LNG Energy Engages Advisor to Manage Farm-Out Process in Respect of
the PPL 319 Licence
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/10/12 -- LNG Energy
Ltd. ("LNG") (TSX VENTURE:LNG) announces that further to its news
release of March 29, 2012 relating to the completion of 2D seismic
testing on Papua new Guinea PPL 319 Licence and the identification of
the Tuyuwopi prospect, LNG has engaged RFC Corporate Finance Ltd.
("RFC"), based in Sydney, Australia to initiate and manage a farm-out
process in respect of PPL 319.
PPL 319 is in the lowland area of the Papuan fold and thrust belt
between several substantial oil and gas fields and is on-trend with
Oil Search's Kutubu and Gobe producing oil fields. 148km of 2D data
was acquired during the periods April-June and October-December 2011
and was managed by GAMA ProjEx. The survey covered 67 km of alluvial
river flats around the Kikori River, 59 km of karst limestone and 22
km of volcanic terrain.
PPL 319 contains mature Late Jurassic (Kimmeridgian) Lower Imburu Fm.
source rocks that are presently generating hydrocarbons from adjacent
local areas. LNG believes that PPL 319 contains clastic reservoirs of
Lower Cretaceous-Upper Jurassic age (Toro-Hedinia-Iagifu) sandstones,
particularly in the western area and the Kikori Bend area of the PPL
319 Licence. LNG believes the presence of source, seal, reservoir and
structural traps on PPL 319 are extremely prospective along this
Probabilistic modeling was undertaken internally by LNG to evaluate
the potential resource size of the Tuyuwopi Prospect. Although the
estimates have not been audited by a qualified reserves evaluator or
auditor, LNG believes the results of the 2D seismic program and
internal modeling are encouraging. LNG is optimistic about the
possibility of development in the area and strongly believes the
results support further exploration of PPL 319.
"The work we have recently completed on PPL 319 has identified two
significant prospects, of which Tuyuwopi is the most advanced,"
stated Dave Afseth, President and CEO of LNG. "Given the supportive
infrastructure and lowland location close to the river and oil
pipeline, we are excited by the size and prospectivity of Tuyuwopi
and anticipate a very positive response to this farm out process."
Interested parties may contact Alex Hunter of RFC at +61 2 9250 0046
or firstname.lastname@example.org. Additional information regarding the
farm-out for PPL 319 can be found at LNG's website:
LNG is a Canadian exploration and development company focused on
developing oil and gas reserves in Papua New Guinea, Poland and
Bulgaria. LNG holds a 100% interest in approximately 5.5 million
acres of prospective oil and gas properties in Papua New Guinea. LNG
is operator and has a 50% net interest in approximately 360,000 gross
acres of prospective shales in Poland together with San Leon Energy.
LNG also has a 20% net interest in approximately 734,000 gross acres
of prospective shales in Poland together with BNK Petroleum Inc.,
Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG
has also entered into a farm in agreement relating to 405,080 acres
of prospective argillite formation in Bulgaria with Direct Petroleum
Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. LNG
shares trade on the TSX Venture Exchange under the symbol "LNG".
LNG ENERGY LTD.
Dave Afseth, President & CEO
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws, including information on LNG's current
results and expectations regarding the farmout process for PPL 319.
Forward-looking information is based on plans and estimates of
management at the date the information is provided and certain
factors and assumptions of management. Forward-looking information is
subject to a variety of risks and uncertainties and other factors
that could cause plans, estimates and actual results to vary
materially from those projected in such forward-looking information.
Factors that could cause the forward-looking information in this news
release to change or to be inaccurate include, but are not limited
to, the risks related to unsatisfactory results of due diligence,
international operations and doing business in foreign jurisdictions,
risks associated with the oil and gas industry and exploratory and
development activities generally (e.g., operational risks in
development, exploration and production, delays or changes in plans
with respect to exploration or development projects or capital
expenditures, risks associated with equipment procurement and
equipment failure), the risk of commodity price and foreign exchange
rate fluctuations, risks related to future royalty rate changes, and
risks and uncertainties associated with securing and maintaining
necessary regulatory approvals, and counterparty risk related to the
stability and viability of the Company's joint venture participants.
Shares Outstanding: 338,719,365
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
LNG Energy Ltd.
RFC Corporate Finance Ltd.
+61 2 9250 0046
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