05-25-2013, 05:12 AM
• InterOil Corporation (IOC or “the Company”) announced that it has entered exclusive negotiations with ExxonMobil (NYSE:XOM) on development of the Elk/Antelope resource.
• Exxon will fund additional delineation wells in the Elk/Antelope fields, which will be followed by recertification of resource.
• IOC and its long time partner Pacific LNG will have the option to either independently develop a second LNG project in the Gulf Province that may also use gas from PRL 15 and potentially other discoveries (i.e. Triceratops, Wahoo/Mako, Tuna) or pursue further development with ExxonMobil.
• Deal has limited economic details as the parties are still in the negotiations.
• Transaction discussed with PNG Government and will be subject to its final approval.
• Exxon will fund additional delineation wells in the Elk/Antelope fields, which will be followed by recertification of resource.
• IOC and its long time partner Pacific LNG will have the option to either independently develop a second LNG project in the Gulf Province that may also use gas from PRL 15 and potentially other discoveries (i.e. Triceratops, Wahoo/Mako, Tuna) or pursue further development with ExxonMobil.
• Deal has limited economic details as the parties are still in the negotiations.
• Transaction discussed with PNG Government and will be subject to its final approval.