SINGAPORE and PORT MORESBY, Papua New Guinea, July 2, 2015 /CNW/ -- InterOil Corporation (NYSE:
IOC; POMSoX: IOC) and the PRL 15 joint venture participants have
unanimously endorsed recommendations from Total SA for key project
infrastructure sites for development of the Elk-Antelope gas field
in Papua New Guinea.
The central processing facility for the Elk-Antelope gas field,
on which the project is based, will be near the Purari River in the
Gulf Province, about 360km north-west of Port Moresby, and will be connected to the LNG
facility by onshore and offshore gas and condensate pipelines.
Caution Bay near Port Moresby
has been selected as the site for Papua
New Guinea's second liquefied natural gas plant.
The project will be known as Papua LNG.
Papua LNG, which will be operated by Total SA and includes
InterOil and Oil Search, will further refine site locations and
pipeline corridors as part of project development.
Selection of the final development concept, including the size
and capacity of facilities, is expected in early 2016 when
appraisal of the Elk-Antelope field has been completed.
This will be followed by front-end engineering and design with
early works scheduled to begin later in 2016.
InterOil Chief Executive Dr Michael
Hession said the venture would now enter basis of design, a
significant milestone for the Papua LNG project.
"Sites were chosen for their technical, economic and
environmental benefits and followed extensive surveys and studies
by Total over the past year," Dr Hession said.
"These sites represent the best locations. The central
processing facility in the Gulf Province will be near the gas field
with river access. The LNG facility near Port Moresby has potential for synergies with
existing infrastructure and sufficient land for significant LNG
train expansion."
About InterOil
InterOil Corporation is an independent oil and gas business with
a primary focus on Papua New
Guinea. InterOil's assets include interests in 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,
North
America
|
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 a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company,
which may cause our actual results to differ materially from those
implied or expressed by the forward-looking statements. Some of
these factors include the risk factors 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 December 31, 2014
on Form 40-F and its Annual Information Form for the year ended
December 31, 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/elk-antelope-joint-venture-selects-lng-project-sites-300108185.html
SOURCE InterOil Corporation