Newport Energy (NPE) has positioned itself to participate in the forecast growth of PNG’s oil and gas sector.
The Board intends that Newport Energy will ultimately be an oil and gas exploration and production company committed to maximising results through the effective identification, acquisition, exploration and management of quality conventional oil and gas assets. Newport Energy will seek to combine quality assets with talented people, capital and leading technology.
Newport Energy’s intention is to initially focus on PPL 326, which lies between the Papuan Peninsular and the Papuan Plateau. A 100% interest in PPL 326 was offered by Minister Duma to Newport Energy (PNG) Limited in June 2009 and PPL 326 was issued to Newport Energy (PNG) Limited on 27 August 2009.
The area covered by PPL 326 has had minimal exploration work undertaken over it. Newport Energy proposes, in the first stage, to conduct an intensive exploration program in the Licence Area and to develop a number of drillable prospects for the next stage. Newport Energy then proposes to drill one or more wells to test the prospectivity of the Licence Area.