SINGAPORE and PORT
MORESBY, Papua New Guinea,
Nov. 5, 2015 /PRNewswire/
-- InterOil Corporation (NYSE:IOC) (POMSoX:IOC) will increase
its interest in two key licenses following the withdrawal of
Pacific Exploration & Production Corporation (TSX: PRE; BVC:
PREC) ("Pacific") from Papua New
Guinea.
The withdrawal of Pacific, formerly Pacific Rubiales Energy
Corp., is consistent with its strategy of focusing on Latin America.
As a consequence of Pacific's withdrawal, InterOil will increase
its interest in PRL 39, which contains the Triceratops discovery,
and also in PPL 475, which contains the Raptor discovery.
InterOil Chief Executive Dr Michael
Hession thanked Pacific for its support as a joint venture
partner and for its investment in the discovery and appraisal of
resources in Papua New Guinea.
"We are pleased we will now own more than 78% of the Triceratops
and Raptor discoveries," he said.
"Pacific's withdrawal simplifies license ownership for any
commercialization discussions with other strategic players."
Triceratops, PRL 39
Pacific's right to withdraw from PRL 39 is in line with its
July 2012 farm-in agreement in which
Pacific acquired a 12.9032% gross interest in PRL 39 from InterOil
and minority interest holders.
On completion of Pacific's withdrawal, InterOil's gross interest
in PRL 39 will increase from 87.0968%# to
100%# and its gross interest in the Triceratops
discovery will increase from 69.0931% to 78.1114%.
Raptor, PPL 475
With Pacific's withdrawal from PPL 475, formerly PPL 237,
InterOil's gross interest will increase from 87.0968%#
to 100%# and its interest in Raptor will increase from
66.2082% to 79.1114%.
The 2012 farm-in agreement made certain provisions for Pacific
to withdraw from the two licenses, including the right to receive a
repayment of approximately US$96
million from the net cash proceeds of the commercial sale of
petroleum recovered or produced from PRL 15. The repayment of
US$96 million is to be made within
six years from the date of withdrawal, with contributions of
US$66 million from InterOil and
US$30 million from minority
interests. This amount has been previously disclosed in InterOil's
financial statements under non-current liabilities and
receivables.
# Excludes minority interests.
About InterOil
InterOil Corporation is an independent oil and gas business with
a sole 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. 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, including in particular, the timing of Pacific's
withdrawal from Papua New Guinea
and the timing of receipt of funds from the minority partners.
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 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 31
December 2014 on Form 40-F and its Annual Information Form
for the year ended 31 December 2014.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/interoil-to-increase-interest-in-triceratops-and-raptor-300173101.html
SOURCE InterOil Corporation