Fortbridge Media Release

New Guinea Energy Ltd. [ASX:NGE] - NGE to earn US$40 Million (A$43.7M) in deal with Exxon Mobil

New Guinea Energy Limited (NGE) is pleased to announce that its wholly owned subsidiary, Kirkland Limited (Kirkland) has signed an agreement with Esso PNG Robin Limited (Esso), a subsidiary of Exxon Mobil Corporation, regarding the proposed sale of its 50% participating interest in Petroleum Prospecting Licence (PPL) 269 to Esso for a total consideration of US$40 million cash (Sale Agreement).

Certain rights and obligations under the Sale Agreement do not become binding until a number of initial conditions precedent are satisfied over a period of 20 business days commencing from today. Esso is permitted to have discussions with the Operator of PPL269 during this period, and has an absolute discretion to determine whether it is prepared to proceed with the acquisition of Kirkland�s participating interest in PPL 269 or not. The initial conditions precedent are: (a) Esso giving Kirkland a notice that Esso wishes to proceed with the transaction; (b) Kirkland obtaining the consent of the holder of the convertible bonds in NGE; and (c) NGE providing a parent company guarantee to Esso. If the initial conditions precedent are met, Esso will be required to pay a US$4 million deposit to Kirkland. If the initial conditions precedent are not satisfied or waived, the sale of Kirkland�s participating interest in PPL269 to Esso will not proceed.

For more information, please view the attachment.

About New Guinea Energy

New Guinea Energy Ltd (ASX: NGE; OTCQX:NGELY; POMSOX:NGE) is an Australian company focused on oil and gas exploration in Papua New Guinea (PNG). NGE possesses one of the last available highly prospective, onshore, independent acreage positions in SE Asia. Prior to any sale of PPL 269 taking effect, the company has 5 onshore Petroleum Prospecting Licences (PPLs) covering more than 29,500km� (7 million acres) and a royalty right over another 8,000km� (2 million acres) in a PPL running parallel to the PNG LNG Project. It has a balanced portfolio of both oil and gas prospects with potentially more than 6,100mmboe unrisked petroleum initially in place. As a reflection of the prospectivity of NGE�s portfolio, more than 1 billion barrels of oil and 15 Tcf of gas have already been discovered in adjacent licences.

For further information, please contact:

Lucy Rowe
Company Secretary
+61 2 9252 0010.

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