PNG... the country that mostly attracts fly by night and loser companies hoping to make a fast buck off our treasured resources:


Rift Oil FY pretax loss widens to 519,000 stg on higher admin costs

LONDON (Thomson Financial) - Rift Oil PLC said its full-year pretax loss widened to 519,000 stg from 202,000 stg a year earlier earlier due to higher administrative expenses.

Its administrative expenses for the year to March 31 more than doubled to 570,000 stg from 261,000 stg a year ago.

The oil and gas exploration company with assets in Papua New Guinea said it has received encouraging results from the 54 kilometre seismic study designed to define new exploration leads.

Rift Oil said its strategy continues to be to commercialise its discovery on PPL 235, located in the forelands of PNG.

It said it has also signed a memorandum of understanding with Alcan South Pacific. As part of the deal, it said it will supply 40 bln cubic feet per year of natural gas over 20 years from 2011 to the Alcan Gove Refinery in Australia's Northern Territory. [email protected] ssr/ms1

Damn ..vote a new Government in who can get rid of this nonsense !!!!!!!!!!!!

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Ndrukuls TII

He he! Any new government will sell themselves out to these companies just like the old government did.

One that you've got to admit about us - we're totally spineless the moment someone gets us drunk and then flashes money in front of our faces.

Ok if the government cant do anything about our resources i want to echo this message to every land owners to take the example of Bouganvillians and guard our resources until such time our government can make some sense ... i think iam not making sense here too ...

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Ndrukuls TII

As we speak, customary Bougainvillean women landowners are being sold down the train by their corrupt interim Bougainville government pollies who are seeking aussie con companies etc to restart the mines.