Port Moresby | The Mineral Resources Development Company (MRDC) wishes to inform the beneficiaries’ clans of Hides Petroleum Development License 1 (PDL1) and stakeholders that the PDL1 Clan Bank Account Opening Program has been extended by one week.

The extension is necessary to give beneficiaries clans which have issues with their Meeting Minutes to be resolved. This is important to ensure that the minutes reflect the collective consensus of the respective beneficiary clans, in appointing their clan executives. This is an important part of the ongoing diligence process on the collection of Minutes. Due to this ongoing engagement and due diligence, the clan account opening will begin on Monday 6 May 2024, and not on Monday April 29, 2024, as previously advised.

MRDC, in collaboration with the Papua New Guinea Electoral Commission (PNGEC), and the Department of Petroleum, is conducting due diligence and vetting all Clan Minutes for clans for their respective Blocks. Once the due diligence is complete, Bank of South Pacific (BSP) will proceed with the account opening. The Clan Meeting Minutes are crucial for appointing clan executives who will be signatories to the Clan Account.

MRDC is committed to opening the account and paying the long-standing benefits to the PDL 1 beneficiaries per the revised scheduled for PDL 1 Clans Account Opening.

Authorised by Mr. Augustine S. Mano, CBE.

Managing Director & CEO

Mineral Resources Development Company Limited

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