New Guinea Energy's listing on the OTCQX will provide it with more exposure to U.S. investors and markets - since its initial listing in December 2010.
Grant Worner, managing director, commented: "New Guinea Energy's listing on the OTCQX has provided the Company with more exposure to US investors since its initial listing in December 2010 and we look forward to working with Global Hunter in further pursuing this exposure in the future".
Attractive exploration portfolio extended for another 5 years
Recently New Guinea Energy extended three of its Papua New Guinea licences for another five years, giving it more time to continue exploration while providing certainty to potential farm-in partners.
The company received an offer from the Minister of Petroleum and Energy to extend the licence periods and exploration expenditure programs for Petroleum Prospecting Licence (NYSE:PPL) 266, PPL 267, and PPL 277.
All permits are adjacent to licences held by major players such as ExxonMobil (NYSE: XOM), Oil Search (ASX: OSH), Horizon Oil (ASX: HZN) and Talisman Energy (TSE: TLM) as well as a potential liquefied natural gas development route outlined by Talisman.
PPL 266 is particularly interesting with data from a 48 line kilometre infill seismic survey shot earlier this year suggesting that a structure could cover 36 square kilometres and lie along trend with Talisman's Puk Puk-1 gas discovery and the recently announced Weimang-1 gas find about 50 kilometres to southeast.
Independent analysis had indicated that Puk Puk-1 could be capable of producing more than 100 million cubic feet of gas per day.
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