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Shares in New Guinea Energy Limited (ASX:NGE) rose 20 per cent yesterday after tying up the sale of an interest in a Petroleum Prospecting License (PPL) to Santos Limited (ASX:STO).
The Papua New Guinea focussed oil and gas explorer says it has completed the sale of its 50 per cent stake in PPL 269 to a subsidiary of Santos.
In return Santos will pay $US32 million cash on completion and up to $US8 million in the future depending on licenses being granted.
New Guinea Energy says it is pleased with the outcome and the funds secured give it the ability to consider future growth opportunities.
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