is potentially tranfomative for Cott. The company now possesses gas resources in a region where there is a demand for gas to feed new and planned LNG plants.
Floating LNG platforms may hold the key to the viability of gasfields and Cott's future.
This is one to watch.
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