Oil Search, Molopo quit metal interests

Concentrating on core business seems to be the flavour of the week with both Oil Search and Molopo Australia quitting mineral assets to focus on oil and gas exploration.

Oil Search has sold its 31.5% stake in the Ramu Nickel Project to the Mineral Resources Development Company, which is owned by the PNG government for $US3.8 million. The deal removes all litigation with Highland Pacific for Oil Search.

Meanwhile, oil and gas explorer Molopo Australia said it had completed the sale of its North Korean gold interests for $320,000, of which $175,000 has been previously received and reported.