InterOil Completes Farm-In Transacation with Pacific Rubiales Energy in Papua New Guinea

abarrelfullabarrelfull wrote on 27 Mar 2013 19:21
Tags: asia interoil pacific-rubiales papua-new-guinea upstream

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InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company”) is pleased to announce that it has completed the farm-in transaction with Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) (“PRE”) relating to its acquisition of a 10.0% net (12.9% gross) participating interest in Petroleum Prospecting License 237 (“PPL 237”) onshore Papua New Guinea, including the Triceratops structure and exploration acreage located within that license. This announcement is made to confirm completion of the Farm- In Agreement with PRE announced on July 30, 2012

On March 23, 2013, PRE funded the final payment of approximately US$55 million under the Farm-In Agreement. Together with previous payments PRE has funded the full US$116 million cash payment due under the Farm-in Agreement. Additional payments of PRE’s drilling costs for the Triceratops-2 well are scheduled to be paid in the coming months.

Phil E. Mulacek, InterOil Corporation Chief Executive Officer, commented,
“InterOil is pleased to have completed the Farm-In Transaction with Pacific Rubiales, a company with a track record of successful exploration and production development,” stated Mr. Phil Mulacek, Chief Executive Officer of InterOil. “We look forward to appraisal and development of the Triceratops gas and condensate field with our partners.”

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