Subject to government approval, the farm-in agreements will see Heritage take a 70% stake in PPL 337 and up to 50% in PPL 437 by carrying Kina through certain work programmes.
This is the second farm-in deal Heritage has made in PNG, after farming into Canadian company LNG Energy’s blocks PPL 319 and PRL 13 in April.
Under that agreement, Heritage is earning an 80% operating interest by funding 100 kilometres of seismic in both permits and drilling the Tuyuwopi well next year, as well as paying back costs to LNG Energy.
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