Horizon Oil advises that the article in today’s Street Talk section of the Australian Financial Review, stating that the Company “has secured a production development licence” in respect of the Stanley Gas Project, leading to a formal announcement of same today, is premature.
As previously advised by the Company:
- Papua New Guinea’s National Executive Council has approved the Stanley Gas Project;
- The Minister for Petroleum and Energy, the Hon. Nixon P. Duban, has signed on behalf of PNG, the Gas (i.e. project) Agreement with Horizon Oil and its fellow licensees; and
- the Company and its fellow licensees were offered and have accepted a petroleum development licence and a pipeline license in respect of the Stanley Gas Project.
Under PNG’s Oil and Gas Act and the terms of the Gas Agreement, the Minister for Petroleum and Energy will grant the development and pipeline licences.
For further information please download PDF attached:
