LNG Energy has the major interest in six licences in PNG, including two Petroleum Prospect Licences and one Petroleum Retention Licence in the Papuan Basin plus three PPLs in the North New Guinea Basin.

Of 8.4 million acres of exploration land, LNG Energy said its licences are surrounded by an estimated 20 trillion cubic feet of gas discovered by rival LNG players ExxonMobil, Oil Search and InterOil.

LNG Energy said it had over $C25 million (K66.28 million) to fund exploration and this year its major focus would be PRL 13, where significant gas was discovered by previous operators.

The company has appointed David Afseth as its acting president and CEO.

Afseth has over 30 years experience in the oil and gas industry and the company said he managed a successful drilling program of over 1740 wells in 2005 and 2006 with ConocoPhillips Canada.

The company has recently granted to its officers, employees and consultants 2.23 million stock options that are exercisable over five years at a price of C27.5c per share.

LNG Energy has also appointed Danny Lee as its chief financial officer, replacing Kathleen Butt, who has resigned from the company.

Lee has over 10 years experience in the resource sector having recently served as CFO of Transeuro Energy, which has operations in PNG, Ukraine, Armenia and Canada.

The bulk of LNG Energy's exploration assets were acquired from Cheetah Oil and Gas under the previous company name of Invicta.

LNG Energy is listed under the code LNG in the TSX Venture Exchange and last traded at C44c.