NEW GUINEA ENERGY LTD Audio Webcast

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NEW GUINEA ENERGY LTD (NGE)

Please refer to the relevant stock exchange if any of the above information is incorrect

NEW GUINEA ENERGY LTD (NGE) Events

Company (Stock Code)	Date/Time	Event	Timezone: Australia/NSW
NEW GUINEA ENERGY LTD (NGE) Farm-out Strategy Continues As Gas Exploration Increases	Tue, 5 Aug 2008 10:00AM	NGE - Quarterly Update - Mr Jeremy Towner, MD
NEW GUINEA ENERGY LTD (NGE)	Fri, 30 May 2008 10:45AM	Excellence in Oil and Gas Conference - Mr Jeremy Towner, MD
NEW GUINEA ENERGY LTD (NGE)	Wed, 14 May 2008 10:15AM	NGE - Operations Update - Mr Jeremy Towner, MD
NEW GUINEA ENERGY LTD (NGE)	Mon, 12 May 2008 10:45AM	NGE - Admission to Port Moresby Stock Exchange - Mr Jeremy Towner, MD
NEW GUINEA ENERGY LTD (NGE)	Mon, 3 Mar 2008 11:15AM	NGE - New Era in PNG Exploration Begins - Mr Jeremy Towner, MD
NEW GUINEA ENERGY LTD (NGE)	Fri, 30 May 2008 11:00AM	Annual General Meeting Level 22, Gold Fields House, 1 Alfred Street, Sydney
NEW GUINEA ENERGY LTD (NGE)	Fri, 28 Dec 2007	Full Year Results
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NEW GUINEA ENERGY LTD (NGE)

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INTERVIEW WITH JEREMY TOWNER, MANAGING DIRECTOR OF NEW GUINEA ENERGY LIMITED (NGE)

“Farm-out Strategy Continues As Gas Exploration Increases”

http://www.brr.com.au/event/48933

 

TUESDAY, AUGUST 5 2008, 10:00 AM.

 

            BRR    Good morning and welcome to Boardroom Radio. Today, we’re speaking with Mr. Jeremy Towner, CEO of New Guinea Energy Limited. Thanks for joining

10                    us today, Jeremy.

            NGE    Thank you.

 

            BRR    Jeremy, you’ve seen there’s been a lot of talk about the farm out process you guys are currently involved with in New Guinea. You’re now six months into

15                    this project. Did you want to give us an update of where New Guinea Energy is at?

            NGE    Yeah, sure. We’ve got a farm out process in January-February, late January-early February 2008 just shortly after the listing. We’ve had an enormous response. We had a total of twenty six companies express interest in the

20                    process and we still have seventeen of those still involved in the due diligence and negotiation process. It’s been a huge response as before. It ranges from, you know, the largest national companies and certain major companies right down to small Australian listed companies and we’ve been very happy with that response. We are six months through and we’re now

25                    starting to get to the end of the process and we’re now ready to start (inaudible) (00:00:58) those companies. We have probably up to seven  companies, we’re expecting to get offers from in the next six or so weeks. We have various meetings in Singapore, Perth, Sydney, and around with a view of current negotiations on those offers and we have been very pleased with

30                    the (inaudible) (00:01:18) scale of the companies that have responded  (inaudible) (00:01:20). So there’s been a very good outcome for us and we look forward to going forward with if not at least not one… a couple of those partners.

 

35        BRR    Jeremy, there’s also been a lot of activity in oil and gas in Papua, New Guinea. Can you give our listeners some details of the projects that are happening?

            NGE    Yeah. It has been extremely tough for PNG. I think over the last 20-odd years there’s been a section of PNG being a gas prime area and having a lot of

40                    stranded gas in March or so this year Exxon Mobil and all search committed to feed on the $11 billion PNG LNG project which will actually be one of the largest or if not the largest LNG project in the world to date and it really is now bringing that stranded gas into commercialization. We’ve seen two or three other proposals for LNG smaller scale operations in PNG and a renewed

45                    interest in the western corridor of infrastructure which will be a great conduit  for a south coast LNG or gas export infrastructure field. So all these is happening in and around our licenses and it’s meaning that now PNG is a focal point for the southeast Asian regions. This, coupled with, you know, the three or four LNG plants proposed in Queensland is meaning that it’s taking a little bit of the gloss off to the northwest shore to the other side of the country and putting some focus on LNG on this side. This, I guess, is also being backed up by the fact that there’s been a test of the Stanley discovery just recently which flowed at 9.3 million cubic feet a day and about 30 barrels of

5                      oil per million cubic feet, which was a great result as well as a discovery at Puk Puk which is just to the east of our licenses. It’s showing that there is a lot of oil and gas to be discovered in PNG as well as that gas and oil being commercial and the fact that there’s massive commercial operations developments underway so PNG has gone with seeing farming partners.

10                    PNG has gone from an oil producing province to a very near-future gas producer. So the whole of PNG oil and gas is now on the move and we, as a large lead holder in PNG, will be taking full advantage of that.

 

            BRR    And, Jeremy, just lastly, if you just want to touch on how your fuel operations

15                    are currently progressing and what you can let our listeners know about that.

            NGE    Yeah, no problem. We are currently wrapping up our seismic programme. Equipment will become available after those current users finished sometime around early September. We have commenced our line cutting in preparation for that work on about 80 kilometres seismic in PPL 267 which is our oil seep

20                    area. We’ve already got some seismic there and this is follow-up to delineate some targets from structures we’ve already identified and we hope at the end of this to be able to have some drillable targets in the oil seep area and we look to try and spot that well  by the end of the year or very close to. So that will be, I guess, the start of operations really commence that lead up to our

25                    drilling operations. Our farming partners will be joining us through the drilling and that drilling should there be….and finished in time but it really is the start of what NG is all about which is about drilling holes and making discoveries. We’ve got a very large portfolio to follow up on and so we see this in a very exciting time the next six to twelve months will be when it will happen as the

30                    New Guinea LNG.

 

            BRR    Certainly some exciting time ahead there, Jeremy. I’d just like to thank you for your time today and we look forward to hearing from you soon.

            NGE    Okay. Thanks very much.

35

            BRR    That was Jeremy Towner, CEO of New Guinea Energy. If you have any questions about this broadcast or any other broadcast, please feel free to contact us on brr@brr.com.au. I’m Eddie (inaudible) (00:05:04) and thank you for listening to Boardroom Radio.

 

INTERVIEW CONCLUDED

 

 

 

 

Contact brr@brr.com.au for more information

 

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