At first glance I'm not positive about it but need more info.
LNG bought this 20% stake in PPU for $750k just 12 months ago & now we're buying it off them for $3mil & there's been no work on the leases in the ensuing year.
And you would have to think there's a large LIO share issue coming to fund the exploration. That only dilutes existing shareholders of their valuable interest in the Seram JV with the recent Nief Utara well hitting a 60ft net gas zone & a 70ft net oil column.
And there's already plenty of stranded gas fields in this area of PNG with no commercial market.
lio acquires 19.49pc of papua petroleum, page-3
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