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News Breaks | | | | July 30, 2012 | | 06:40 EDT |  | IOC | InterOil executes farm-in greement with Pacific Rubiales Energy
InterOil announced that it has executed a Farm-In Agreement and related documents with Pacific Rubiales Energy Corp. relating to its acquisition of a 10.0% net participating interest in Petroleum Prospecting License 237 onshore Papua New Guinea, including the Triceratops structure and exploration acreage located within that license. This announcement is made further to the Company's announcement on April 30, 2012 that it had entered into a Heads of Agreement, or HOA, with PRE and the terms are materially the same as those previously announced. PRE has the option to terminate the Farm-In Agreement at various stages of the work program and to be reimbursed up to $96M of the $116M initial cash payment, which does not include carried costs, out of future upstream production proceeds. | |
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