Cott Oil and Gas (ASX: CMT) shares ended the trading day yesterday 57% firmer at $0.165 on volume of more than 1.1 million shares.
Attracting investor attention to the stock is the recent grant of a 40% interest in the Pandora Gas Fields in the Gulf of Papua.
The new PRL38 license contains the Pandora 1X well which was drilled in 1988 and flowed dry gas at 57mmscfd, Pandora B-1X well which flowed at 43.1mmscfd, and several other prospects which have yet to be evaluated.
Cott has executed an agreement to share proceeds on commercialisation of up to a 25% interest in PRL38 subject to agreed caps.
During the bidding and license application process, Cott agreed to assign 5% of its participating interest to Kina Petroleum (ASX: KPL) in exchange for 10,000,000 Kina shares
The license comprises nine graticular blocks covering around 765 square kilometres.
The license holders are Cott subsidiary Wondecla Ltd 40%, Kina Petroleum 25%, Talisman Energy Niugini Ltd (Operator) 25%, Santos (ASX: STO) subsidiary Barracuda Ltd 10%.
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