Interoil Corporation announced on Friday its agreement for Total E&P PNG to take over as operator for the Petroleum Retention Licence 15 joint venture.

Total takes over Interoil’s Elk-Antelope

Papua New Guinea

PORT MORESBY, August 3, 2015 – Interoil Corporation announced on Friday its agreement for Total E&P PNG to take over as operator for the Petroleum Retention Licence 15 joint venture. Located in Papua New Guinea’s Gulf Province, the Petroleum Retention Licence 15 joint venture is part of the development of the offshore Elk-Antelope gas development.

This follows oil and gas independent Interoil’s February 2015 decision for a transition plan to hand over ownership of the joint venture effective on August 1, 2015. Under the transitory period, Interoil will provide Total with technical services until the end of the year. Interoil will also begin drilling the Antelop-4 sidetrack well before handing it over to Total.

This agreement does not affect Interoil’s other retention and exploratory licences in Papua New Guinea.

“This represents an important milestone for the Papua LNG Project as the joint venture continues to drive towards the earliest practical development of the Elk-Antelope resource” Micheal Hession, chief executive of Interoil, said in a company statement.