InterOil Corporation (NYSE: IOC; POMSoX: IOC) is pleased to announce that the PNG Department of Petroleum and Energy has approved the Company's application for Petroleum Retention License 39, which includes the Triceratops discovery.
Additionally, InterOil is providing further clarification regarding the fixed and variable payments agreed to with Total S.A. (CAC: TOT; NYSE: TOT) in relation to the sale of a gross 61.3% (net 47.5%, after PNG government back-in of 22.5%) in PRL 15, which includes the Elk and Antelope fields. The Sale and Purchase Agreement, which will be filed on SEDAR and with the SEC today, stipulates both fixed and variable payments as previously disclosed.
About InterOil
InterOil Corporation is developing a vertically integrated energy business with a primary focus on Papua New Guinea and the surrounding region. InterOil's assets include petroleum licenses covering about 3.9 million acres (about 1.6 million hectares), an oil refinery, and retail and commercial distribution facilities, all in Papua New Guinea. The company employs over 1000 people and is listed on the New York and Port Moresby stock exchanges.
