3rd Aug 2009 07:00
|
For immediate release |
3 August 2009 |
Rift Oil Plc
("Rift" or "the Company")
Extension of Petroleum Prospecting License 235
Rift, the oil and gas company with assets in Papua New Guinea, is pleased to announce that its wholly owned subsidiary, Foreland Oil Limited, has been granted an extension to petroleum prospecting license No: 235 by the Minister for Petroleum and Energy of Papua New Guinea.
The license has been extended for a further period of five years commencing on the 29 August 2009. The extension takes effect as from the date of expiry of the original license.
The license has been renewed subject to a minimum work programme which includes the drilling of one exploration well and the acquisition of 80km of 2D seismic within the first two years of the 5 year term, and the drilling of a further exploration well before the expiry of the 5 year term.
The extension of License No. 235 was a condition to the offer to acquire Rift by Talisman Energy Holdings Limited by way of a scheme of arrangement (the 'Scheme') , announced on 16 June 2009. The First Court Hearing to sanction the Scheme and the Second Court Hearing to confirm the Reduction of Capital have been scheduled for 6 and 10 August 2009 respectively. It is therefore currently anticipated that, subject to Court approval, the Scheme will become Effective on 10 August 2009.
Capitalised terms used but not defined in this announcement have the meaning given to them in the circular in relation to the Scheme posted to Rift Shareholders on 24 June 2009.
Enquiries:
Rift Oil plc +44 20 7340 9970
David Lees
RBC Capital Markets +44 20 7653 4804
Sarah Wharry
Buchanan Communications +44 20 7466 5000
Tim Anderson / Isabel Podda
Related Shares:
Rift Helium