16th Nov 2006 07:01
Rift Oil PLC16 November 2006 For immediate release 16 November 2006 RIFT OIL PLC ("Rift" or the "Company") New Rift Oil Licence Rift Oil Plc is pleased to announce that it has accepted the offer from theMinistry of Petroleum and Energy in Papua New Guinea ("PNG") of explorationlicence PPL 261. This area covers approximately 4,000 sq km immediately northof PPL 235 in which Rift Oil has a 65% interest. The ownership of the lease isin the name of Foreland Oil Limited (for and on behalf of Rift Oil Plc) as to50% and Trans-Orient Petroleum (PNG) Limited (for and on behalf of Austral) asto 50%. This increases the area in which Rift Oil has a significant interest toapproximately 7,000 sq km. Chairman, Ian Gowrie-Smith, said: "This is an important development for RiftOil. PPL 261 is on the migration pathway to PPL 235 in which we discoveredpotentially significant reserves of gas with Douglas-1. The granting of this newlicence materially increases our acreage in this new gas province." Ends Contacts:Rift Oil plc 020 7340 9970David Lees, Finance Director Buchanan Communications 020 7466 5000Tim Anderson Notes to the Editors Rift listed in London on the AIM market, floating on the 19th April 2006. Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewedthis statement and authorised its release. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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