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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	NGE
Latest Price:	0.06 (7.69% )
52-week High:	0.18
52-week Low:	0.04
Market Cap:	47.41M

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New Guinea Energy Full New Guinea Energy profile here

New Guinea Energy (ASX: NGE) is an Australian company focusing on oil and gas exploration and production in Papua New Guinea. The company holds six onshore Petroleum Prospecting Licences which contain an exploration inventory of 101 leads and prospects.

New Guinea Energy signs A$25m Equity Facility, focuses on PNG exploration

Tuesday, July 27, 2010

Oil and gas explorer New Guinea Energy (ASX: NGE) today secured a $25,000,000 equity subscription facility with US Based Investment Fund YA Global Master SPV Ltd.

Under the terms of the facility, New Guinea Energy may, at its discretion, issue shares to YA Global at any time over the next 60 months, up to a total value of $25,000,000.

New Guinea Energy may draw down up to $1,000,000 in any 10 trading day period other than the first advance which will be up to a maximum of $500,000.

The company has not yet activated the facility, and has no obligation to issue any shares until it activates the facility and issues a funding request to YA Global.

Shares issued to YA Global in satisfaction of each advance of funds by YA Global will be priced at the lowest daily volume weighted average price (VWAP) of New Guinea Energy shares traded on each of the 10 trading days which follow an advance notice by New Guinea Energy.

A commission of 5% of the value of each advance will be payable by New Guinea Energy at the time of issue of the relevant shares.

Michael Arnett, executive chairman and CEO, said “NGE is pleased to have established this equity line facility with YA Global however, the company does not intend to make use of this facility in the near future."

"With this option available to the company, we believe NGE is now in one of the strongest funding positions it has ever been in, giving it greater independence and allowing it to maintain its present focus on its exploration and work program commitments in Papua New Guinea," he added.

With a significant interest in six petroleum prospecting licences spanning 52,000 km2 in Papua New Guinea, NGE is committed to the development of potentially world class petroleum assets.

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