'jft310' pid='22238' datel Wrote:
This replaces the 2009 LNG Agreement . IOC has secured a written legally binding agreement to keep moving forward. Any other discussions are noise and this document should remove any June expiration discussions. See Pet Engineers comments
April 15, 2013
Click here to download the complete report Back to News and Press Releases Port Moresby and Houston, TX — InterOil Corporation (NYSE: IOC) (POMSoX: IOC) (“InterOil” or the “Company&rdquo
today announced that the Joint Venture Operating Agreements (JVOA) relating to operations within Petroleum Retention License 15 and Petroleum Prospecting License 237 have been approved by the Minister for Petroleum and Energy and registered under the Oil and Gas Act.
As previously disclosed, InterOil has received bids from potential partners in connection with the development of the Gulf LNG project and an interest in the Elk and Antelope fields in Papua New Guinea. Confidential negotiations with more than one bidder are ongoing, and the process is moving forward as planned. InterOil will provide further comment once these discussions have closed and an agreement has been reached.
PRL 15 JVOA lists partners. Only unknown partner is the SD partners. State cannot be a partner in JVOA without a Gas Agreement. Likely The State/IOC have completed Gas Agreement and those terms are laid out in the PRL15 JVOA. Clarity for bidders. Why else register a JVOA?
JVOA partners are owners of PRL15. JVOA is necessary item to earning a PDL. PDL is guaranteed as long as JVOA partners meet requirements within O&G ct and other agreements.
If significant petroleum discovery is made that can sustain commercial production, which is the production licence, will be issued to the holder of the PPL. The basic requirement of a PDL is fixed by legislation. A PDL is issued to the holder of an exploration or retention licence for a period not exceeding 25 years, renewable a term not exceeding 20 years.
Comment: As explained in another thread, IOC/partners meet their obligations they are granted PDL.