A major turning point for the company and the energy industry in Papua New Guinea was reached today when Kumul Petroleum Holdings Limited announced its entry into the direct marketing of liquefied natural gas (LNG) on the "spot" market. Kumul Petroleum sold 144,000 cubic meters of LNG to PetroChina International Corporation Limited for Free on Board (FOB) terms. This deal, which was finalized this month, is the result of a February tender procedure and demonstrates Kumul Petroleum's proactive use of its portion of the PNG LNG Gas Project's LNG production. Speaking on this historic achievement, Wapu Sonk, Managing Director of KPHL, expressed his enthusiasm, stating, "Today marks an important milestone for our company.” “It is the first time Kumul Petroleum is directly marketing our equity share of LNG production from the PNG LNG Project, exceeding the volumes committed to long-term Sales Purchase Agreements." With a 16.77 percent stake in the PNG LNG Project, Kumul Petroleum expects to sell about 14 LNG cargoes in the ensuing four years. In addition, preparations are in place to purchase a further 2.6% stake in the PNG LNG Project, strengthening Kumul Petroleum's standing in the LNG industry. "This achievement underscores Kumul Petroleum's commitment to maximizing the value of Papua New Guinea's natural resources.” "Directly marketing our share of LNG production not only enhances our revenue streams but also contributes to the economic development of the country." In order to demonstrate its commitment to growing its market share in the LNG industry worldwide, Kumul Petroleum is now looking at ways to interact with other prospective purchasers of LNG shipments in the future.