InterOil Looks for PNG Proj. Partner
InterOil has retained Morgan Stanley & Co. LLC, Macquarie Capital (USA) Inc. and UBS AG as joint financial advisors to assist InterOil with its soliciting and evaluating proposals from potential strategic partners in the liquefied natural gas ("LNG") project currently being led by InterOil's joint venture entity, Liquid Niugini Gas Limited. The Company anticipates that these proposals will relate to obtaining an internationally recognized LNG operating and equity partner for development of the Project's gas liquefaction and associated facilities in the Gulf Province of Papua New Guinea, together with a sale of an interest in the Elk and Antelope fields and in InterOil's exploration tenements in Papua New Guinea.
InterOil has determined, in response to inquiry from potential LNG partners and in consultation with the Papua New Guinea Government, to engage in a formal partnering process. The considerable strengthening of the Asian LNG market, the increased interest in exploration and investment in Papua New Guinea, as well as the Company's reservoir analysis and project design fundamentals lead the Company to believe that now is an attractive time to seek a partner.
The Company expects that successful completion of such a transaction will satisfy the objectives of complementing the Company's planned LNG development capabilities with an internationally recognized LNG partner and generating a third party valuation for InterOil's resources.
"We look forward to working closely with Morgan Stanley, Macquarie and UBS as they support us in this evaluation process and in reaching what will surely be a milestone for InterOil, its shareholders and Papua New Guinea," said Phil Mulacek, Chief Executive Officer of InterOil.
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