New Guinea Energy (ASX:NGE) has completed the sale of its 50% interest in PPL 269, Papua New Guinea, to Santos (ASX:STO) that could bring in up to US$40 million.
The company will receive a payment of US$32 million cash on completion.
In addition, it will receive a US$2 million payment if a Petroleum Retention Licence is granted over any area of the licence and a further US$6 million if a Petroleum Development Licence is granted (or US$8 million if the PDL is granted before the PRL).Proceeds from the sale will be used to consider future growth opportunities.
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