Eaglewood To Unload Final 10% Stake In Papua New Guinea License

To purchase final 10% equity interest in PPL 260 in the Papua New Guinea highlands.

Esso PNG Exploration Ltd., a subsidiary of ExxonMobil Corp., San Ramon, Calif., (NYSE: XOM) plans to acquire the final 10% equity interest in PPL 260 in the Papua New Guinea highlands from Eaglewood Energy Inc., Calgary, (Toronto Venture: EWD) for US$3.5 million.

Eaglewood will pay US$1.05 million now and the remaining US$2.45 million when Esso's interest is registered on the license, which is expected to occur prior to Sept. 30. The transaction is conditional upon the waiver of pre-emptive rights and receipt of all necessary regulatory approvals.