Total to Take Over as Operator of Papua New Guinea's PRL 15 JV

InterOil Corporation, an independent oil and gas company focused on Papua New Guinea (PNG), announced Friday that all participants in the Petroleum Retention License (PRL) 15 Joint Venture have unanimously voted to appoint Total E&P PNG Limited as Operator of the PRL 15 Joint Venture. PRL 15 is located in the Gulf Province of PNG.

The appointment will take effect in accordance with an operator transition plan and the terms of the Joint Venture Operating Agreement.

Total has a 40.1 percent interest in PRL 15 Total, with InterOil, Australia's Oil Search Ltd. and minority shareholders holding 36.5 percent, 22.8 percent and 0.5 percent stakes, respectively.

The appointment is subject to all necessary PNG Government approvals.


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