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Posts From Colin Hay

Horizon elects to terminate CEO Sheridan during PRL-21 investigation

PNG oil and gas explorer and developer Horizon Oil has decided to terminate the employment of CEO Michael Sheridan while it investigates allegations the company made a payment to a senior Government official to acquire an interest in Petroleum Retention Licence (PRL) 21 in 2011. Mr Sheridan was originally suspended on February 12, 2020, when the company elected to further investigate claims related to the PRL-21 deal. Horizon told shareholders

Gold Mountain confident it is onto something in PNG’s Highlands

GOLD Mountain Limited (ASX: GMN) continues to strike exploration success with its ongoing targeted diamond drilling programme at the Monoyal Prospect at its flagship Wabag Project in the Papua New Guinea Highlands. Assays from the latest DD hole as Wabag assay showed that it intersected a broad, 124 m zone of >1,000 ppm Cu and >100 ppm Mo from a down-hole depth of 125 m. Contained within this intercept are

Outstanding results put Kingston on target to restart historical Misima mine

Kingston Resources Limited appears to be on target to bring the historic Misima mine back into production with of promising results from the latest definition drilling campaign at the Ewatinona deposit. Managing Director, Andrew Corbett, says the Phase 2 Resource programme at Ewatinona, part of the Quartz Mountain region at the 2.8Moz Misima Gold Project, is off to a strong start, with encouraging high-grade results delivered from the first three

Horizon denies any knowledge of alleged PNG payment

AUSTRALIAN petroleum company Horizon Oil says it has no actual knowledge of any wrongdoing relating to a reported transaction to PNG officials to acquire an interest in Petroleum Retention Licence 21 (PRL 21) in the Western Province of Papua New Guinea. The company has also denied knowledge of reports that leaked documents concerning the matter have been provided to the Australian Federal Police (AFP) and the Australian Securities and Investment

Twenty-six graduate from OTML’s Traineeship and Apprenticeship Programmes

TWENTY-six young Papua New Guineans were the proud recipients of certificates after graduating at the 35th Combined OTML Graduation Ceremony held in Tabubil recently. The graduands from the three different training schemes; Graduate Development, Apprenticeship Training and the Preferred Area Development Training (PAD) – Business Studies have now completed their 2 to 4 years traineeship with the company. “Ok Tedi takes very seriously our commitment to the development of young

K92 ready to take next big step at Kainantu

CANADA’S K92 Mining Inc. is confident it is ready to move to the next level as a gold producer after achieving significant upgrades to pleased to operations and Stage 2 expansion at its producing underground Kainantu Gold Mine in Papua New Guinea. Chief Executive Officer and Director, John Lewins, said Kainantu has recently undergone a significant expansion and modernisation of the mining fleet. The fleet expansion includes not only an

Mayur on track for Gulf Province coal project

MAYUR Resources has completed the first phase of its resource upgrade and extension drilling programme at the Depot Creek Coal Project in Papua New Guinea’s Gulf Province. The programme included the completion of 45 shallow backpack rig holes reaching depths of up to 9m to test and confirm seam continuity across the deposit. The field work also included the collection of 14 channel samples at various out cropping seams. Managing

Geopacific milestone with start of Woodlark Gold project construction

THE next chapter in the historic story of gold mining on Woodlark Island has reached a key milestone with Geopacific Resources Limited commencing construction at the 1.6 million ounce Woodlark Gold Project in Papua New Guinea. This first phase of development, which follows a recent successful A$40 million capital raising, is designed to facilitate project execution in preparation for the construction of the process plant and the completion of project

Bougainvilleans show powerful support for independence

THE Bougainville Referendum Commission has revealed that approximately 98% of voters in the recent referendum have voted for independence from PNG The Commission report found that: Number of votes for Greater Autonomy: 3,043 Number of votes for Independence: 176,928 Number of Votes counted: 181,067 Number of informal ballot papers: 1,096 “We thank the two governments of Papua New Guinea and the Autonomous Region of Bougainville, and the people of the

Major milestone for PNG domestic power with launch of Niupower Gas Plant

PNG Prime Minister James Marape and a string of high-powered PNG dignitaries were on hand to cut the ribbon to mark the launch of the NiuPower Gas Plant near Port Moresby. The PM was joined by Oil Search managing director, Peter Botten and Kumul Petroleum Holdings managing director, Wapu Sonk for the ribbon cutting ceremony. NiuPower is a joint venture by Oil Search Limited and Kumul Petroleum Holdings. NiuPower is