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Exxon Mobil Corp's Esso PNG Exploration Ltd Completes Acquisition Of Additional 10% Interest In PPL 260 In Papua New Guinea From Eaglewood Energy For $3.5 Million-GlobalData Financial Deals Tracker


Thursday, 16 Aug 2012 08:00pm EDT 

GlobalData Financial Deals Tracker reported that Esso PNG Exploration Limited, a wholly-owned subsidiary of Exxon Mobil Corporation, has completed the acquisition of additional 10% interest in PPL 260, located in the Papua New Guinea highlands, from Eaglewood Energy Inc., an oil and gas exploration company, for a purchase consideration of $3.5m. Of the total consideration, Esso PNG Exploration paid $1.05m at the time of agreement and the remaining $2.45m was paid on the completion of the agreement. PPL 260 covers approximately 1.6 million acres of mountainous terrain and is located in the structurally complex Papuan Fold Belt. There is potential for petroleum structures containing hydrocarbon gas and condensate in PPL 260 and there is an existing oil pipeline 45 kilometers south which transports liquids to the Kumol tanker and loading facility. The transaction enables Esso PNG Exploration to expand its oil and gas asset base in Papua New Guinea. 

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