Equity

The Aporo’Urri Resource Owners Association Inc representing the Moran Fasu landowners in the Moran Petroleum Development License 5 in Kutubu, Southern Highlands Province claimed that KPHL had not paid them equally.

They also claimed that KPHL transferred an additional equity of 5% from EDA Oil Ltd interests in PDL5, to Homa Paua People’s Association.

This 5% they say, was promised to them by then Prime Minister Grand Chief Sir Michael Somare in November of 2009.

Chairman Sir Mekere Morauta says PNGSDP is happy to participate as the PNG-based member of a consortium of overseas financiers to provide a facility totaling K725 million ($US 230 million). This is to allow the landowners pay the State their 4.27 percent interest that was agreed under the Umbrella Benefit Sharing Agreement (UBSA), reached in 2009 between the Somare Government and the landowners.