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Oil Field landowners in PNG Receive certificates

MORAN landowners in PNG through Moran Oil Ltd (MOL) received their share certificates yesterday from Kumul Petroleum Holdings Ltd (KPHL) for the five per cent equity in Eda Oil Ltd. They are from the Homo Paua People’s Association (HPPA) of PDL 5 (petroleum development licence) in Hela. HPPA and MOL chairman Pape Punga said the issuance of the certificates put to rest issues and complaints regarding the MOL’s five per cent stake. He said KPHL, on behalf of Eda Oil, concluded the sale in October 2017, for Moran landowners through Moran Oil Ltd to buy the five per cent equity worth K10 million in Eda Oil and the presentation of the share certificates reaffirmed that transaction. “Kumul Petroleum presented the Eda Oil five per cent share certificate as a Christmas gift to Homo Paua people in December 2019 in a commercial arrangement, for the purpose of putting records straight and to put to rest those unqualified and unwarranted issues raised by people who were not privy to any commercial negotiation as to the outcome of this,” he said. “We decided to have this important commercial document presented in the presence of the media for public information.” In response, KPHL Benedict Yaru chairman said: “The main thing is that at KPHL, we must always do what is right before the eyes of God and the people. “This is for Moran Oil. “Sort out your internal differences and ensure work is done properly going forward for the benefit of not only yourselves, but that of your children and those who will come after you. “Invest your money properly so you will get good returns for your money.” The National/PacificMiningWatch Next : Calls for Tax Free Redundancy for Employees at PNG's Porgera Gold Mine
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