StockMarketWire.com - An independent technical and prospectivity review has identified structures at two offshore licences in Papua New Guinea, according to UMC Energy.
The company - which holds a 30% interest in the licences alongside its exploration partner, CNOOC - said nine leads had been identified across the two permits, with mean recoverable gas estimates of over 10 trn cu ft for the four largest leads.
CNOOC - a Chinese state-owned enterprise - responsible for funding all exploration and appraisal expenditure to the point of a development decision in respect of the licences and is required to comply with the minimum statutory work obligations during the exploration phase.
UMC Energy technical director Chris Hart said: "The results of the offshore technical studies are encouraging, and now provide UMC and CNOOC with a number of large prospective leads as we develop our 2D acquisition seismic program so that the most prospective leads can be elevated to drillable targets."
At 1:14pm: [LON:UEP] share price was +0.01p at 12.38p
Story provided by StockMarketWire.com
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