Esrey Energy said that its subsidiaries, Telemu No. 18, LNG Energy (PNG) and LNG Energy No. 2, have entered into an amendment to their farm-in agreement with wholly owned subsidiaries of Heritage Oil in Papua New Guinea.
In exchange for extension of the deadline to spud the first exploration well from October 1, 2014, to December 31, 2015, the Farm-in Agreement has been amended to provide that:
“This modification provides Esrey with additional cash and funding coverage with which to meet future obligations and will provide Heritage with some operational flexibility and potential cost savings to efficiently carry out the required earn-in work program. Heritage has completed acquisition of approximately 230 km of 2D seismic across the licenses and we look forward to continuing our partnership with Heritage through the forthcoming drilling to be undertaken on the PPL 319 license,” commented David Nelson, President & CEO of Esrey .
[mappress] Press Release, June 3, 2014