Total says will pay $470M to InterOil for interest in PRL 15 Total (TOT) confirmed the signature of a farm-in agreement with InterOil (IOC) that gives it a 61.3% interest in Petroleum Retention License 15 in Papua New Guinea. Total and InterOil retain the flexibility to farm-down an aggregate of up to a 19.3% interest to a strategic partner, it added. Total said it will pay $470M for a 42% interest with a contingent payment estimated by Total at approximately $590M. The transaction remains subject to the approval of the Papua New Guinea government. Note the InterOil press release said the transaction price depends on appraisal and certification of Elk-Antelope, with "illustrative payments" of approximately $1.5B - $3.6B. Shares of InterOil dropped over 21% in pre-market trading to $69.80.
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