Beneficiary Groups of the PNG LNG Project, who have not expressed interest to take up the Kroton Equity Option after the deadline, have only one option to save the commercial interest offered to them.
Kumul Petroleum Holdings Limited Managing Director, Wapu Sonk, says in a statement that as far as they are concerned, the option has lapsed on the beneficiary groups.
There is however, an alternative to assist them acquire their portion of the Kroton Equity Option.
“As far as KPHL is concerned and strictly speaking, the option lapsed. However, the only thing that saves their interest is a blanket expression of interest to exercise on behalf of all beneficiaries by Mineral Resources Development Company. That may save their interest,” he added.
The beneficiary groups that have not offered to take up the Kroton Option Equity before the due date lapsed on the 31st of December 2016 are:
- PDL 1 (Hides)
- PDL 2 (Kutubu)
- PDL 7 (Hides 4) and,
- PDL 8 (Angore)
KPHL advised last week that PDL 2 (Kutubu) would be signing ‘Unit Application Forms’ to exercise the Kroton Equity Option, however, a date is yet to be confirmed for the signing.
Beneficiary groups who have acquired the Kroton Equity Option signed share transfer documents or ‘unit application forms’ as well as the vendor finance offered by KPHL.
- PDL 4 (Gobe)
- PNG LNG Plant site (Papa, Lealea, Boera, Porebada)
- PNG LNG Pipeline, (Segment 1- 8)
- PDL 9 (Juha)
- PDL 5 (Central Moran)
- (North West Moran)
- Fly River Provincial Government
- Gulf Provincial Government
- Southern Highlands Provincial Government and Hela Provincial Government
- Central Provincial Government