Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (1038)	4/26/1999 9:00:00 AM
From: Tomas	Read Replies (1) \| Respond to of 2742

Final green light for PNG Gas 'soon'. "All time high interest in the project" PostCourier, Monday April 26 PETROLEUM and Energy Minister Sir Rabbie Namaliu is confident that ''the final green light'' for the PNG Gas project will be given soon. Sir Rabbie's comments follow the K180 million investment in PNG explorer and producer Oil Search by Australian petroleum major Woodside. Oil Search announced on Thursday that it had reached an agreement with Woodside for the placement of 56.4 million ordinary shares, or 12 per cent, in the company at an issue price of $A2.10 a share. The deal has yet to be approved by Oil Search shareholders, expected at the upcoming annual general meeting in June, and the Bank of PNG. Once approved, Woodside will take a seat on the Oil Search board. Sir Rabbie said Woodside's investment is ''a massive vote of confidence in PNG's future, and in the PNG Gas project in particular''. ''Woodside Petroleum is a leader in the petroleum sector in Australia. Its investment in Oil Search sends the strongest possible signal to potential customers of the gas pipeline that the project will succeed, and that it enjoys growing support in the petroleum and gas sector in Australia,'' Sir Rabbie said. He said the deal brought another major petroleum company into the PNG oil and gas sectors and the PNG Gas project. ''We must work hard to continue to justify that confidence, and to enable our resource sector to play its role in delivering benefits for landowners and the four million people of PNG. Activities in the PNG Gas project have shifted into top gear since the announcement of the deal between Oil Search and US energy giant Exxon two weeks ago.'' Australian company Santos Limited, which has a 25 per cent interest in the Hides Field, also indicated its willingness to commit gas to the project. Sir Rabbie said interest in the PNG Gas project is at an all time high, evident during the Australian Petroleum Production and Exploration Association Annual Conference in Perth last week. Sir Rabbie delivered the keynote address to the 1300 delegates. PNG was represented by local companies and the PNG Gas project team. postcourier.com.pg