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Company History

2012

  • On 30th July 2012, InterOil executed a Farm-In Agreement with Pacific Rubiales Energy Corp. A 10.0% net (12.9% gross) participating interest in PPL237 (including Triceratops structure)
  • On 2nd July 2012, InterOil added 2 new board members Sir Robbie Namaliu and Samuel Delcamp. Dr. Gaylen Byker was appointed Chairman of Board in keeping with good corporate governance
  • On May 14th 2012, Triceratops-2 flowed natural gas and condensate at a rate of 17.6 MMSCFPD through a 48/64 inch choke with a condensate to gas ratio (CGR) of between 13.6 and 16.3 barrels per million standard feet of gas
  • On January 17th 2012, InterOil announced spudding of Triceratops-2 Well

2011

  • As at December 31, 2010 the Elk & Antelope Resource was Certified for 9.4 TCFE 2C by GLJ Petroleum Consultants
  • April 2011, agreement with Samsung Heavy Industries and Flex LNG for a 2 mtpa floating LNG plan
  • February 2011, increased to 3 mtpa on the land-based plant

2010

  • September 2010, signed agreement with Energy World (EWC) to construct a 2 mtpa land-based LNG plant
  • April 2010, signed joint venture agreement with Mitsui for condensate stripping project
  • February 2010, purchased second drilling rig

2009

  • December 2009, Antelope-2 flow-tested
  • December 2009, signed LNG project agreement with the government of PNG
  • Resource estimate of 1.52 BBOE by GLJ Petroleum Consultants
  • Antelope-1 drilled March 2009, Antelope-1 flow-tested
  • March 2009, listed on the New York Stock Exchange (NYSE)

2008

  • Elk-4 drilled
  • Entered into an agreement with Petromin, PNG’s holding limited, to take a 20.5% direct interest in Elk and Antelope Field
  • First resource estimate of 631 MMBOE by GLJ Petroleum Consultants

2007

  • Drilled Elk-2 well

2006

  • InterOil purchases all of Shell PNG’s retail and distribution assets in PNG
  • Elk-1 discovery well was completed in November 2006
  • Completed refinery optimization project in the third quarter
  • May 2006, Entered a Memorandum of Understanding (MOU) with PNG government on gas developments

2005

  • October 2005, acquired special purpose built heli-portable drilling rig
  • Drilled two wells in license area, Black Bass-1 and Triceratops-1
  • February 2005, obtained US $125 million in funding for our exploration program

2004

  • US $100 million working capital facility with BNP Paribas
  • 1st crude delivered in June to the refinery for processing
  • Refinery achieves mechanical completion

2003

  • Drilled Moose-1 and Moose-2 wells
  • Acquired all of BP’s petroleum distribution assets and operations in PNG

2002

  • Marine causeway completed and jetty construction begins at Napa Napa
  • First shipment of refinery components arrives in PNG
  • In December of 2002 InterOil commits to single largest drilling program in the history of Papua New Guinea

2001

  • Drilled Subu-1 and Subu-2 exploration wells

2000

  • Overseas Private Investment Corporation (OPIC) provided US $85 million loan of financing for PNG oil refinery

1999

  • Drilled first exploratory well – Stanley-1 Well

1998

  • First exploration Licenses signed with Government of Papua New Guinea (PNG)

1997

  • Signing of the Napa Napa refinery Project Agreement with the Independent State of Papua New Guinea (PNG)
  • May 29, 1997, company founded

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