3rd Jan 2014 10:23
LONDON (Alliance News) - UMC Energy Corporation Friday said the 3,000 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 Exploration, has so far recorded 2,964.6 line kilometres of 2D data out of the 3,000 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 is funding the entire 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 down 15% to 2.75 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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