InterOil Corporation has agreed to sell to Total S.A. a gross 61.3% interest in Petroleum Retention License 15 (PRL15) which contains the Elk-Antelope gas fields in the Gulf Province of Papua New Guinea, and has also granted Total an exclusive right to negotiate a farm-in to all its exploration licenses in Papua New Guinea.

Agreements covering the sale and purchase of the PRL 15 interests, proposed liquefied natural gas (LNG) project, and the exploration farm-in rights, were signed in Port Moresby by InterOil's chief executive Dr. Michael Hession and Total Exploration & Production Senior Vice President Asia Pacific, Jean-Marie Guillermou.

The transaction price depends on appraisal and certification of Elk-Antelope, with illustrative payments of approximately US$1.5 billion - US$3.6 billion, *for a range of 5.4 trillion to 9.0 trillion cubic feet of hydrocarbon gas equivalent ("tcfe").

Tags: InterOil Corporation