NGE eyes more revenue from Western Drilling

Business, Normal

The National, Tuesday November 5th, 2013

 NEW Guinea Energy is set to get more revenue from its Western Drilling (WDL) joint venture, which has secured a contract for the use of its SL 7 heli rig and camp in Papua New Guinea.

WDL, an equal joint venture with Maps Tuna, had agreed terms for a single well that would see the rig deployed for about 150 days.

The contract included an option for a second well that could extend the contract by another 150 days.

Chief executive officer Grant Worner said: “In the current economic conditions, junior explorers are finding it difficult and expensive to access equity funding for their activities. 

“The dividends that NGE would receive from WDL from this contract will be a welcome source of additional revenue in 2014.

“We are delighted that deployment of the drilling rig would provide jobs for the people of PNG, while supporting the growth of the oil and gas industry within the country.”