whilst not specifically NGE it is yet another example of the growing world appreciation for PNG oil and Gas.
I maybe wrong but from memory Interoil leases(or is it oilsearch?) are in close proximity to NGE's 277. :-
Sept. 18 (Bloomberg) -- InterOil Corp., a Papua New Guinea oil refiner, jumped 20 percent after a Morgan Stanley analyst said the company is close to finding a partner to bankroll a stalled $6 billion liquefied-natural-gas project.
InterOil, which is based in Whitehorse, Yukon Territory, and is run from Cairns, Australia, rose $7.04 to $41.69 in New York Stock Exchange composite trading. The shares earlier reached $41.90, the biggest intraday percentage gain since Nov. 26.
The stock, which trades under the IOC ticker, has almost tripled in price this year as Chief Executive Officer Phil Mulacek discovered oil and gas in onshore wells and sought partners to help build an LNG plant.
“We see compelling risk/reward and believe IOC is poised for a major transformation,” Calio wrote in a note distributed to clients today. Calio, who has an “overweight” rating on the shares, expects InterOil to sell a 35 percent stake in the LNG project by the end of this year.
InterOil, which has no reserves after a decade of prospecting, has been holding talks with oil producers, utilities and institutional investors since February, when Bank of America Corp.’s Merrill Lynch sold its 35 percent stake back to InterOil and Clarion Finanz AG, the other partner in the project.
InterOil’s nascent LNG plant would compete with a group led by Irving, Texas-based Exxon Mobil Corp., which is planning a $12.5 billion development in the South Pacific nation. InterOil’s annual sales, derived almost entirely from the 32,000-barrel-a-day refinery it opened in the capital Port Moresby in 2004, are one-400th the size of Exxon Mobil’s.
http://www.bloomberg.com/apps/news?pid=20601082&sid=aB22muvE7RAc
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