National reports accurately on IOC

[Palm]

Could be the addition of Keli T to management is already making a difference. Local hero could be paying dividends. Accurate story on IOC's $75 million loan facility:

"InterOil secures US$75m loan for exploration

Source:

The National, Wednesday August 21st, 2013

 BY SHEILA MALKEN

INTEROIL has finalised a US$75 million (K171 million) secured loan facility from Westpac Bank and Bank South Pacific to accelerate its exploration and drilling programme.

The company said it would build on its success by seeking additional exploration partners.

Corporate development and government relations executive vice-president Keli Taureka said: “All of InterOil’s businesses and assets are in PNG and we remain fully aligned with PNG’s ambitions to develop its natural resources.

“InterOil makes a significant contribution to PNG as a major employer and provider of fuel and we value our strong relations with the government and local communities”.

The company also said negotiation with ExxonMobil Papua New Guinea Ltd (EMPNG), a subsidiary of ExxonMobil relating to the development of petroleum retention licence 15, was ongoing despite the lapse of an exclusivity arrangement.

InterOil would continue to work with EMPNG to accelerate the monetisation of its gas resources to benefit stakeholders, including PNG.

Borrowings under the facility would be used for exploration and drilling activities with US$37.5 million (K85.6 million) funding to start immediately and a further US$37.5 million upon the execution of an agreement in relation to monetization of the Elk and Antelope resource.

The principal repayment will be made on the first resource payment or 12 months from the first drawdown. "

Maybe international press will follow suit. Naaaaaaaaaaaaaa. Won't happen

[Putncalls]

IOC wants to borrow 75 million to drill even though the PNG GVT will not allow them to do a deal with XOM?

[Palm]

Puts, where are you getting this stuff (ideas like that)? Where has it been said the the PNG government won't allow them to do a deal with XOM?

[Putncalls]

Puts, where are you getting this stuff (ideas like that)? Where has it been said the the PNG government won't allow them to do a deal with XOM?

A previous art post unde Yahoo Post. This last week is bringing out my sarcasim.

[Palm]

I thought that might be the case. Just checking. I thought maybe another National Enquirer headline had snuck out tonight.

Hope all is well with you!

[Palm]

Post Courier also posts same factual article. No injections of inflammatory commentary:


Talks on value of gas continues

INTEROIL Corporation yesterday announced that negotiations with ExxonMobil Papua New Guinea Ltd. (EMPNG), a subsidiary of ExxonMobil, relating to the development of Petroleum Retention License 15, were ongoing notwithstanding the lapse of an exclusivity arrangement.
InterOil will continue to work with EMPNG with the aim of accelerating the monetisation of its gas resources on terms that will benefit all stakeholders, including Papua New Guinea. InterOil also announced it had finalised a $75 million (K117.94m) secured loan facility to accelerate its exploration and drilling program.
InterOil’s Executive Vice President of Corporate Development and Government Relations, Keli Taureka, has discussed the latest developments with the Government of Papua New Guinea and the Governor of the Gulf Province.
“All of InterOil’s businesses and assets are in PNG and we remain fully aligned with PNG’s ambitions to develop its natural resources. InterOil makes a significant contribution to PNG as a major employer and provider of fuel and we value our strong relations with the government and local communities,” Mr Taureka said.
Meanwhile, InterOil also announced that InterOil and its subsidiaries, InterOil Products Limited (Downstream entity) and certain upstream entities, have entered into a one year $75 million (K117.94m) equivalent combined secured loan facility with Westpac Bank PNG Limited (Westpac) and Bank South Pacific Limited (BSP) to be drawn in tranches, either USD and/or Papua New Guinea Kina (PGK), subject to standard closing conditions.
Borrowings under the facility will be used for exploration and drilling activities with $37.5 million (K88.97m)funding to start immediately, and a further $37.5 million (K88.97m) upon the execution of an agreement in relation to monetisation of the Elk and Antelope resource.

[jft310]

Post Courier also posts same factual article. No injections of inflammatory commentary: Talks on value of gas continues INTEROIL Corporation yesterday announced that negotiations with ExxonMobil Papua New Guinea Ltd. (EMPNG), a subsidiary of ExxonMobil, relating to the development of Petroleum Retention License 15, were ongoing notwithstanding the lapse of an exclusivity arrangement. InterOil will continue to work with EMPNG with the aim of accelerating the monetisation of its gas resources on terms that will benefit all stakeholders, including Papua New Guinea. InterOil also announced it had finalised a $75 million (K117.94m) secured loan facility to accelerate its exploration and drilling program. InterOil’s Executive Vice President of Corporate Development and Government Relations, Keli Taureka, has discussed the latest developments with the Government of Papua New Guinea and the Governor of the Gulf Province. “All of InterOil’s businesses and assets are in PNG and we remain fully aligned with PNG’s ambitions to develop its natural resources. InterOil makes a significant contribution to PNG as a major employer and provider of fuel and we value our strong relations with the government and local communities,” Mr Taureka said. Meanwhile, InterOil also announced that InterOil and its subsidiaries, InterOil Products Limited (Downstream entity) and certain upstream entities, have entered into a one year $75 million (K117.94m) equivalent combined secured loan facility with Westpac Bank PNG Limited (Westpac) and Bank South Pacific Limited (BSP) to be drawn in tranches, either USD and/or Papua New Guinea Kina (PGK), subject to standard closing conditions. Borrowings under the facility will be used for exploration and drilling activities with $37.5 million (K88.97m)funding to start immediately, and a further $37.5 million (K88.97m) upon the execution of an agreement in relation to monetisation of the Elk and Antelope resource.

So much for being Dead the talks have risen again. Reality they were never dead

[Putncalls]

But Reuters said they were dead. Fly said RJ lowered the PT to 65. Everybody on yazoo says they are dead. PNG new implies that the talks are dead. Which agency did I miss?

[Palm]

Philstar.com says talks are alive and well

[Putncalls]

Philstar.com says talks are alive and well

I think I'm implying that this last week was a MAJOR "bear job:,