Talisman and Kina will both hold 25% interests in the licence. Wondecla, a subsidiary of Australia-listed Cott Oil & Gas, will hold a 40% stake while Barracuda, a subsidiary of Australian gas major Santos, will hold the remaining 10%.
PRL 38 contains the Pandora gas discoveries which have been estimated to hold about 800 billion cubic feet of gas.
The discoveries are located about 235 kilometres west of Port Moresby in the Gulf of Papua in the former PRL 1, which expired in February this year.
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