The move, which had been long flagged by suspicious shareholders once Kentgrove Capital seized control of the company and its cash pile, means it can deploy its cash in a broader range of investments outside of oil and gas and "provide a greater opportunity to maximise returns for shareholders".
Its shares have been suspended while it seeks to re-comply with the ASX listing rules.
A share consolidation is also being considered.
Shareholders will be asked to approve the changes in October.
NGE was founded in 2006 by company builders John and Jeremy Towner, initially as a $50 million float on the Alternative Investment Market in London.
After a bumpy start, NGE arrived on the ASX as a significant holder of frontier acreage in PNG at a time when the nation's LNG dreams were still crystallising and there seemed to be significant untapped oil and gas potential.
It had hoped to drill six wells within its 25,000sq.km of leases off the bat, but that dream - which included the Stanley, Elevala and Ketu discoveries - fizzled out quickly when the reality of operating in PNG became clear.
The retention leases were pre-empted, and NGE raised less than it had hoped.
Over the decade NGE managed to drill the Siphon-1 and Panakawa-1 wells without success, gained and lost some hefty joint venture players in Talisman Energy and Mitsubishi, and participated in a less than successful drilling company.
It has already dropped two areas, and sold two other permits, and now it is requesting to surrender its remaining leases: PPL 266 and PPL 267.
PPL 266 contains the 209 billion cubic feet Macadamia prospect, while PPL 267 contains the 20 million barrel (P50) Kaisy lead. Both require seismic to derisk, seismic NGE no longer has the stomach to pay for.
NGE was first granted its licences in August 2005 and had been optimistic of their potential, but had been unable to find farm-in partners to share the risks and returns, particularly over the past 18 months as the oil price has cratered.
NGE's tenure in PPL 266 expires on August 15 while PPL 267 expires in August 2017.
With no pick-up in farm-in interest the company said the licence costs could no longer be justified.
The value of the permits was written off in December, and over the past nine months there has been no material expenditure.
The company has $12.28 million in cash and $3.58 million of liquid investments, and its 50% interest in Western Drilling Limited with Maps Tuna, which owns a rig and a 74-bed camp.
NGE holds contractual rights to receive contingent payments and royalties in connection with the sale of two earlier blocks which could see it earn $US8 million if a development licence is approved in PPL 269 and $US20 million for a development in PPL 277, plus there is an uncapped royalty over any production from PPL 277.
PPL 269 runs between the Ok Tedi mine and the Juha gas field, south of P'nyang, and is the site of two wells into the Strickland anticline being drilled by Repsol, Santos and Oil Search.
While Strickland-2 was a duster Strickland-1 was last reported to be above the target.
PPL 277 sits on trend with the Hides, Angore and Gobe fields.
NGE tipped its exit from PNG in October, just months after a boardroom coup that saw the return of former CEO Grant Worner.
At the time Worner said NGE would probably stay in the energy space, but was looking for lower risk assets than those on offer in PNG.
PPL 268, a permit near the Indonesian border, south of the Elevala, Ketu and Stanley wet gas discoveries, was relinquished last year.
NGE is also seeking to sell down its interest in WDL.
