Their demands were presented to relatives of the attackers during a peaceful mediation ceremony at the Port Moresby suburb of Six Mile today.
Initially, the compensation payment was supposed to have been paid within a month, however during the mediation process they decided to extend for an extra month.
It is understood the deceased, Danny Cirox, died from a single knife wound to his back which resulted from a fight between him and two other boys at Saraga Settlement.
Relatives of both parties met at the compensation venue today and presented their arguments from both sides of the incident.
Meanwhile leaders of both sides have raised concerns that the mediators monitoring the case must make sure the compensation demand is fully paid by 20 December.
His body is now at the Three Mile Morgue and will be flown back to Eastern Highlands province for funeral and burial.