Breaking

Japan Nov. Industrial Production Falls 0.6% M/M; Est. +0.8%
Tweet TWEET

InterOil Welcomes Oil Search as Partner in Major Gas Field

Experience and Capacity to Deliver Gas More Quickly 
PORT MORESBY, Papua New Guinea and SINGAPORE, Feb. 27, 2014 /CNW/ - InterOil 
Corporation (NYSE:IOC) (POMSoX:IOC) ("InterOil") is pleased to welcome Oil 
Search Limited ("Oil Search") as a partner in the Elk-Antelope fields – the 
largest undeveloped gas resource in Papua New Guinea. Oil Search has agreed to 
acquire a 22.835% interest in PRL15 from Pacific LNG Group Companies for a 
consideration of US$900 million plus further contingent payments. 
The new arrangement creates a stable and sustainable partnership to connect 
the significant PRL 15 gas deposit to the growing demand in Asia. InterOil 
owns 75.6114% of PRL15 and is in an agreement to sell an interest to Total 
S.A. The final ownership structure will be agreed with the joint venture 
participants with InterOil maintaining a material interest in PRL15.  The 
remaining 1.5536% is held by the IPI Holders (a small group of independent 
investors). 
A Material Interest in a Partnership that Offers Real Benefits 
InterOil's Chief Executive Officer, Dr Michael Hession, said: "Oil Search is a 
logical partner for us in developing these large gas resources.  The company 
has decades of experience in PNG and is nearing production from PNG LNG. 
"It is exceptionally rewarding to know that someone as experienced as Oil 
Search shares our view of the worth of this resource. This not only validates 
the value of this world class asset in Elk-Antelope but acknowledges the 
upside in this asset and the surrounding acreage. 
"This partnership will enable us to tap these energy resources more quickly 
and cost-effectively – and that translates into real financial benefits for 
Papua New Guinea and the shareholders of the companies involved. 
"We welcome Oil Search into our development of Elk-Antelope with Total and 
look forward to an even closer cooperation with the people and Government of 
Papua New Guinea in the years ahead. This project and the partnership have the 
clear backing of the Government, ensuring we have a strong and stable 
foundation to deliver on this outstanding long-term project." 
About InterOil 
InterOil Corporation is an oil and gas business with a primary focus on Papua 
New Guinea and the surrounding region. InterOil's assets include one of Asia's 
largest undeveloped gas fields, Elk-Antelope in the Gulf Province which is 
being developed for liquefied natural gas project with Total of France. 
InterOil owns and operates Papua New Guinea's only oil refinery, and petroleum 
distribution facilities throughout the country. The company employs more than 
1100 people and has its main offices in Singapore and Port Moresby. InterOil 
is listed on the New York and Port Moresby stock exchanges. 
 
________________________________________________________________________________________________________________________
________________________________________________________________________________________________________________________
_ 


    |Investor contacts for InterOil                                                                                     
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |                                                                                                                   
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Houston                                                                                                            
       |Singapore                                                                                                       
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |                                                                                                                   
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Wayne Andrews, Vice President Capital Markets                                                                      
       |Don Spector, Chief Financial Officer                                                                            
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 
|Wayne.Andrews@InterOil.com|Don.Spector@InterOil.com| 

|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Phone: +1-281-292-1800                                                                                             
       |Phone: +65-6507-0222                                                                                            
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |                                                                                                                   
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Meg LaSalle, Investor Relations Coordinator                                                                        
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Meg.LaSalle@InterOil.com    |                                                                                      
                                |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Phone: +1-281-292-1800                                                                                             
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |                                                                                                                   
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Media contacts for InterOil                                                                                        
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |                                                                                                                   
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |John Hurst, Cannings                                                                                               
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |jhurst@cannings.net.au        |                                                                                    
                                  |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 


    |Phone: +61 418 708 663                                                                                             
       |                                                                                                                
      |



|_______________________________________________________________________________________________________________________
___|____________________________________________________________________________________________________________________
__| 
Forward Looking Statements This press release includes "forward-looking 
statements" as defined in United States federal and Canadian securities laws. 
All statements, other than statements of historical facts, included in this 
press release that address activities, events or developments that InterOil 
expects, believes or anticipates will or may occur in the future are 
forward-looking statements, including in particular, the development the 
proposed LNG Project, the use of gas from the Elk and Antelope fields, 
expectations regarding the ability to achieve a satisfactory conclusion or any 
conclusion of the partnering process and the timing of a conclusion of the 
partnering process, business prospects and strategies. These statements are 
based on our current beliefs as well as assumptions made by, and information 
currently available to us, including closing of the proposed LNG partnering 
with Total SA. No assurances can be given however, that these events will 
occur. Actual results could differ, and the difference may be material and 
adverse to the Company and its shareholders. Such statements are subject to a 
number of assumptions, risks and uncertainties, many of which are beyond the 
control of the Company, which may cause our actual results to differ 
materially from those implied or expressed by the forward-looking statements. 
Some of these factors include the risk factors discussed in the Company's 
filings with the Securities and Exchange Commission and on SEDAR, including 
but not limited to those in the Company's Annual Report for the year ended 
December 31, 2012 on Form 40-F and its Annual Information Form for the year 
ended December 31, 2012. In particular, there is no established market for 
natural gas or gas condensate in Papua New Guinea and no guarantee that gas or 
gas condensate from the Elk and Antelope fields will ultimately be able to be 
extracted and sold commercially. Investors are urged to consider closely the 
disclosure in the Company's Form 40-F, available from us at www.interoil.com 
or from the SEC at www.sec.gov and its Annual Information Form available on 
SEDAR at www.sedar.com.
 

SOURCE  InterOil Corporation 
http://www.interoil.com 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2014/27/c7849.html 
CO: InterOil Corporation
NI: OIL UTI ORDER  
-0- Feb/27/2014 14:06 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.