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InterOil to Increase Interest in Triceratops and Raptor
InterOil to Increase Interest in Triceratops and Raptor.
About this update from Prestige Cars International, Inc.
[{"type":"text","content":"\n\n\n\nInterOil to Increase Interest in Triceratops and Raptor\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-BOTTOM:1pt; BORDER-LEFT:1pt; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:1pt; BORDER-RIGHT:1pt\n}\n.prntblns{\nBORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt; BORDER-COLLAPSE: collapse; BORDER-TOP: 1pt; BORDER-RIGHT: 1pt\n}\n\n\n\n\n\n\nInterOil to Increase Interest in Triceratops and Raptor\nPacific Exploration & Production Corporation to withdraw from Papua New Guinea\nPR Newswire\nSINGAPORE and PORT MORESBY, Papua New Guinea, Nov. 5, 2015\n\n\n\nSINGAPORE and PORT MORESBY, Papua New Guinea, Nov. 5, 2015 /PRNewswire/ -- InterOil Corporation (NYSE:IOC) (POMSoX:IOC) will increase its interest in two key licenses following the withdrawal of Pacific Exploration & Production Corporation (TSX: PRE; BVC: PREC) (\"Pacific\") from Papua New Guinea. \n\nThe withdrawal of Pacific, formerly Pacific Rubiales Energy Corp., is consistent with its strategy of focusing on Latin America.\n\nAs a consequence of Pacific's withdrawal, InterOil will increase its interest in PRL 39, which contains the Triceratops discovery, and also in PPL 475, which contains the Raptor discovery. \n\nInterOil Chief Executive Dr Michael Hession thanked Pacific for its support as a joint venture partner and for its investment in the discovery and appraisal of resources in Papua New Guinea.\n\n\"We are pleased we will now own more than 78% of the Triceratops and Raptor discoveries,\" he said.\n\n\"Pacific's withdrawal simplifies license ownership for any commercialization discussions with other strategic players.\"\n\nTriceratops, PRL 39\n\nPacific's right to withdraw from PRL 39 is in line with its July 2012 farm-in agreement in which Pacific acquired a 12.9032% gross interest in PRL 39 from InterOil and minority interest holders. \n\nOn completion of Pacific's withdrawal, InterOil's gross interest in PRL 39 will increase from 87.0968%# to 100%# and its gross interest in the Triceratops discovery will increase from 69.0931% to 78.1114%. \n\nRaptor, PPL...