UMC Energy Plc Announcement (9716C)
May 09 2012 - 7:00AM
UK Regulatory
TIDMNSN
RNS Number : 9716C
Natasa Mining Limited
09 May 2012
9 May 2012
Natasa Mining Ltd
("Natasa" or the "Company")
UMC Energy Plc Announcement
Natasa, the investment company with a focus on the mining
finance industry notes an announcement released today by UMC Energy
plc, in which Natasa holds 205,351,879 fully paid ordinary shares,
representing 42.39% of the entire issued share capital.
Announcement re Additional PNG Petroleum Prospecting Licence
Grant
"The directors of UMC are pleased to advise that Gini Energy
Limited ("Gini"), in which the Company has a 30 per cent. equity
interest, has been granted onshore Petroleum Prospecting Licence
No. 405 by the government of Papua New Guinea ("PNG").
PPL 405 consists of nine graticular blocks 2299 - 2302, 2372,
2374-5, 2444 and 2447, located in the PNG highlands, and has an
initial exploration phase of six years.
As previously advised, the remaining 70 per cent. equity
interest in Gini is held by CNOOC Australia Limited ("CNOOC"), a
subsidiary of CNOOC Limited, the Chinese multi-national oil and gas
company listed on the New York and Hong Kong Stock Exchanges.
CNOOC is responsible for funding all expenditure in respect of
PPL 405 and is required to comply with the minimum work obligations
during the exploration phase. Such expenditure will be repaid to
CNOOC out of production revenues and off take of oil and gas should
production occur. If exploration and appraisal work indicates the
probable existence of commercial reservoirs of oil or gas in any
part of PPL 405 at the end of the exploration phase, the parties
must each finance their pro-rata share of all expenditure required
in respect of the development plan either themselves or by
procuring sufficient finance from a third party.
For further information:
Enquiries:
Chrisilios Kyriakou, Chairman
UMC Energy Plc
Telephone: +44(0) 20 7290 3102
Angela Peace/ James Spinney
Strand Hanson Limited
Telephone: +44 (0) 20 7409 3494
Philip Haydn-Slater/Paul Dudley
HD Capital Partners LLP
Telephone: +44(0) 20 3551 4870
ENDS"
Enquiries:
Natasa Mining Ltd
Chrisilios Kyriakou, Executive
Chairman
www.natasamining.com +44 (0) 20 7290 3102
Strand Hanson Limited
Financial Adviser
Angela Peace/James Spinney +44 (0) 20 7409 3494
This information is provided by RNS
The company news service from the London Stock Exchange
END
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