InterOil to Hike Stake in Two PNG Gas Licences

InterOil will increase its interest in two key licences following the withdrawal of Pacific Exploration & Production Corp from Papua New Guinea, the company said Thursday.

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 gas and condensate discovery, and also in PPL 475, which contains the Raptor gas discovery.

“We are pleased we will now own more than 78% of the Triceratops and Raptor discoveries," InterOil Chief Executive Michael Hession said. “Pacific’s withdrawal simplifies license ownership for any commercialization discussions with other strategic players.”

On completion of Pacific’s withdrawal, InterOil’s gross interest in PRL 39 will increase from 87.1 percent to 100 percent and its gross interest in the Triceratops discovery will increase from 69.1 percent to 78.1 percent. In PPL 475, formerly PPL 237, InterOil’s gross interest will increase from 87.1 percent to 100 percent and its interest in Raptor will increase from 66.2 percent to 79.1 percent.