Welcome!

News Feed Item

InterOil Scales-Up PNG Operations

SINGAPORE, Jan. 29, 2014 /PRNewswire/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC) today announced the relocation of core functions from its 100-person office in Cairns, Australia, to support expanding operations in Papua New Guinea ("PNG"). The Cairns office will close by the end of the year.

The decision to increase capacity in PNG comes as InterOil is finalizing an agreement with Total S.A. of France (CAC: TOT; NYSE: TOT) to develop a multi-billion dollar LNG project in PNG. Work continues on completing the Total agreement by the end of Q1 2014, including the buy-out of minority interests.

Putting Resources Where Impact is Greatest 
InterOil's Chief Executive Officer, Dr. Michael Hession, said the relocation of core functions would put resources where they are most needed. "PNG is our base, and where all our activities are, including exploration, refining, and distribution – and, of course, the LNG project. It makes sense to focus our workforce there," Dr. Hession said.

A New Drilling Campaign Begins 
InterOil has also begun a new round of drilling as part of its exploration activities across almost 4 million acres in PNG. The company plans to drill up to eight wells in the next 12-15 months. The drilling of each well is expected to take about three months. Currently, 1100 people are working in the field on the seismic program and preparation for drilling operations. The commencement of drilling operations will employ an additional 300 people.

Well

License

Progress

Wahoo 1  Exploration

PPL236

  • Camp commissioned on January 20, and fully functional
  • Cellar and rig pad construction completed
  • Mini camp in place
  • Communications set up, and 80% complete
  • Rig loads mobilising from Napa Napa to site; 25% complete
  • Rig has two rig crews on site
  • Rig-up operations 10% complete

Raptor 1  Exploration

PPL237

  • Water source 100% cleared
  • Camp preparation 10% complete
  • Cutting to grade 60% complete
  • Rig started moving on January 14

Bobcat 1  Exploration

PPL238

  • Cutting to grade 100% complete
  • Cellar construction 100% complete
  • Pad construction 60% complete
  • Drill camp construction 70% complete
  • Rig move started on January 17 (five days ahead of schedule) and now 30% on site

Antelope 4  Appraisal

PRL15

  • Final site coordinates under review
  • Well-site planning is underway
  • Landowner agreement in place and signed

About InterOil
InterOil Corporation is a vertically integrated oil and gas company in Papua New Guinea. It has exploration interests over approximately 3.9 million acres (about 1.6 million hectares) and holds a major interest in the large Elk-Antelope gas field, which is being developed for a liquefied natural gas project with Total of France. InterOil owns and operates Papua New Guinea's only oil refinery, and operates an extensive petroleum retail and commercial distribution network. It has corporate headquarters in Singapore and its operations office in Port Moresby and employs more than 1000 people. InterOil is listed on the New York and Port Moresby stock exchanges. 

Investor contacts for InterOil


Wayne Andrews, Vice President Capital Markets

Meg LaSalle, Investor Relations Coordinator

[email protected]

[email protected]

Phone: +1-281-292-1800

Phone: +1-281-292-1800



Media contacts for InterOil


John Hurst, Cannings Corporate Communications


[email protected]


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 Gulf LNG Project, the use of gas from the Elk and Antelope fields, the purchase of minority interests in PRL15, 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, the proposed 8 well drilling program to be completed in 12-15 months, 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 discussions with minority interest owners and 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

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Enroute Lab will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enroute Lab is an industrial design, research and development company of unmanned robotic vehicle system. For more information, please visit http://elab.co.jp/.
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
Many companies start their journey to the cloud in the DevOps environment, where software engineers want self-service access to the custom tools and frameworks they need. Machine learning technology can help IT departments keep up with these demands. In his session at 21st Cloud Expo, Ajay Gulati, Co-Founder, CTO and Board Member at ZeroStack, will discuss the use of machine learning for automating provisioning of DevOps resources, taking the burden off IT teams.
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 21st Cloud Expo, Lennart Frantzell, a Developer Advocate with IBM, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing devel...
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
Today most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes significant work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reducti...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?