Horizon Oil Limited's (ASX:HZN) Stanley gas condensate development project has scored the green light from the government of Papua New Guinea.
The petroleum developer says the government has authorised a petroleum development licence and pipeline licence for the project.
The Papua New Guinea government has also inked a deal with the company in respect to the project’s fiscal terms and commitments to local content.
Horizon Oil says the licence is the final step in completing its sale of 40 per cent of its PNG asset to Japan’s Osaka Gas.
The final step will now trigger the transfer of the balance of the sale proceeds plus adjustments of about $US77 million in total to Horizon Oil.
Horizon Oil reported a net loss of $52,000 in the first half of the 2014 financial year.
