Description of Properties
As at December 31, 2011, we had interests in three PPLs and one PRL in Papua New Guinea covering 3,996,453 gross acres, all of which were operated by us. PPLs 236, 237 and 238 and PRL 15 are located onshore in the Eastern Papuan Basin, northwest of Port Moresby.
On November 30, 2010, we were granted PRL 15, covering a total of nine graticular blocks including and surrounding the Elk and Antelope fields and extracted from PPLs 237 and 238. This PRL unifies the Elk and Antelope fields into a single license and separates the fields from our exploration acreage. The PRL has a separate minimum work program and expenditure commitment for the next five years.
The following table summarizes our interests and on acreage currently held by InterOil as at December 31, 2011: