The total purchase price for petroleum prospecting licence 260 - north of the PNG LNG project's petroleum development licence 1 - was $7 million and the transaction closed late last week.
Eaglewood chief executive officer Brad Hurtubise said these funds will be used in its other PNG licences.
Expenditure is immediately slated for PPL 259 which contains the Ubuntu discovery it made last year in PNG's Western Province.
"We will begin acquiring seismic on PPL 259 on April 1 and expect to be in a position to drill our second well on that license in the second half of 2012," Hurtubise said.
"With previously announced farmouts effectively funding our next phase of seismic and our next well, this additional capital gives us the ability to better pursue the multiple opportunities in and around our licenses including expanding our PPL 259 seismic program to high-grade additional prospects, shooting additional seismic on PPL 257 and funding any PRL 4 unitisation outcomes."