Following the sale of a 50% interest in PPL 269 to a subsidiary of Santos Limited for a consideration of US$32M cash upfront, NGE is additionally entitled to the following contingent payments:
· Future cash payment of US$2M if a Petroleum Retention License (PRL) is granted over any area of PPL 269; and
· Future cash payment of US$6M if a Petroleum Development License (PDL) is granted over any area of PPL 269.
Should a PDL be granted prior to a PRL, a one off cash payment of US$8M will be payable instead.
New Guinea Energy Limited is a Listed Investment Company (LIC) based in Australia.