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InterOil Corp. (IOC) Gets Unofficial Letter to Cancel LNG Agreement in Papua New Guinea

May 14, 2012 7:36 AM EDT Send to a Friend
InterOil Corporation (NYSE: IOC) announced receipt through an unofficial channel, from the Department of Petroleum and Energy (DPE), of a copy of a notice of intention to cancel the 2009 LNG Project Agreement between Liquid Niugini Gas Limited and the Independent State of Papua New Guinea.

Comments from the release: "Having considered the issue carefully with our external advisers, we are strongly of the view that the State has no right at present to terminate the Project Agreement. The notice does activate a six month consultation period during which the parties are to explore steps to deal with or remedy the DPE's concerns."




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