InterOil Corporation, today announced that it has been granted Petroleum Retention License (PRL) No. 15, covering blocks including and surrounding the Elk and Antelope fields, unifying the fields into a single license separate from our exploration acreage and specifying minimum work commitment activities over the next five years.
Phil Mulacek, CEO of InterOil, commented: “Grant of the PRL demonstrates commitment from the Government of PNG emanating from our past record, as well as confidence in InterOil’s forward capabilities. Furthermore, the PRL organizes the fields in a way that will be helpful for partnering while allowing us to advance our condensate and LNG plans.”
A petroleum development license, for which application has not yet been made, and further government approvals will be required before commencement of construction or commercial production of hydrocarbons.
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Source: InterOil , December 3, 2010;