Briefs, Business

China funds PIFS projects
THE Chinese government recently handed US$850,000 to the Pacific Islands Forum Secretariat (PIFS) towards several projects for Forum member countries. Chinese Ambassador to Fiji Dr Han Zhiqiang gave the money to PIFS secretary general Tuiloma Neroni Slade during a brief ceremony at the secretariat in Suva, Fiji. “I wish to extend our sincere appreciation to the People’s Republic of China for their continued support of development initiatives agreed in the Post Forum Dialogue process.  The US$850,000 we are receiving today is a realisation of commitments made by China in the 2005 and 2009 post forum dialogue consultations,” Slade said. “The funding will greatly assist the implementation of the Forum leaders’ decisions to address the issues of air and sea transportation between the island nations of the region, and to develop ICT access,” he said.



NGG seeks new financing
NEW Guinea Gold Corp has announced its proposal to complete a non-brokered private placement pursuant to which it would issue up to 41,666,666 common shares at a price of US$0.12 (K0.32) per share to raise aggregate gross proceeds of up to about US$5 million (K15 million). In connection with the offering, NGG had agreed to pay a cash finder’s fee to qualified persons assisting in the offering in an amount equal to 7% of the gross proceeds raised by such finders. The company said in a statement that net proceeds of the financing would be used for further exploration, development and other work on the corporation’s Weioko (Milne Bay province) and Sinivit (New Ireland province) properties and for general corporate purposes.



OSL strikes gas in Yemen
OIL Search Ltd (OSL) has reported that its Tubb’a-1 well in Block 3, Yemen, had discovered hydrocarbons. As of last Wednesday, testing and evaluation of the basement section was continuing. The well is Oil Search’s first operated discovery outside Papua New Guinea. A drill stem test over the section beneath the 9-5/8-inch casing shoe – 666m of open hole – had been concluded. The well produced gas and condensate at rates up to 9mmscf/d and 450 bbls per day on a ½” choke. More work was underway to define the producing intervals and any fluidcontacts. Tubb’a-1 is targeting fractured basement rock in a structure defined by a 3D survey acquired in 2008.