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New Guinea Energy appoints Principal American Liaison for OTC-QX listing

New Guinea Energy (ASX: NGE) has appointed Dahlman Rose & Company LLC as its Principal American Liaison to sponsor its American Depositary Receipt (ADR) program on the OTC-QX, the United States’ third most traded market after the NYSE and NASDAQ. 

OTC-QX is one of three OTC Markets Group platforms which in total trade over 10,000 securities with an aggregate market capitalisation exceeding US$10 trillion.

It is the world's largest electronic marketplace for broker-dealers to trade over-the-counter stocks. More than US$144 billion in total volume of securities were traded on the OTC platform in 2010.

Executive chairman Michael Arnett commented “New Guinea Energy’s listing on the OTC-QX has provided the company with more exposure to U.S. investors over the last twelve months and we are looking forward to working with Dahlman Rose in further pursuing this exposure in the future.”

New Guinea Energy trades on the OTC-QX under the symbol NGELY. Each ADR represents 50 ordinary shares listed on the ASX, on which the company trades under the ticker NGE.

Unsolicited Offers

The company recently announced it has appointed RBC Capital markets to help it assess a number of unsolicited approaches the company has had for some of its assets. On this news the company’s share price jumped 30%.  

New Guinea Energy owns one of the largest oil and gas acreage portfolios in Papua New Guinea of over 44,800 square kilometres of onshore licences.

Several petroleum majors operate nearby including Exxon Mobil (NYSE: XOM), Interoil (NYSE: IOC), LNG Energy (TSX: LNG), Oil Search (ASX: OSH), Horizon Oil (ASX: HZN), Eaglewood Energy (TSX: EWD), and Talisman (ASX: TLM).

All of the licences are located within an onshore basin that is a proven petroleum play hosting a similar petroleum system to the prolific offshore North West Shelf of Australia, and is one of the last available locations for highly prospective oil and gas exploration in Southeast Asia.