The Company was incorporated in the Cayman Islands (Registration No: 272327) in October 2012 and was re-admitted to London’s AIM market in September 2013.
UMC / CNOOC PNG Energy Agreement
On 26 March 2012, UMC Energy entered agreements with a wholly-owned subsidiary of CNOOC Limited, the Chinese multi-national oil and gas company listed on the New York and Hong Kong Stock Exchanges, whereby CNOOC subscribed for a 70% equity interest in PNG Energy Ltd with UMC Energy retaining a 30% equity interest in PNG Energy. PNG Energy through its wholly owned subsidiary Gini Energy Ltd holds two on-shore (PPLs 378 and 405) and two off-shore (PPLs 374 and 375) Petroleum Prospecting Licences (PPLs) in Papua New Guinea. Pursuant to the agreements, and in consideration for the share subscription, CNOOC will be responsible for funding all expenditure in respect of the PPLs required to comply with the minimum work obligations during the exploration phase. Present at the agreement signing were, inter alia, directors of the Company and Li Fanrong, Chief Executive Officer and President of CNOOC.
Download the August 2013 Company Presentation here : UMC Investor Presentation August 2013