SINGAPORE and PORT MORESBY, Papua New Guinea, July 31, 2015 /PRNewswire/ -- InterOil
Corporation (NYSE: IOC) (POMSoX: IOC) and Total E&P PNG Limited
have agreed that Total will become operator of Petroleum Retention
License 15 in the Gulf Province of Papua
New Guinea from August 1,
2015.
On February 27, 2015 InterOil
announced that the PRL 15 Joint Venture, which is developing the
Elk-Antelope gas discovery as the Papua LNG Project, had
unanimously appointed Total as the operator, subject to an agreed
transition plan.
InterOil Chief Executive Dr Michael
Hession welcomed the agreement with Total.
"We now look forward to Total bringing its global LNG experience
and resources to Elk-Antelope to develop what we anticipate will be
the world's lowest cost new-build LNG project," Dr Hession
said.
"This represents an important milestone for the Papua LNG
Project as the Joint Venture continues to drive towards the
earliest practical development of the Elk-Antelope resource."
Under the Operator Transition Agreement, InterOil will continue
to provide certain technical services for Total until the end of
2015. InterOil will continue to operate its remaining retention and
exploration licenses in Papua New
Guinea.
Under the Operator Transition Agreement, InterOil on behalf of
Total will drill the Antelope-4 sidetrack well, which is expected
to begin drilling soon. Total will then operate the Antelope-6
well.
The Papua New Guinea Department of Petroleum and Energy will be
advised of the effective date of change of operator.
About InterOil
InterOil Corporation is an independent oil and gas business with
a primary focus on Papua New
Guinea. InterOil's assets include one of Asia's largest undeveloped gas fields,
Elk-Antelope, in the Gulf Province, and exploration licences
covering about 16,000sqkm. The company employs more than 2,000
staff and contractors. Its main offices are in Singapore and Port
Moresby. InterOil is listed on the New York and Port
Moresby stock exchanges.
Investor Contacts
Singapore
|
Singapore
|
United
States
|
Michael
Lynn
Senior Vice
President
Investor
Relations
|
David Wu
Vice
President
Investor
Relations
|
Cynthia
Black
Investor
Relations
Coordinator
|
T: +65 6507
0222
E:
michael.lynn@interoil.com
|
T: +65 6507
0222
E:
david.wu@interoil.com
|
T: +1 212 653
9778
E:
cynthia.black@interoil.com
|
Media Contacts
Singapore
|
Australia
|
|
Robert
Millhouse
Vice
President
Corporate
Affairs
|
John Hurst
Cannings Corporate
Communications
|
|
T: +65 6507
0222
E:
robert.millhouse@interoil.com
|
T: +61 418 708
663
E:
jhurst@cannings.net.au
|
|
Forward Looking Statements
This media release includes "forward-looking statements" as
defined in United States federal
and Canadian securities laws. All statements, other than statements
of historical facts, included in this release that address
activities, events or developments that InterOil expects, believes
or anticipates will or may occur in the future are forward-looking
statements. These statements are based on our current beliefs as
well as assumptions made by, and information currently available to
us. No assurances can be given however, that these events will
occur. Actual results could differ, and the difference may be
material and adverse to the company and its shareholders. Such
statements are subject to several assumptions, risks and
uncertainties, many of which are beyond the company's control,
which may cause our actual results to differ materially from those
implied or expressed by the forward-looking statements. Some of
these factors include risks discussed in the company's filings with
the Securities and Exchange Commission and on SEDAR, including but
not limited to those in the company's annual report for the year
ended 31 December 2014 on Form 40-F and its Annual
Information Form for the year ended 31
December 2014. In particular, there is no established market
for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or
gas condensate from the Elk and Antelope fields will ultimately be
able to be extracted and sold commercially. Investors are urged to
consider closely the disclosure in the company's Form 40-F,
available from us at www.interoil.com or from the SEC at
www.sec.gov and its Annual Information Form available on SEDAR
at www.sedar.com.
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visit:http://www.prnewswire.com/news-releases/total-assumes-operatorship-of-prl-15-300121803.html
SOURCE InterOil Corporation