InterOil Corporation (NYSE: IOC) (POMSoX: IOC) and Total E&P PNG Limited have agreed that Total will become operator of Petroleum Retention License 15 in the Gulf Province of Papua New Guinea from August 1, 2015.

On February 27, 2015 InterOil announced that the PRL 15 Joint Venture, which is developing the Elk-Antelope gas discovery as the Papua LNG Project, had unanimously appointed Total as the operator, subject to an agreed transition plan.

InterOil Chief Executive Dr Michael Hession welcomed the agreement with Total.

“We now look forward to Total bringing its global LNG experience and resources to Elk-Antelope to develop what we anticipate will be the world’s lowest cost new-build LNG project,” Dr Hession said.

“This represents an important milestone for the Papua LNG Project as the Joint Venture continues to drive towards the earliest practical development of the Elk-Antelope resource.”

Under the Operator Transition Agreement, InterOil will continue to provide certain technical services for Total until the end of 2015. InterOil will continue to operate its remaining retention and exploration licenses in Papua New Guinea.

Under the Operator Transition Agreement, InterOil on behalf of Total will drill the Antelope-4 sidetrack well, which is expected to begin drilling soon. Total will then operate the Antelope-6 well.

The Papua New Guinea Department of Petroleum and Energy will be advised of the effective date of change of operator.

About InterOil Corporation

InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea. InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licences covering about 16,000sqkm. The company employs more than 2,000 staff and contractors. Its main offices are in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.

About Total

Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world’s second-ranked solar energy operator with SunPower. Our 100,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits.