Daulton Capital Corp. announced this morning that it has entered into a Letter of Intent with South Pacific Connection Limited (SPC) of Papau New Guinea (PNG) to acquire a 64% working interest in the Oil, Gas and Liquid Natural Gas rights of SPC’s property in PNG. More details of the property and terms of the agreement will be shared in futures releases. Daulton anticipates closing on the agreement within ten (10) days.
“We believe this agreement will be in keeping with the corporate philosophy of Daulton to be a project generator with the objective of optioning/joint venturing projects with major and junior natural resource companies through to production” stated Terry Fields, CEO. Mr. Fields, further stated, “Daulton Capital is being presented with a great opportunity to participate in a prolific proven hydrocarbon province, a Commonwealth country with significant international Liquid Natural Gas interests close to the Asian markets that is relatively underexplored.”
A politically stable country with a rapidly growing infrastructure and stable fiscal system, Papua New Guinea is richly endowed with gold, copper, oil, natural gas, and other minerals. Government revenues and foreign funds depend heavily on mineral and oil exports. A consortium led by Exxon/Mobil recently began the commercialization of the country’s estimated 22.5 trillion cubic feet of natural gas reserves through the construction of a liquefied natural gas (LNG) production facility. Interoil, an American-owned firm, opened Papua New Guinea’s first oil refinery in 2004 and is also building a second liquefied natural gas production facility which it aims to complete sometime next year with production capacity of 32,500 barrels of product per day.
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