short term $$$ profit opportunity

Thought I would mention this one. Here's the story and weekly 1 year chart. Note the increase in recent volume as the anticipated announcement of signed agreements draws closer. Dramatic change in direction since March with a clear upward moving channel.

PNG government approvals and the signing of the definitive farm-in agreements and a technical support agreement is due by the 31st August (Monday).

NGE Business Summary

New Guinea Energy Limited (NGE) is an Australian company focusing on oil and gas exploration and production in PNG. NGE holds 6 onshore Petroleum Prospecting Licences (PPLs) covering more than 52,000sqkm.

Tenement:
The company owns 100% of six granted Petroleum Prospecting Licences (PPLs 265, 266, 267, 268, 269 and 277) covering an area approximately 52,810sq km of oil and gas prospective acreage in the foreland and foldbelt structural terrains of the western and southern highlands of Papua New Guinea.

Exploration:
NGE plans to acquire new seismic data to determine a location to drill a well in the Paradise Lead of PPL 267 to test an area where oil seeps mapped over a 100 km trend were discovered in 2006 by the Company with potential for oil discovery. There are six ready to drill prospects with potential for discovery of significant quantities of petroleum that may be tested under future programs subject to funding. The PPLs are located within the Papuan Basin petroleum system where other explorers have discovered approximately one billion barrels of liquids (oil and condensate) and 15 TCF of gas. The company has a large inventory of 53 leads from which additional prospects may be delineated.

As always DYOR. Good Luck to all holders

Cheers
Ange