New Guinea Energy (ASX:NGE) has received Papua New Guinea Government approval to sell its 50% interest in Petroleum Prospecting Licence 269 to Santos (ASX:STO).
The company will receive a payment of US$32 million cash on completion.
In addition, it will receive a US$2 million payment if a Petroleum Retention Licence is granted over any area of the licence and a further US$6 million if a Petroleum Development Licence is granted.
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