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InterOil Corporation Message Board

  • eyeprivate94 eyeprivate94 Mar 8, 2013 10:00 PM Flag

    Can't wait until this hits the market Monday Morning..............


    Sure looks like Duma still hates InterOil, huh?

    Gulf gas plan not yet okayed

    The National, Friday 08th March, 2013

    MINISTER for Petroleum and Energy William Duma yesterday expressed surprise at recent media reports that the government has approved a 3.8 million tonne LNG project proposed by InterOil Corp in the Gulf.

    “The government has not given any final approval for InterOil to proceed with a 3.8 million tonne LNG project,” he said.

    “The project is still at petroleum retention licence (PRL) stage and the government has only approved further ‘without prejudice’ negotiations between InterOil and the state on a 50-50 proposal by InterOil.”

    InterOil, when contacted, said chief executive Phil Mulacek was travelling and was not available for comments.

    Duma said in relation to the 50-50 proposal by InterOil, the national executive council (NEC) had only given a “conditional approval” to a proposal by InterOil to develop its share of the available saleable gas with certain conditions.

    These include, but are not limited to:

    An Upstream and midstream must be operated by an internationally-recognised and experienced operator satisfactory to the state;

    - Any agreements with InterOil to be conditional on the state executing all agreements necessary to develop its commercialisation project;

    - Acquisition of additional interest in the licence above the state’s back in entitlement be negotiated and executed by any party designated by the state; and

    - The 2009 project agreement shall remain on foot and enforceable until all the condition precedents in the 50-50 proposal become unconditional.

    “NEC has appointed a ministerial gas committee headed by me to progress this InterOil proposal with the assistance of the state negotiating team,” Duma said.

    “The state negotiating team is yet to report back to NEC through the ministerial gas committee on the outcome of these negotiations......

    Sentiment: Strong Sell

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