InterOil, Total Close Elk-Antelope Transaction

InterOil Corporation (NYSE:IOC) and Total SA (Paris:FP,NYSE:TOT) closed a revised sales and purchase agreement for the Elk-Antelope gas field in Petroleum Retention Licence 15 in Papua New Guinea.

According to the press release:

Under the revised agreement signed today, Total has acquired – through the purchase of all shares in a wholly owned InterOil subsidiary – a gross 40.1% interest in PRL 15.

InterOil retains 35.5% of the licence and immediately receives US$401 million for closing the transaction, and will receiveUS$73 million on a final investment decision for an Elk-Antelope LNG project, and US$65 million on the first LNG cargo. InterOil will also receive payments for certified gas volumes following appraisal of Elk-Antelope.

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