Papua New Guinea-focused oil and gas explorer New Guinea Energy (ASX: NGE) has kicked off a joint seismic program with Talisman Niugini in relation to the company's wholly owned PPL 266.
Talisman will extend its current seismic program in respect of its adjoining licence, PPL 261, to include the north-east of PPL 266.
Shares in New Guinea Energy increased 3.2% to 16c during the morning trade.
Company secretary Lucy Rowe said the cooperative program between New Guinea Energy and Talisman was an opportunity for the company to achieve operational synergies and cost savings while pursuing its aim of identifying leads and elevating leads to drillable prospect status.
New Guinea Energy anticipates completion of the PPL 266 seismic program by the end of the first quarter 2010.
The company has entered into farm-in agreements with Talisman in relation to PPLs 268 and 269.