Eaglewood: K371mil spent on licences

 By GYNNIE KERO 

CANADIAN OIL and gas exploration company Eaglewood Energy and partners have spent in excess of US$150 million (K371 million) on their licences in Papua New Guinea since 2005.

Subsurface manager Gavin Douglas said this from Australia on Tuesday, adding that all their licences were awarded 100% by the government.

 “The money expended on our (Eaglewood) licences to date (we have not farmed into anyone else’s licences but rather we were awarded them by the Government at 100% in 2005).  

“We and our Joint Venture partners have spent in excess onUS$150 million on our licences since 2005,” Douglas said.

Eaglewood Energy announced recently that it executed a farm-out agreement with Ketu Petroleum Ltd, a wholly-owned subsidiary of Horizon Oil Ltd for 20% of Eaglewood’s 65% participating interest in PPL 259 in Western.

“We are currently planning a high impact well in PPL 259, close to the Stanley Development, and plan to drill that well in the first half of next year. 

“Eaglewood are fully funded through the farmin to drill that well.

Douglas said Eaglewood’s equity participation will be determined over the next approximately 90 to 120 days following an agreed determination process.  

“Eaglewood will focus on the the Stanley development facilities and the proven, probable and contingent resources associated with the field.