The farm-out strategy comes after the Toronto-listed explorer revealed in late March it had identified the "very attractive Tuyuwopi prospect" in the licence following the completion of a 148km 2D seismic program last year.
LNG Energy owns 100% of the licence and it is not yet clear how much of a stake may be sold off as part of the ongoing farm-out talks managed by Sydney-based RFC Corporate Finance.
As the licence may come in handy for the PNG LNG joint venture, with ExxonMobil and Oil Search recently acquiring licence stakes from New Guinea Energy and Eaglewood Energy, LNG Energy is expecting a good outcome.
"Given the supportive infrastructure and lowland location close to the river and oil pipeline, we are excited by the size and prospectivity of Tuyuwopi and anticipate a very positive response to this farm-out process," LNG Energy president and chief executive officer Dave Afseth said.
The explorer considers PPL 319 is "on trend" with the key Kutubu and Gobe oil fields in the Southern Highlands.
Furthermore, the Tuyuwopi prospect has favourable logistical considerations.
LNG Energy previously said the licence area (about 500,000 acres) hosted Oil Search's Kopi base and was close to Oil Search's crude oil export pipeline and the route of the planned PNG LNG project gas pipeline.
Under the farm-out process, access is provided to the electronic data room up until May 18 when non-binding indicative offers are expected.
The shortlisted candidates are scheduled to be notified on May 25 which is the date RFC hopes site visits and a final agreement with a preferred farminee will be struck.
LNG Energy also fully owns four other PNG petroleum licences and other petroleum interests in Bulgaria, Poland and the US.