RIFT Rift Oil

 

TIDMRIFT 
 
RNS Number : 7243W 
Rift Oil PLC 
03 August 2009 
 

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| For immediate release               |                       3 August 2009 | 
+-------------------------------------+-------------------------------------+ 
 
 
 
 
 
 
 
 
Rift Oil Plc 
("Rift" or "the Company") 
 
 
Extension of Petroleum Prospecting License 235 
 
 
 
 
Rift, the oil and gas company with assets in Papua New Guinea, is pleased to 
announce that its wholly owned subsidiary, Foreland Oil Limited, has been 
granted an extension to petroleum prospecting license No: 235 by the Minister 
for Petroleum and Energy of Papua New Guinea. 
 
 
The license has been extended for a further period of five years commencing on 
the 29 August 2009. The extension takes effect as from the date of expiry of the 
original license. 
 
 
The license has been renewed subject to a minimum work programme which includes 
the drilling of one exploration well and the acquisition of 80km of 2D seismic 
within the first two years of the 5 year term, and the drilling of a further 
exploration well before the expiry of the 5 year term. 
 
 
The extension of License No. 235 was a condition to the offer to acquire Rift by 
Talisman Energy Holdings Limited by way of a scheme of arrangement (the 
'Scheme') , announced on 16 June 2009.The First Court Hearing to sanction the 
Scheme and the Second Court Hearing to confirm the Reduction of Capital have 
been scheduled for 6 and 10 August 2009 respectively. It is therefore currently 
anticipated that, subject to Court approval, the Scheme will become Effective on 
10 August 2009. 
 
Capitalised terms used but not defined in this announcement have the meaning 
given to them in the circular in relation to the Scheme posted to Rift 
Shareholders on 24 June 2009. 
 
 
 
 
 
 
Enquiries: 
 
 
Rift Oil plc+44 20 7340 9970 
David Lees 
 
 
RBC Capital Markets    +44 20 7653 4804 
Sarah Wharry 
 
 
Buchanan Communications    +44 20 7466 5000 
Tim Anderson / Isabel Podda 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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