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Oil Search to reduce workforce by 34%

LEADING PNG petroleum company Oil Search Ltd has released details of a plan to reduce its workforce by 34% in light of the industry downturn. The company, which recently completed a detailed and systematic review of its organisation and cost structure, which came up with some significant findings, including: Oil Search Full Time Employees (FTEs), which include employees and long-term contractors, have been reduced from 1,649 people as of March

OTML comes to the rescue with medivac into remote Western Province village

TOMMY Gat would have lost both his feet if it was not for the quick response by Ok Tedi Mining Ltd (OTML) to airlift him from his remote village of Seltamin to Tabubil in mid-June. Mr Gat, who is in his 50s, endured three nights of excruciating pain after both his feet were severely burnt when he collapsed and fell into a fire. He suffers from epilepsy, a medical condition

The Energy Online Series: Timor-Leste

Timor-Leste’s official Oil & Gas event goes online IN-VR is organising the Timor-Leste Oil & Gas Energy Online Summit , taking place completely online and sponsored by SundaGas and Pacific Towing. All the profits will be donated to charity supporting their initiative to provide masks, gloves and necessities to groups in need. The online summit will take place on June 4th 2020, focusing on Timor-Leste’s plans in the current oil price

Investigation clears Horizon Oil of alleged PNG bribery allegations

Horizon Oil Ltd reports that an investigation has cleared the company of any wrongdoing in its payment to acquire an interest in PNG Petroleum Retention Licence (PRL) -21 in 2011 it has been found to have not breached any bribery laws. The investigation, which included a forensic review of all aspects of the transaction, was conducted by Herbert Smith Freehills (HSF) and Deloitte with the oversight of an Independent Board

Ok Tedi declares 2019 Full Year Profit After Tax of K754 million

FOLLOWING the Ok Tedi Mining Limited Annual General Meeting held on 22 May 2020, Chairman Sir Moi Avei KBE announced that the Company had recorded a 2019 Profit After Tax of K754 million (US$222 million). This was an increase of K289 million or 61% compared to the previous year. “The Company distributed PGK 400 million in dividends during 2019 while investing a further PGK 408 million in the strategically important

K92 reports significant high-grade resource increase at Kora

K92 Mining Inc. has reported a 180% increase in its updated resource estimate on the Kora deposit, at its producing Kainantu Gold Mine in Papua New Guinea. The resource estimate is based on surface and underground exploration diamond drilling and underground face sampling (grade control). The Kora eeposit Mineral Resource Estimate highlights include: Measured and Indicated Resource of 1.1 million ounces at 10.45 g/t gold equivalent (“AuEq”) representing a +180%

PNG Government and Twinza to commence discussions on Pasca A gas development

TWINZA Oil has welcomed an announcement by PNG Prime Minister, James Marape, that the country’s National Executive Council has endorsed the submission for development of the Pasca A gas-condensate field in the Gulf of Papua. The Government is said to be ready to commence negotiations with Twinza on the Gas Agreement in the near term, setting out the fiscal terms to allow the Project to enter the Front End Engineering

Ewatinona delivers further positive drilling results for Kingston

Kingston Resources Limited has reported further significant assay results from Resource definition diamond drilling at the Ewatinona deposit, part of the 2.8Moz Misima Gold Project in Papua New Guinea. Latest results include: 2m @ 4.67g/t Au from 95m; 6m @ 1.2g/t Au from 175m; 14m @ 0.92g/t Au from 150m; including 8m @ 1.23g/t Au from 155m; 12m @ 1.33g/t Au from 22m; including 4m @ 3.33g/t Au from 22m;

Barrick says non-extension of Porgera SML a catastrophe for Landowners

PORGERA gold miner Barrick Niugini Limited (BNL), claims the PNG Government’s decision not to extend its Special Mining Lease was tantamount to nationalisation without due process and in violation of the government’s legal obligations to BNL. The company said it remained willing to discuss the issue with Prime Minister James Marape and his government in the hope of averting what it described as a catastrophic situation for the communities at

Ok Tedi Mine vows to continue operating

OPERATIONS  at the Ok Tedi mine will continue as long as it’s safe and economical to do so, says Ok Ted Mining Limited Managing Director and Chief Executive Officer Peter Graham. Mr Graham made these remarks after Papua New Guinea announced yesterday (Thursday 16th April) that it had five new COVID-19 cases, of which three were from border villages adjacent to the mine’s Bige dredging project in the Western Province.