InterOil completes farm-in deal with PRE

INTEROIL Corporation has completed the farm-in transaction with Pacific Rubiales Energy (PRE) Corp on its acquisition of a 10% net (12.9% gross) participating interest in petroleum prospecting licence (PPL) 237 onshore Papua New Guinea, including the Triceratops structure and exploration acreage located within that licence.
“InterOil is pleased to have completed the farm-in transaction with Pacific Rubiales, a company with a track record of successful exploration and production development,” Phil Mulacek, chief executive officer of InterOil, said.
“We look forward to appraisal and development of the Triceratops gas and condensate field with our partners.”
PRE announced the farm-in deal with InterOil on July 30, 2012.
Last Saturday, PRE made the final payment of about US$55 million under the farm-in agreement.
PRE said it had paid in full US$116 million due under the deal.
More payments of PRE’s drilling costs for the Triceratops-2 well are scheduled in the coming months.