New Guinea Energy Ltd declared that PNG Ministerial approval has been obtained for the transfer of an additional 35% interest in PPL 268 from NGE's wholly-owned subsidiary, Engelberg Limited, to Talisman Niugini in accordance with the terms of the PPL 268 Amended and Restated Farmout Agreement with Talisman. Talisman's participating interest in PPL 268 is now 50%.

As stated in the Company's announcement on 22 November 2010, the obtaining of Ministerial approval was the remaining condition relating to the transfer of that 35% interest under the Amended and Restated Farmout Agreement. As foreshadowed in NGE's announcement of 22 November 2010, Talisman has paid NGE the sum of US$1.2 million in respect of the transfer.

Tags: New Guinea Energy Ltd