Oil Search completes acquisition of Pac LNG's interest in PRL 15

3/14/2014

Oil Search completes acquisition of Pac LNG's interest in PRL 15

PORT MORESBY -- Oil Search reported completion of its acquisition of the relevant Pac LNG Group Co holding a 22.835% gross interest in Petroleum Retention License 15 (PRL 15), containing the Elk/Antelope gas discoveries in Papua New Guinea. The purchase was funded by a placement of 149.39 million fully-paid, ordinary shares to Papua New Guinea, which was completed.

Peter Botten, Oil Search's Managing Director said Oil Search's entry into the PRL 15 JV provides the company with the opportunity to play a key role in determining the optimal commercialization route for the Elk/Antelope resource, which is the largest undeveloped gas resource in Papua New Guinea.

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