04-09-2013, 10:32 PM
..."but doesn't it also quite possibly mean we wait until the legislature creates the new entity before PNG is in a position to "sign off" on the deal?
No. Petromin is still functioning entity and will be until Septmber. Recently signed JAPEX MOU is with Petromin. Petromin can enter into Gulf LNG and then be reorganized into Kumul Petroleum as the legislation allows, and that is what will happen. Petromin has been slated for dismantling for many months and this just didn't happen in the last 2 weeks.