LNG Energy Ltd. (LNG.V)reports that its subsidiaries, Telemu No.
18 Limited, LNG Energy (
) Limited and LNG Energy No. 2 Limited, have closed their farm-in
agreement with wholly owned subsidiaries of Heritage Oil Plc. In
exchange for an 80% participating interest in the PPL 319 and PRL
13 licenses, Heritage has made a cash payment to Telemu of US$4
million plus the reimbursement of costs associated with the
recently completed 22 km Tuyu seismic program. In addition to the
cash payment, Heritage has also committed to funding the
acquisition of a minimum of 100 km of seismic within the license
areas and the drilling of one exploration well in PPL 319 to a
depth sufficient to test identified exploration targets. The 22 km
Tuyu program will count towards the fulfillment of these
LNG closed at a yr low Friday.
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