PNG LNG Project Nears Financial Completion, Ends 120-Day Operational Test

Oil Search Ltd. disclosed Tuesday that ExxonMobil PNG Limited, operator of the PNG LNG Project in Papua New Guinea (PNG), has advised that the 120-day operational test for the liquefied natural gas (LNG) facilities has been successfully completed (see press release below). The other outstanding lender completion requirements to achieve financial completion remain on schedule to be satisfied in the first quarter of 2015, after which loan repayments and co-venture distributions will commence.

PNG LNG Project Concludes Lender Operational Completion Test

The PNG LNG Project’s 120-day operational test period has successfully concluded.

This is just one of several tests required, and is an important milestone towards satisfaction of the financial completion tests set forth in the Project’s financing arrangements.

After financial completion has been achieved, guarantees will be released, loan repayments will commence, and co-venture distributions will be permitted.

Financing for the Project has been provided by a consortium of banks and export credit agencies.

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