Loading


Latest News

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

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

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;

Kingston identifies extensive high-grade gold east of old Ewatinona pit

KINGSTON Resources Limited (ASX: KSN) has reported significant new high-grade assay results from recent channel samples taken in trenches excavated near the boundary of the existing Resource at the Ewatinona deposit, part of the 2.8Moz Misima Gold Project in PNG. The trenching programme has returned multiple high-grade intercepts including: 22m @ 3.90g/t Au incl 6m @ 12.65g/t Au, incl 4m @ 18.33g/t Au 44m @ 1.18g/t Au incl 10m @

Oil Search successfully completes oversubscribed $1 billion institutional raising

LEADING PNG petroleum company Oil Search Ltd has successfully completed a placement to institutional investors and the institutional component of its 1 for 8 accelerated pro-rata non-renounceable entitlement offer to raise approximately A$1,080 million (US$650 million) Managing Director, Keiran Wulff, said the combined proceeds of the company’s Equity Raising and a separate share Placement are expected to be up to approximately A$1,160 million (US$700 million), excluding estimated transaction costs. “I

Kingston reports further excellent Ewatinona definition drilling results

Kingston Resources Limited’s (ASX: KSN) latest diamond drill core assays results from Resource definition drilling at the Ewatinona deposit, part of the 2.8Moz Misima Gold Project in PNG, have returned significant zones of mineralisation. Results include: 0m @ 2.16g/t Au, including 7m @ 3.83g/t Au; 5m @ 1.26g/t Au, including 10.5m @ 1.43g/t Au from 146m; 0m @ 1.35g/t Au from 42m; 0m @ 1.19g/t Au, including 2m @ 1.70g/t

Kingston completes Misima resource definition drilling programme

KINGSTON Resources Limited (ASX: KSN) has completed its resource definition drilling programme at the Ewatinona deposit within its 2.8Moz Misima Gold Project in Papua New Guinea. Managing Director, Andrew Corbett, said the successful drilling campaign paved the way for the release of an updated Mineral Resource estimate in the June 2020 Quarter. The Resource drilling programme was designed to expand and upgrade the existing 220koz Inferred Resource estimate at Ewatinona,

Mayur breaks ground on the pilot plant at its Orokolo Bay Industrial Sands Project

Mayur Resources’ (ASX: MRL) has completed pioneering and site enabling works for the pilot plant at its Orokolo Bay Industrial Sands Project in Papua New Guinea. Construction crew, mobile machinery, and building materials arrived at the site by barge in mid- February 2020 after a two‐day journey from Port Moresby. The company’s first priority was the building of the pioneer wharf and 250m long road to the work camp. A