Phil Mulacek, CEO of InterOil, said: “We are selling our 15% interest in PPL 244 in order to focus our resources and efforts on PPLs 236, 237 and 238 which contain our substantial on-shore and operated exploration licence areas.”
InterOil is developing an integrated energy business whose primary focus is Papua New Guinea and the surrounding region. The company’s assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea.
In addition, InterOil is engaged in a joint venture established to construct an LNG plant on a site adjacent to InterOil’s refinery in Port Moresby, Papua New Guinea.
