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PDL4 Exercise Kroton Option

Landowners from Petroleum Development License (PDL) 4, in Gobe, have signed the Unit Application Form to exercise their Kroton Option equity with Kumul Petroleum Holdings Limited (KPHL).

The signing brings the total number of beneficiary groups that the Company has signed agreements with to 10.

Beneficiary groups that have signed up on the share transfer documents, as well as the vendor finance offered by KPHL prior to PDL4, include PNG LNG Plant site; eight segments of the PNG LNG Pipeline; PDL 5, and the Fly River Provincial Government who signed the agreement last week.

And before that:

PDL 9, in Juha, and North West Moran, as well as the three provincial beneficiaries of Gulf, Southern Highlands, Hela and Central.

The beneficiaries groups that have not offered to take up the Kroton Option Equity before the due date lapsed on December 31, 2016, are:

PDL 1 in Hides; PDL 2 in Kutubu; PDL 7 in Hides 4 and;

PDL 8 in Angore.

According to KPHL Managing Director, Wapu Sonk, the option’s deadline lapsed on December 31.

The only thing that saves their interest is a blanket expression of interest to exercise, on behalf of all beneficiaries by Mineral Resources Development Company.

The option to acquire shares in Kumul Petroleum Holdings Limited is one of the benefits agreed to by the State, and set out in the Umbrella Benefits Sharing Agreement (UBSA) in 2009 for landowners and Provincial Governments along the footprint of the PNG LNG Project.

Under the UBSA, the State granted these beneficiaries a commercial option to buy 25.75% of the shares in Kroton No 2 Limited; the special purpose company that holds the State’s 16.57% interest in the PNG LNG Project.

He stressed that KPHL’s role was to implement the agreement that was reached in the UBSA.

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