The scrip-based acquisition increased LNG Energy's stake of PPL319 in Gulf province to 16.85%, with the Toronto-based explorer previously selling an 80% stake of this licence to London-listed Heritage Oil.

The acquisition also lifted LNG Energy's stakes of north coast PPLs 320, 321 and 322 to 84.25%.

Afseth, who served as LNG Energy's CEO for four years before relinquishing this role in 2012, resigned from the board three days after the closing of this deal was announced on August 20.

"During his tenure, he was instrumental in advancing LNG's Papua New Guinea assets, leading to a farm out of a portion of the assets earlier this year," the explorer said.

"He also guided the company in the acquisition of over one million gross acres of oil and gas leases in Poland and facilitated a farm-in in Bulgaria."

An oil producer in Nigeria, Heritage aims to spud its first PNG exploration well over the contiguous PPL319 and PRL13 licenses in early 2014.