2009-08-15-2009-01-01-2009-01-01

Acquired interest in Elk/Antelope Field in Papua New Guinea.

Papua New Guinea–based Petromin PNG Holdings Ltd. has closed its acquisition of a direct interest in Elk/Antelope Field in Papua New Guinea from InterOil Corp., Toronto (Toronto: IOL; Amex: IOC). Petromin contributed an initial deposit and will fund 20.5% of the costs of developing the field. InterOil chief executive Phil E. Mulacek says, "Participation by the state entity confirms the support expressed by the covernment of Papua New Guinea for our proposed LNG project and will provide valuable impetus at this time for our exploration and development efforts."