PNG: InterOil Prolongs LNG Project Deal with Mitsui

InterOil Corporation (“InterOil”) On March 30, 2012, InterOil indicated additional amendments to extend the Joint Venture Operating Agreement (“JVOA”) for the Company’s proposed Condensate Stripping Plant (“CSP”) with Mitsui & Co., Ltd. (“Mitsui”), and associated agreements to December 31, 2012 were being contemplated.

Today InterOil announced that it has entered into such agreements to extend the dates by which certain conditions are to be met and Final Investment Decisions (FID) made in LNG project agreements with Mitsui until December 31, 2012.

The JVOA for the Company’s proposed CSP with Mitsui and associated agreements, have been amended so that the time allowed for FID has been extended until December 31, 2012. The JVOA sets out the rights and obligations of the participants of the joint venture to develop a CSP at InterOil’s Elk and Antelope field site in Gulf Province, Papua New Guinea.

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LNG World News Staff, June 29, 2012