Interoil will now own more than 78% of the Triceratops and Raptor discoveries in Gulf Province.
The company in a statement said it will increase its interest in the two key licenses following the withdrawal of Pacific Exploration & Production Corporation (Pacific) from Papua New Guinea.
The withdrawal of Pacific, formerly Pacific Rubiales Energy Corp., is consistent with its strategy of focusing on Latin America.
As a consequence of Pacific’s withdrawal, InterOil will increase its interest in PRL 39, which contains the Triceratops discovery, and also in PPL 475, which contains the Raptor discovery.
InterOil Chief Executive Dr Michael Hession thanked Pacific for its support as a joint venture partner and for its investment in the discovery and appraisal of resources in Papua New Guinea.
“Pacific’s withdrawal simplifies license ownership for any commercialization discussions with other strategic players.”
On completion of Pacific’s withdrawal, InterOil’s gross interest in PRL 39 will increase from 87.1 percent to 100 percent and its gross interest in the Triceratops discovery will increase from 69.1 percent to 78.1 percent.
In PPL 475, formerly PPL 237, InterOil’s gross interest will increase from 87.1 percent to 100 percent and its interest in Raptor will increase from 66.2 percent to 79.1 percent.
Picture courtesy of Interoil