CALGARY, ALBERTA -- (Marketwired) -- 04/09/13 -- Eaglewood Energy Inc. ("Eaglewood") (TSX VENTURE: EWD) is pleased to announce that the Minister for Petroleum and Energy for Papua New Guinea ('PNG") has offered Eaglewood and Ketu Petroleum Limited ("Ketu"), a wholly owned subsidiary of Horizon Oil Limited, Petroleum Prospecting License ("PPL") 430, a license for which Eaglewood and Ketu had previously applied The license comprises eight graticular blocks and is located immediately south of PPL 259 in the Western Province of PNG. It covers a total area of 649 square km and is 30 km south of gas and condensate discoveries of Ubuntu in PRL 28 and Elevala and Ketu in PRL 21. The main provincial town of Kiunga, situated on the Fly River, is located 50km to the northwest of PPL 430. Eaglewood and Ketu, as joint venture parties (the "Joint Venture") have been awarded an equal 50:50 interest in PPL 430, with Ketu nominated as the Operator.
The term of PPL 430 is six years, effective from the date of the grant. The work commitments associated with the grant in the first two years are to conduct technical studies on the license and acquire approximately 20km of seismic at a cost to the Joint Venture of no less than $1,000,000. In years three and four, contingent on the results of those studies, the Joint Venture will drill an exploration well and in years five and six, contingent on a discovery, drill a further well.
CEO Brad Hurtubise commented "We are pleased to have been offered PPL 430. We had previously owned the blocks in PPL 430 as they are some of the blocks we had to relinquish as part of our license extension of PPL 259, and we wanted them back. PPL 430 is immediately adjacent to PPL 259, it is right in the heart of the very active PNG forelands gas and gas condensate fairway, characterised by very high success rates and in close proximity to over a TCF of discovered gas. The Joint Venture have accepted the offer and expect the formal grant of the instrument in the next few months."
Eaglewood is a junior Canadian oil and gas exploration company that trades on the TSX Venture Exchange under the symbol "EWD".
Certain statements contained in this press release, such as statements relating to planned exploration and evaluation activities, may constitute forward-looking statements. These statements relate to future events or the Corporation's future performance. All statements, other than statements of historical fact, may be forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause events to differ materially from those anticipated in such forward-looking statements. The Corporation believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors as actual results may vary. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Eaglewood Energy Inc.
President and CEO
Most Popular Stories
- American Airlines, US Airways Complete Merger
- ACA Delay Stresses Small Businesses
- Questions Remain in Jenni Rivera's Death
- Unemployed Wait as Lawmakers Debate
- Harley Issues Motorcycle Recall
- General Dynamics Plans 200 New Jobs in N.M.
- Auto Dealer Builds Big Solar Project
- Entrepreneurs' Next Creation May Be New Laws
- Saab Gets Back into the Game; U.S. Auto Sales Soar
- Dell Offers Undisclosed Number of Employee Buyouts