InterOil reported net loss for the quarter ended June 30 of $31.7 million compared with a net profit of $23.5 million for the same period in 2011.
Second Quarter 2012 Highlights and Recent Developments
InterOil’s Chief Executive Officer Phil Mulacek commented, “We welcome the pleasure to work with both returning and new ministers of the 9th Parliament of Papua New Guinea to bring an LNG processing facility to Papua New Guinea of a nature and in a manner which will be satisfactory to the State and to the mutual benefit of all stakeholders.”
In regards to the ongoing LNG partnering process, Mr. Mulacek stated “With the sound backing of the new administration in PNG, we are continuing to work with our advisors to finalize selection of an LNG equity partner. The end result of the partnering process is expected to fully satisfy all the terms of the 2009 LNG Project Agreement.”
As to the Triceratops-2 well, Mr. Mulacek noted that, “We are very encouraged by the results of the Triceratops-2 well, the third discovery well. We believe that the Triceratops-2 well is a significant resource discovery. We look forward to continuing to work with the very capable management and technical team of Pacific Rubiales as we delineate Triceratops and further explore PPL 237. Our prospect inventory is maturing and we anticipate that it will support our goal of a multi-year, multiwell exploration program. We believe that these achievements, combined with our strong balance sheet, support our continued growth and operational success.”
[mappress] LNG World News Staff, August 14, 2012