Key Developments: InterOil Corp (IOC)

IOC on New York Consolidated

27 Feb 2015
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Latest Key Developments (Source: Significant Developments)

Finlayson takes up Chairmanship of InterOil Corp
Thursday, 16 Oct 2014 08:20am EDT 

InterOil Corp:Gaylen Byker has formally retired as Chairman and as director.Has been replaced as Chairman by Chris Finlayson, effective immediately.  Full Article

InterOil Corporation name sChris Finlayson as new Chairman
Sunday, 10 Aug 2014 01:00am EDT 

InterOil Corporation:Says that it has appointed Finlayson as Chairman designate.Finlayson, joins the board immediately, and will replace Gaylen Byker, after an appropriate handover.  Full Article

InterOil Corporation to buy back shares
Monday, 21 Jul 2014 09:57pm EDT 

InterOil Corporation:Says that it will buy up to $50 million of its own Class A common shares within the next 12 months.  Full Article

InterOil Corporation sells downstream businesses for $525.6 million
Monday, 30 Jun 2014 01:56am EDT 

InterOil Corporation:Announced the sale of companies that hold its Papua New Guinea oil refinery and petroleum products distribution businesses to Singapore-based Puma Energy Group Pte for $525.6 million, which includes adjustments for cash and working capital.InterOil's downstream businesses include the Napa Napa refinery in Port Moresby that processes about 28,000 barrels a day, 52 service stations, and 30 fuel depots, terminals and aviation sites.  Full Article

InterOil Corporation And Total SA Closes Elk-Antelope Transaction
Tuesday, 25 Mar 2014 08:00pm EDT 

InterOil Corporation and Total SA:Have closed a revised sales and purchase agreement covering the Elk-Antelope gas field in Petroleum Retention Licence 15 in Papua New Guinea.Under the revised agreement signed Total has acquired through the purchase of all shares in a wholly owned InterOil subsidiary a gross 40.1 pct. interest in Petroleum Retention Licence 15.InterOil retains 35.5 pct. of the licence and immediately receives $401 million for closing the transaction.Will receive $73 million on a final investment decision for an Elk-Antelope LNG project and $65 million on the first LNG cargo.InterOil will also receive payments for certified gas volumes following appraisal of Elk-Antelope.  Full Article

InterOil Corporation commences drilling of Wahoo-1
Monday, 10 Mar 2014 08:31am EDT 

InterOil Corporation:Starts drilling Wahoo-1 exploration well in Papua New Guinea following approval by Papua New Guinea Department of Petroleum and Energy.Wahoo-1 is second of four exploration wells InterOil plans to drill in Gulf Province over next 12-15 months.InterOil will drill up to four appraisal wells on Elk-Antelope and Triceratops discoveries under a $300 mln exploration and appraisal program.  Full Article

InterOil Corp announces commencement of drilling of bobcat-1 well
Wednesday, 5 Mar 2014 08:00am EST 

InterOil Corp:Says following the approval of the drilling plan by the Papua New Guinea Department of Petroleum and Energy it has started drilling its Bobcat-1 exploration well in Petroleum Prospecting Licence 238 in the Gulf Province of Papua New Guinea.Bobcat-1 is an exploration well designed to assess the hydrocarbon potential of the carbonates within the Bobcat structure and gather data on shallow marine carbonate reservoir presence, quality and preliminary hydrocarbon volumes.The well will be drilled vertically to a total depth of 3,134 meters (10,282 feet).The well is expected to take about 90 days to drill, log and test, contingent on drilling conditions.  Full Article

InterOil Corp welcomes Oil Search as Partner in Major Gas Field
Thursday, 27 Feb 2014 09:06am EST 

InterOil Corp:InterOil Corporation to welcome Oil Search Limited as a partner in the Elk-Antelope fields the undeveloped gas resource in Papua New Guinea.Agreed to acquire a 22.835 pct interest in PRL15 from Pacific LNG Group Companies for consideration of $900 mln plus further contingent payments.Arrangement creates a stable and sustainable partnership to connect the PRL 15 gas deposit to the growing demand in Asia.InterOil owns 75.6114 pct of PRL15 and is in an agreement to sell an interest to Total S.A.Final ownership structure will be agreed with the joint venture participants with InterOil maintaining a material interest in PRL15.  Full Article

InterOil Corp announces appointment of CFO
Tuesday, 21 Jan 2014 07:11am EST 

InterOil Corp:Says Donald Spector appointed as Chief Financial Officer, with immediate effect.  Full Article

InterOil Corp agrees to sell to Total SA a gross 61.3% interest in Petroleum Retention License 15
Thursday, 5 Dec 2013 09:09pm EST 

InterOil Corp:Agrees to sell to Total SA a gross 61.3% interest in Petroleum Retention License 15 (PRL15) which contains the Elk-Antelope gas fields in the Gulf Province of Papua New Guinea.Says that it has also granted Total an exclusive right to negotiate a farm-in to all its exploration licenses in Papua New Guinea.Says the transaction price depends on appraisal and certification of Elk-Antelope, with illustrative payments of about $1.5-$3.6 billion, for a range of 5.4 trillion to 9.0 trillion cubic feet of hydrocarbon gas equivalent (tcfe).Says the agreement with Total provides for fixed and variable resource-based payments.Says fixed payments to InterOil include $613 million on transaction completion, which is expected in Q1 2014; $112 million on a final investment decision for a new LNG plant; and $100 million at first LNG cargo from the proposed LNG facility.Says in addition to these fixed amounts, variable payments for amounts in excess of 3.5 Tcfe for the gas resource will depend on certification by two independent certifiers following up to three appraisal wells to be drilled in PRL15.Says in addition, Total has agreed to make a payment of $100 million per tcfe for volumes over one tcfe for additional resources discovered in PRL15 from one exploration well.  Full Article

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