Enterprise Energy Resources Ltd. (TSXV:EER) announced that they have acquired a 31.5% interest in Telemu No. 18 Ltd, a Papua New Guinea based subsidiary of LNG Energy Ltd. (TSXV:LNG).
As quoted in the press release:
Telemu is the holder of four petroleum prospecting licenses (“PPL”) in Papua New Guinea, PPL 319, PPL 320, PPL 321 and PPL 322, comprising a total of over 5.5 million acres and covering highly prospective territory for oil and gas exploration. PPL 319 lies in the lowland area of the Papuan fold and thrust belt in which a number of substantial oil and gas fields have been discovered and is on-trend with the Kutubu and Gobe producing oil fields owned by Oil Search Limited. LNG has identified a number of structural leads on PPL 319 through the use of recently acquired and processed 2D seismic.