Eaglewood Energy Increases Acreage Position in PNG Gas Fairway

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Eaglewood Energy Inc. (EWD.V) announced that the Minister for Petroleum and Energy for Papua New Guinea ( PNG ) has offered Eaglewood and Ketu Petroleum Limited, a wholly owned subsidiary of Horizon Oil Limited, Petroleum Prospecting License 430, a license for which Eaglewood and Ketu had previously applied.

The license comprises 8 graticular blocks and is located immediately south of PPL 259 in the Western Province of PNG. It covers a total area of 649 square km and is 30 km south of gas and condensate discoveries of Ubuntu in PRL 28 and Elevala and Ketu in PRL 21.

EWD was down 1% to $0.395, trading near 52-week low $0.215.

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