Asia Oil & Gas Conference Investment Conference - November 6, 2008 Elk-4 flared 6 May 2008 Presented by Collin Visaggio, Chief Financial Officer Investor Relations enquiries: Anesti Dermedgoglou: anestiinteroil.com 1
InterOil Our History InterOil was formed in 1997 - integrated oil and gas company with operations in Papua New Guinea Refinery commenced 2004 Shell distribution acquired 2006 Discovered Elk 2006 LNG Project started 2007 Discovered…
Our Vision is to Develop an Integrated Energy Company in Papua New Guinea Leverage exploration success for development of liquids monetization and LNG facility Identify niche market opportunities for financial return Be…
Assets through Value Chain Strategically Located and Positioned for Growth Exploration Portfolio Midstream Portfolio - Refinery Downstream 8.5 million acres K32.5bpd nameplate Distribution 65% Market Share 5
Upstream - Exploration Majority equity stake in 8.5 million acres onshore exploration holding Assets secured at a time that Papua New Guinea was an overlooked and under-explored Significant new discovery in frontier basin,…
Exploration Assets 7
Midstream Liquefaction, Refining and Marketing 32,500 bpd name plate capacity oil refinery. Excess capacity for in-country growth. Supplies 100% domestic market with balance available for export Planned development of a future…
Downstream Wholesale and Retail Distribution Acquired BP and Shells PNG distribution assets Largest distributor of fuel products in PNG 17 Terminals and Depots 12 Aviation refueling sites 51 retail service stations 9
Financing Existing facilities 69m OPIC loan secured against assets of refinery to be repaid by 2015 75m 8% unsecured convertible debenture expires 2013 170m BNP Midstream revolving working capital facility secured against…
Equity On July 2004 - InterOil commenced trading on the Toronto Stock Exchange On September 2004 - Closed on US45 million in senior convertible debentures On September 2004 - InterOil commenced trading on the American Stock…
OPIC Transaction Overseas Private Investment Corporation (OPIC) An agency of the US Government Provided InterOil a long-term loan facility of US85.0 million April 2002 at 7% interest repayable 4.5m per 6 months To date the OPIC…
Midstream Refinery Construction September 2002 July 2003 13
Upstream Development Funding In December 2002, PNG reduced tax rate on exploration discoveries from 65% to 30% flat which compares very favorably to many oil/gas producing countries PNG Government has option to buy a 22.5% Working…
Application of Initial Drilling Fund Drilling in PPL238 Capital used to; Acquire rig and equipment Build infrastructure in remote jungle conditions Carry out field work Develop logistical support Commence first exploration…
Second Drilling Fund February 2005 US125 million direct investment in drilling program announced under following terms Institutional and accredited investors invest US125 million for 25% indirect participation interest in the…
Funding Generates Drilling Success Elk structure discovered in October 2006 (Elk-1well) Elk-4 well tested natural gas and gas liquids to surface in May 2008, confirming a discovery in the Antelope structure During completion test…
Impact of Discovery What Does it mean The Elk and Antelope being developed with a view to underpinning foundation resource for our LNG project Near field exploration potential with adjacent structural leads Mule deer, White tail…
Exploration Forward Plan Antelope-1 Well Antelope 1 well spudded mid-October 2008 Antelope-1 Drilling Objectives: Drill a structural attic 2,269 feet up dip from the Elk-4 lowest known gas Extend field by drilling 1.7 miles south…
PNG Hydrocarbon Systems P'nyang P'nyang 66 66 66 Juha Juha 66 Hides Hides S Stan tanley ley An Anggoore re PRL4 PRL5 K Ketu etu Mananda Mananda 2 Elevala Elevala Mo M oran ran 66 66 66 66 Iagifu Iagifu 66 6…
Liquefaction Highlights and our LNG road forward Negotiations on project agreement in progress with the Papua New Guinea government, with confirmation by Prime Minister of signing expected in 4th Quarter 2008 Progressing…
In Summary Balance sheet strengthened Gearing Reduced InterOil positioned for growth - LNG 1st and 2nd highest recorded gas flowing wells on test in Papua New Guinea End 23
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