Gas Discovery Opens New Growth Opportunities

Togole Petroleum Energy has announced the discovery of a major gas field in the Western Province with estimated reserves of 500 billion cubic feet. The discovery is expected to support production for over 20 years and represents a significant growth opportunity for the group.

Discovery Details: - Location: Western Province, Papua New Guinea - Estimated reserves: 500 billion cubic feet of natural gas - Production potential: 50 million cubic feet per day - Expected project life: 20+ years - Estimated investment: K1.5 billion for development

Preliminary development plans indicate potential investment of K1.5 billion and creation of 1,200 jobs during the development phase. The gas field is strategically located near existing infrastructure, which will facilitate cost-effective development.

Togole Petroleum Energy is currently conducting detailed feasibility studies and environmental assessments. The company expects to make a final investment decision within 12 months and commence development activities in 2027.

This discovery significantly enhances Togole Petroleum Energy's resource base and positions the company for substantial growth. The project is expected to generate substantial government revenue through royalties and taxes, and will contribute to Papua New Guinea's energy security and economic development.