ASX-listed Cott Oil and Gas Limited reports it the final instalment of A$4 million has been received from Twinza Oil (PDA) Ltd for an interest in the Pandora gas/condensate field off the coast of Papua New Guinea.
Cott said that it will retain A$1,783,500 of the final instalment figure received from Twinza, with the balance being paid to International Exploration Services Ltd (IES)
The final payment from Twinza completes the sale of Cott’s interests in the PRL 38 permit which contains the historic Pandora field Twinza is proposing to develop.
Twinza’s principal asset is the Pasca A liquids-rich gas discovery, offshore Papua New Guinea.
The field development plan has been completed, along with the programme necessary to certify the resources and obtain the licences required for full field development.
Twinza Oil Limited submitted an Environmental Impact Statement (EIS) for the Pasca A Project to the PNG Conservation and Environment Protection Authority (CEPA) in January 2016. CEPA accepted the Pasca A EIS for independent peer review in April 2016 and the Pasca A EIS was subsequently made available for public consultation.