11/25/08 new restated licenses...still good...I think Binnion is with GRM or QEC
LNG Energy Ltd. ("LNG Energy" or the "Company") (TSX Venture - LNG) is pleased to announce that the Company filed for and received approval of its top file applications for its petroleum prospecting licenses ("PPLs") in Papua New Guinea. The top file process involved the relinquishment of and re-application for PPLs 245, 246, 249 and 252. The new licenses granted now have a new 6 year term along with new expenditure commitments for each PPL.
- PPL 319 (formerly PPL 246) granted for a 6 year term.
- PPL 320 (formerly PPL 249) granted for a 6 year term. 17 blocks were relinquished from the original total of 125 blocks.
- PPL 321 (formerly PPL 252) granted for a 6 year term.
- PPL 322 (formerly PPL 245) granted for a 6 year term. 28 blocks were relinquished from the original total of 75 blocks.
Petroleum retention license 13 remains the same. As part of this process, the Company also relinquished PPL 250.
"We are very pleased to have completed this comprehensive review of our assets and the subsequent adjustment to the land holdings in our significant PNG hydrocarbon portfolio. We received full support and participation from the Department of Petroleum and Energy in PNG throughout this program." said Dave Afseth, President of LNG Energy. "We look forward to participating in the development of the PNG gas industry."
The Company also announces the resignation of Michael Binnion from the Board of Directors. The Board thanks Mr. Binnion for his past contribution to the Company and wishes him success in his focus on a Canadian shale gas development company.
