27th Mar 2009 07:00
|
For immediate release |
27 March 2009 |
Rift Oil Plc ("Rift" or "the Company")
Rift Oil Earns declaration of Location
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea ("PNG"), announces that as a result of the two discoveries it has made in PPL 235 in Papua New Guinea, the Minister for Petroleum and Energy, the Hon. William Duma LLB.,LLM., MP, has declared those areas as: "Locations for the purpose of the Oil and Gas Act". This information has also been published in the National Gazette in PNG.
The gazettal of the "declaration as a discovery location" covers nine grid blocks for Douglas-1 and nine grid blocks for Puk Puk-1, each covering an area of approximately 800 km2. Rift will now apply for an extension of the PPL 235 Licence for its second five year term.
The significance of the declaration is that these areas are now recognised by the government of PNG as likely development locations within the PPL and so it is a precursor to a Petroleum Development Licence which is required for production of oil or gas.
The successes of Puk Puk-1 and Douglas-1 clearly affirms PPL 235 as a significantly prospective area.
Enquiries:
Rift Oil plc +44 20 7340 9970
David Lees, Finance Director
RBC Capital Markets +44 20 7653 4804
Sarah Wharry
Buchanan Communications +44 20 7466 5000
Tim Anderson / Isabel Podda
Related Shares:
Rift Helium