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PNGs NPCP Company expects to finalise Cue deal in Aug

Staff Reporter | 10:54 PM | |
THE National Petroleum Company PNG (NPCP) says it expects to have all formalities completed on the acquisition of Cue Energy (PNG) assets this year.
Managing director Wapu Sonk said the announcement made late last year on the acquisition could not be processed quickly as some formal processes needed to be followed and met.
NPCP last December announced it had increased its petroleum assets in PNG with major purchase of Cue Energy assets in the country for US$7 million (K19m).
“Because it is an Australian company, we are closing the accounts and their office and shifting it here,” Sonk said.
“We’ll notify the Department of Petroleum and Energy ... just formalities to advise the Government or DPE, that the licence has transferred from CUE to NPCP. We expect that to happen before end of August.”
NPCP last December announced its acquisition of Cue Energy’s 100 per cent interest in the country.
The assets included:

PDL 3 in South East Gobe – 5.5 per cent interest, which is already producing oil and gas and exporting oil through the Kumul export system operated by Oil Search Ltd.
PRL 9 – Barikewa – 14.8 per cent interest, a discovered gas field, close to 400/500 bcf of gas
PRL 14 – Cobra, Iehi and Bilip – 11 per cent interest, gas discovered; and,
South East Gobe Unit – 3.2 per  cent interest.