Killajoules

InterOil Sells Downstream Businesses for US $525.6 Million
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) has announced the sale of companies that hold its Papua New Guinea oil refinery and petroleum products distribution businesses to Singapore-based Puma Energy Group Pte for US$525.6 million, which includes adjustments for cash and working capital.

Total and InterOil Close Elk-Antelope Transaction
Total and InterOil Corporation have closed a revised sales and purchase agreement covering the Elk-Antelope gas field in Petroleum Retention Licence 15 in Papua New Guinea.

InterOil Selects Total SA for PNG Gas Development
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company”) has agreed to sell to Total S.A. (CAC: TOT; NYSE: TOT) a gross 61.3% interest in Petroleum Retention License 15 (“PRL15”) which contains the Elk-Antelope gas fields in the Gulf Province of Papua New Guinea, and has also granted Total an exclusive right to negotiate a farm-in to all its exploration licenses in Papua New Guinea.

InterOil and Pacific LNG Group Enter Into Exclusive Negotiations With ExxonMobil on Development of The Elk and Antelope Resource
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company”) and its joint venture partner, Pacific LNG Group, have entered into exclusive negotiations with ExxonMobil Papua New Guinea Ltd., a subsidiary of ExxonMobil (NYSE: XOM), on the development of Petroleum Retention License 15 (PRL 15), which comprises the Elk and Antelope fields in the Gulf Province of Papua New Guinea. The transaction has been discussed with the Government of PNG and any future agreement will be subject to their final approval.

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

InterOil Confirms Continuity of The Antelope Reefal Reservoir and Extends LNG Agreements
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company”) announced that the Antelope-3 well reached total depth on December 25th, and the wireline logging program is currently in progress. Preliminary independent analysis of the wireline log results by Schlumberger demonstrate a carbonate reservoir (limestone and dolomite) with similar reefal reservoir character and quality as the offset Antelope-1 and Antelope-2 wells. This is consistent with, and supplements, the excellent results of our initial drill stem test (DST#1).

PNG Cabinet Approves InterOil’s Gulf LNG Project
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company”) is pleased to have been notified by the Prime Minister Hon. Peter O’Neill that the National Executive Council (NEC) of Papua New Guinea has approved InterOil’s LNG development project in the Gulf Province. The decision clears the way to proceed with our plans for an LNG plant in the Gulf Province with initial output of a minimum of 3.8 million tonnes per annum. As the Prime Minister has announced, the decision also approves the acquisition by the State of an additional 27.5% equity interest in the Elk/Antelope gas fields, over and above the 22.5% interest to which it is entitled under the Oil & Gas Act, on terms to be negotiated with InterOil.

InterOil Extends LNG Project Agreements With Mitsui
InterOil Corporation (NYSE:IOC) (POMSoX:IOC) (“InterOil”) On March 30, 2012, InterOil indicated additional amendments to extend the Joint Venture Operating Agreement (“JVOA”) for the Company’s proposed Condensate Stripping Plant (“CSP”) with Mitsui & Co., Ltd. (“Mitsui”), and associated agreements to December 31, 2012 were being contemplated. Today InterOil announced that it has entered into such agreements to extend the dates by which certain conditions are to be met and Final Investment Decisions (FID) made in LNG project agreements with Mitsui until December 31, 2012.

The JVOA for the Company’s proposed CSP with Mitsui and associated agreements, have been amended so that the time allowed for FID has been extended until December 31, 2012.

The JVOA sets out the rights and obligations of the participants of the joint venture to develop a CSP at InterOil’s Elk and Antelope field site in Gulf Province, Papua New Guinea.

InterOil Receives Notice On LNG Project Agreement Triggering Six Month Consultation With The PNG State
InterOil Corporation (NYSE:IOC) (POMSoX:IOC) today announced receipt through an unofficial channel, from the Department of Petroleum and Energy (DPE), of a copy of a notice of intention to cancel the 2009 LNG Project Agreement between Liquid Niugini Gas Limited and the Independent State of Papua New Guinea.

InterOil Enters Into Heads Of Agreement With Pacific Rubiales Energy For Interest In Triceratops And PPL2
InterOil Corporation (NYSE:IOC) (POMSoX:IOC) (“InterOil” or the “Company”) announced that it has signed a binding Heads of Agreement with Pacific Rubiales Energy (TSE:PRE) whereby PRE can earn a 10.0% net (12.9% gross) participating interest in the PPL237 Petroleum Prospecting License onshore Papua New Guinea, including the Triceratops structure located within that license. The transaction contemplates staged initial cash payments totaling US$116 million, an additional carry of a portion of the costs of an agreed exploration work program, and a final resource payment.