Killajoules

ExxonMobil Starts Production Ahead of Schedule at PNG LNG Project
Exxon Mobil Corporation (NYSE:XOM) today announced the $19 billion PNG LNG project has started producing liquefied natural gas (LNG) in Papua New Guinea ahead of schedule.

PNG LNG Onshore Pipeline Completed
The PNG LNG Project remains on schedule to produce its first liquefied natural gas (LNG) cargo in mid-year of 2014 following the recent completion of its 292-kilometre onshore section of pipeline.

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 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

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.

Drilling Report (P'nyang South ST1)
Oil Search reports that as at 06:00 hrs PNG time on 19 April, the P’nyang South 1 ST1 well was at a depth of 2,944 metres and undertaking a formation evaluation programme over the Toro sandstone. Drilling progress for the week was 456 metres.

InterOil Provides Gulf LNG Project Update
InterOil Corporation (NYSE:IOC) (POMSoX:IOC) (“InterOil” or the "Company") reiterated its ongoing bid process to select an internationally recognized LNG operator to join the InterOil Gulf LNG project is on schedule.