UMC Energy Plc Announcement (9716C)

TIDMNSN

RNS Number : 9716C

Natasa Mining Limited

09 May 2012

9 May 2012

Natasa Mining Ltd

("Natasa" or the "Company")

UMC Energy Plc Announcement

Natasa, the investment company with a focus on the mining finance industry notes an announcement released today by UMC Energy plc, in which Natasa holds 205,351,879 fully paid ordinary shares, representing 42.39% of the entire issued share capital.

Announcement re Additional PNG Petroleum Prospecting Licence Grant

"The directors of UMC are pleased to advise that Gini Energy Limited ("Gini"), in which the Company has a 30 per cent. equity interest, has been granted onshore Petroleum Prospecting Licence No. 405 by the government of Papua New Guinea ("PNG").

PPL 405 consists of nine graticular blocks 2299 - 2302, 2372, 2374-5, 2444 and 2447, located in the PNG highlands, and has an initial exploration phase of six years.

As previously advised, the remaining 70 per cent. equity interest in Gini is held by CNOOC Australia Limited ("CNOOC"), a subsidiary of CNOOC Limited, the Chinese multi-national oil and gas company listed on the New York and Hong Kong Stock Exchanges.

CNOOC is responsible for funding all expenditure in respect of PPL 405 and is required to comply with the minimum work obligations during the exploration phase. Such expenditure will be repaid to CNOOC out of production revenues and off take of oil and gas should production occur. If exploration and appraisal work indicates the probable existence of commercial reservoirs of oil or gas in any part of PPL 405 at the end of the exploration phase, the parties must each finance their pro-rata share of all expenditure required in respect of the development plan either themselves or by procuring sufficient finance from a third party.

For further information:

Enquiries:

Chrisilios Kyriakou, Chairman

UMC Energy Plc

Telephone: [phone]

Angela Peace/ James Spinney

Strand Hanson Limited

Telephone: [phone]

Philip Haydn-Slater/Paul Dudley

HD Capital Partners LLP

Telephone: [phone]

ENDS"

Enquiries:

 
 Natasa Mining Ltd 
  Chrisilios Kyriakou, Executive 
  Chairman 
  www.natasamining.com               [phone] 
 
  Strand Hanson Limited 
  Financial Adviser 
  Angela Peace/James Spinney         [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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