InterOil Announces Opening of First InterOil Products Service
Station
PORT MORESBY, Papua New Guinea, Sept. 24 /PRNewswire-FirstCall/ -- InterOil
Corporation (AMEX:IOC) (TSX-V: IOL) (ASX: IOC; POMSoX), a Canadian company with
operations in Papua New Guinea announced today the opening of the first
InterOil Products Limited service station in Papua New Guinea.
This activity follows the purchase of BP Papua New Guinea Limited on April 28,
2004, which company was subsequently re-named InterOil Products Limited. The
roll-out of the re-branded InterOil Products asset portfolio, comprising 3
terminals, 7 depots and over 40 retail sites, will continue into the fourth
quarter of 2004. Today's event was hailed as an historic occasion as InterOil
continues to build and grow its asset portfolio in Papua New Guinea.
The Hon. Sir Moi Avei, Minister for Petroleum and Energy officiated at the
unveiling ceremony which was attended by the media and several government and
business VIPs. Pictures highlighting the ceremony can be found on InterOil's
web site at http://www.interoil.com/ .
"We celebrate and compliment InterOil for the important role that they continue
to play in the development of our country and wish them every success going
forward," stated Sir Moi Avei during the ceremony. InterOil was represented by
Chief Operating Officer and Director, Mr. Christian Vinson who added, "We wish
to thank the Minister for celebrating this occasion with us and his government
and the citizens of PNG for creating an environment conducive to investing in
PNG." InterOil is a vertically integrated energy company whose primary focus is Papua
New Guinea and the surrounding region. Its assets comprise an oil refinery,
upstream petroleum exploration licenses, and retail and commercial distribution
assets. The majority of the refined products from InterOil's refinery are
secured by off-take contracts with Shell and InterOil's wholly- owned
subsidiary, InterOil Products Limited. BP Singapore is InterOil's agent for
crude oil supplied to the refinery. InterOil is also undertaking an extensive
petroleum exploration program within its eight million acre license area
located in Papua New Guinea.
InterOil's common shares trade on the Toronto Stock Exchange under the symbol
IOL in Canadian dollars; on the American Stock Exchange under the symbol IOC in
US dollars; and on the Australian Stock Exchange in CHESS Depositary Interests
in Australian dollars under the symbol IOC which trade on a 10:1 basis to
common shares. For more information please see the InterOil website at:
http://www.interoil.com/ .
FOR FURTHER INFORMATION: Gary M Duvall Anesti Dermedgoglou
V.P., Corporate Development V.P., Investor Relations
InterOil Corporation InterOil Corporation
Houston, TX USA Cairns, Qld Australia
Phone: +1 281 292 1800 Phone: +617 4046 4600 Cautionary Statements
This press release contains forward-looking statements. All statements, other
than statements of historical facts, included in this release, including
without limitation, statements regarding our drilling plans, business strategy,
plans and objectives of management for future operations and those statements
preceded by, followed by or that otherwise include the words "believe",
"expects", "anticipates", "intends", "estimates" or similar expressions or
variations on such expressions are forward-looking statements. The Company can
give no assurances that such forward-looking statements will prove to be
correct. Risks and uncertainties include, but are not limited to, the existence
of underground deposits of commercial quantities of oil and gas; fluctuations
in prices for oil and gas production; curtailments or delays in development due
to mechanical, operating, marketing or other problems; capital expenditures
that are either significantly higher or lower than anticipated because the
actual cost of identified projects varied from original estimates; and from the
number of exploration and development opportunities being greater or fewer than
currently anticipated.
The Company currently has no reserves as defined under Canadian National
Instrument 51-101 reserve definitions. See the Company's filings with the
Canadian securities regulators for additional risks and information about the
Company's business. DATASOURCE: InterOil Corporation CONTACT: in Houston, TX, Gary M Duvall, V.P., Corporate Development, +1-281-292-1800, or , or in Cairns, Qld Australia, Anesti Dermedgoglou, V.P., Investor Relations, +617-4046-4600, or , both of InterOil Corporation Web site: http://www.interoil.com/
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