New Guinea Energy holds some 52,000 square kilometres of oil and gas acreage within the Papuan Basin, with unexplored land in PPL 267 having black oil seeps flowing about five barrels per day to the surface.
Managing director Jeremy Towner told PetroleumNews.net's sister publication PNGIndustryNews.net the company was negotiating with five or six parties that were keen to put in an offer under a farm-in arrangement.
The prospective parties include large multinational and Australian Securities Exchange-listed energy companies.
Towner expects to make a decision and announcement on the new JV partner in 4-6 weeks.
New Guinea Energy expects to advance drilling plans after the new JV partner is on board.
