Exxon Mobil Corporation (XOM)

[eFinanceMarkets]

Exxon confirms potentially significant new gas field in Papua New Guinea

Exxon Mobil (XOM +0.3%) announces positive results on the Muruk-1 sidetrack well in the Papua New Guinea after completing a third sidetrack on the Muruk gas discovery and confirming "a potentially significant new gas field."

XOM says the well encountered high-quality sandstone reservoirs southwest of the Muruk-1 natural gas discovery announced in late 2016.

XOM owns a 42.5% interest in the Muruk license, with operator Oil Search Ltd. (OTCPK:OISHF) holding 37.5% and and Santos subsidiary Barracuda Ltd. owning 20%, subject to regulatory approval.