Heritage, an oil producer in Nigeria and Russia, agreed to acquire an operating 80% stake of LNG Energy's petroleum retention licence 13 and its surrounding petroleum prospecting licence 319 for a cash payment of $US4 million plus commitments to fund a minimum 100km seismic program and one exploration well.
The deal remains subject to government approval but LNG Energy president and chief executive officer David Nelson was pleased to "welcome Heritage to PNG".
"Heritage's investment, particularly with regards to the Tuyuwopi prospect previously identified on PPL 319, will greatly advance the project," he said.
"Heritage has been an extremely effective explorer and we look forward to working with them as we continue to actively explore a very prospective area in Papua New Guinea."
In January LNG Energy agreed to sell a 31.5% stake of its PPL319-owning subsidiary Telemu to Virgin Islands-based EERL Holdings for $4 million.
The deal provided money for a 22km, 2D seismic program to scope out the Tuyuwopi oil prospect in PPL319, with Toronto-listed LNG Energy saying it was completed at the end of March.
"Upon closing, Heritage has the option of expanding the seismic program during the current dry season," LNG Energy said this week.