Upstream - On January 24, 2013, the DPE approved and registered the transfer of interest in PPL 237 to PRE and the related PRE JVOA.
At PRL 15, during the quarter, the DPE approved our JVOA relating to operations in PRL 15.
2) Facility is to fund our share of the Condensate Stripping Project costs as they are incurred pursuant to the CSP JVOA with Mitsui.
InterOil and its partners are pleased to have completed the JVOA
with Pacific Rubiales Energy.
All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements, including in particular, statements concerning business plans and strategies, including those to develop a CSP, and the timing of a FID These statements are based on the terms of the amended JVOA
and associated agreements and on certain assumptions made by the Company based on its experience and perception of current conditions, expected future developments and other factors it believes are appropriate in the circumstances, including its exploration activities to date.
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.
Under the JVOA, InterOil and Mitsui will each have a 50% ownership stake, before the State of Papua New Guinea's statutory right to acquire up to 22.
Final Investment Decision by the JVOA partners is expected by the end of March 2011, following completion of engineering and design work, financing agreements and further regulatory approvals.
The agreement includes a full and final settlement of all claims, a commitment to drill the A6 and A7 wells as a joint operation and best efforts approach to creating a production JVOA
(Joint Venture Operating Agreement) to guide future work programs.