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InterOil Corporation Message Board

  • interoilioc interoilioc Jun 25, 2013 8:05 AM Flag

    news release from Interoil

    At the meeting a management presentation was provided with an update on our business and strategies. Highlights regarding our previously announced proposed transaction with ExxonMobil Papua New Guinea Ltd. in the presentation include:

    The sell-down is progressing on schedule as planned.
    InterOil signed a detailed term sheet with ExxonMobil Papua New Guinea Ltd. (EMPNG), after major items, both commercial and technical, had already been agreed.
    EMPNG, InterOil and Pacific LNG are engaged in finalizing a binding agreement.
    The proposed transaction would monetize sufficient resource to cover our share of infrastructure costs and fund exploration while retaining maximum upside for IOC equity interests.
    Post-negotiations, InterOil and Pacific LNG have clear path to resource monetization.
    The purchase of an interest in PRL 15 is not contingent on resource recertification.
    InterOil believes the best strategy to develop its resources is a dual-development path; which includes EMPNG at its PNG LNG facility, and an LNG facility in the Gulf Province.

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