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| Home : Enterprise Energy Closes Farm-in Agreement in Papua New Guinea With Heritage Oil Plc |
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Apr 22
2013 |
Enterprise Energy Closes Farm-in Agreement in Papua New Guinea With Heritage Oil Plc |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 22, 2013) - Enterprise Energy Resources Ltd. (the "Company" or "Enterprise") (TSX VENTURE:EER) is pleased to announce that Telemu No. 18 Ltd. ("Telemu"), a Papua New Guinea based subsidiary of LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG), has closed its farm-in agreement with wholly owned subsidiaries of Heritage Oil Plc ("Heritage"). In exchange for an 80% participating interest in the PPL 319 and PRL 13 licenses (as announced in the press release of April 2, 2013), 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 commitments. The PPL 319 license is held by Telemu and prior to closing the Company effectively owned 15.75% of Telemu through its 50% owned subsidiary, EERL Holdings (BVI) Ltd. The Company does not own any part of PRL 13. |
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| Source:http://www.marketwire.com/mw/release.do?id=1781218&sourceType=3 |
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