IterOil Divests Offshore Interest in PPL 244 for $2MM

InterOil has agreed to divest its interest in the offshore Petroleum Prospecting License (PPL) 244, for US $2.0 million. The divestment remains subject to PNG government approval and contracted pre-emptive rights and is expected to close in the first quarter of 2010.

"We are selling our 15% interest in PPL 244 in order to focus our resources and efforts on PPLs 236, 237 & 238 which contain our substantial onshore and operated exploration license areas," stated Phil Mulacek, Chief Executive Officer of InterOil.