New Guinea Energy is to be listed on the Australian stock exchange, in the oil exploration sector.
The Australian Business reports the company has six licences covering over 52,000 square kilometres in the southwest of PNG, and wants to acquire more targets.
The prospects are in close proximity to proven oil reserves and the company has already invested $17 million US dollars acquiring and preparing these, setting up an office, and acquiring equipment.
To fund exploration within their licences, New Guinea Energy aims to raise
$15 million US dollars by placing 68 million shares at 25c each.