3rd Jan 2014 10:56
(Shares were untraded today not traded as previously stated, share price has been updated)
LONDON (Alliance News) - UMC Energy Corporation Friday said the 3000 line kilometre 2D seismic survey over Gini Energy Ltd's offshore petroleum prospecting licences PPL374 and PPL375 in Papua New Guinea is expected to be completed over the weekend.
The oil and gas exploration company, re-admitted to AIM in September, said the seismic survey, which is being conducted by BGP PNG, has so far recorded 2964.6 line kilometres of 2D data out of the 3000 line kilometres target, making it 98.8% complete.
UMC Energy owns 30% of Gini Energy, with China's CNOOC Ltd owning the rest. CNOOC is the operator of the permits and funding the cost of the survey.
The company said the programme is continuing to run on schedule and no safety or environmental incidents have been recorded.
UMC Energy shares were untraded at 3.25 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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