InterOil Announces Direct Participation in Elk/Antelope Field by PNG Government Entity, Petromin

InterOil Corporation, announced that it has agreed with Petromin PNG Holdings Limited, a government entity mandated to invest in resource projects on behalf of the Independent State of Papua New Guinea, for Petromin to take a direct interest in the Elk/Antelope field. Petromin will contribute an initial deposit and will fund 20.5% of the costs of developing the field. The agreement remains subject... 

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InterOil Announces $57.5 Million Working Capital Loan Facility With Banks in Papua New Guinea

InterOil Corporation, announced that it has secured a 150 million Kina (US$57.5 million) revolving working capital facility for its wholesale and retail petroleum products distribution business in Papua New Guinea from two of that country’s leading financial institutions, Bank of South Pacific Limited and Westpac Bank PNG Limited. “We are pleased to have established this facility which... 

InterOil Announces Spudding of the Antelope-1 Appraisal Well in Papua New Guinea

InterOil Corporation, announced that drilling has commenced on the Antelope-1 appraisal well, located approximately 1.7 miles (2.8 km) south of the Elk-4 discovery well in Petroleum Prospecting License 238. The planned total depth of the well is approximately 7,900 feet (2,400 meters) and is expected to take in the order of 90 days to drill. “We are excited by the pre-drill indications and current... 

InterOil Provides Market Guidance on Its Business Operations

InterOil Corporation, a Canadian company with operations in Papua New Guinea confirmed that it is on track to meet its projected earnings for the third quarter of 2008. The midstream refining and downstream distribution operations have continued to operate profitably and are in line with the Company’s profit expectations. “We will be filing our third quarter financials on November 10, and... 

InterOil Announces Increased Gas Flow Rate at Elk-4 Well in Papua New Guinea

InterOil Corporation, a Canadian company with operations in Papua New Guinea advises that acid stimulation at the Elk-4 well has resulted in a significant increase in its test gas flow rate. The well was tested at 86 million standard cubic feet (mmscf) per day, an increase of approximately 36.5%. Based on the condensate ratio measured earlier, the well was tested as able to produce at an estimated... 

Oil Search sells Middle East assets

Oil Search Ltd has sold a package of its Middle Eastern assets for $US200 million ($A216.01 million) to focus on the development of a liquefied natural gas project in Papua New Guinea. The oil and gas producer, PNG’s largest, has sold eight assets across Egypt and Yemen to private outfit, Kuwait Energy Company KSC. “The sale of these assets will provide cash and reduce near term capital...