Platform to deliver higher returns and to optimise further LNG development Oil Search announces agreements to create major independent PNG regional oil and gas champion: 1. Acquisition of 100% of InterOil 2. Execution of MoU with…
Deal highlights 4
InterOil Acquisition Oil Search enters into agreement to acquire InterOil Oil Search announces agreements to create a major independent PNG regional oil and gas champion Oil Search agrees to acquire 100% of InterOil Corporation for…
InterOil Acquisition Contingent Value Right InterOil shareholders benefit from uncapped upside potential in Elk-Antelope fields resource CVR terms and benefits CVR example CVR payable in cash to InterOil shareholders based on results…
InterOil Acquisition Immediate and long term value for InterOil shareholders Material premium to InterOil shareholders Share Consideration delivers immediate and significant US per share 6.2 tcfe 6.5 tcfe 7.0 tcfe 8.0 tcfe Material…
Total MoU MoU between Oil Search and Total SA MoU sets out key principles: MoU expected to deliver significant value to Oil Search, InterOil and Total shareholders: Oil Search sell down to Total 60% of interest acquired from…
Strategic rationale 9
InterOil further strengthens Oil Searchs world-class LNG position Best-in-class break-even costs1 Both PNG LNG potential expansion and Papua LNG projects making progress while many less competitive projects being delayed or cancelled…
Pathway to cooperation and/or integration of two world-class LNG projects in PNG Agreements pave way for potential material capex and opex savings plus Examples of potential areas of cost savings anticipated schedule acceleration of…
Material exploration portfolio supports long term, focused growth Oil Search existing PNG portfolio Oil Search plus InterOils PNG portfolio Pnyang Pnyang Hides Angore Hides Angore Moran Agogo Moran Agogo Juha SE Kutubu Juha…
Financial considerations 13
Oil Search expected to remain cashflow positive with a strong balance sheet well positioned for growth Continue to Oil Search expected to continue to generate positive cash flows, even at oil prices well below current levels generate…
Expected timetable to completion 15
Expected timetable to completion InterOil acquisition structured as Plan of Arrangement under Business Corporations Act (Yukon) Process similar to Australian Corporations Act Scheme of Arrangement (although 66 2/3% vote, not 75%)…
Appendix
Appendix: Overview of InterOil Key assets Corporate snapshot Highlights Close as of 19 May 2016 US/sh 31.65 1-month VWAP US/sh 31.88 Market Capitalisation2 USm 1,617 Net Debt2 USm 146 Enterprise Value2 USm 1,764 Listing NYSE…
Appendix: InterOil Working interests in licences* Permit PRL 15 Permit PRL 39 Permit PRL 39 Permit PPL 475 Permit PPL 475 Excl. Excl. Discovery Elk-Antelope Discovery Triceratops Discovery Discovery Raptor Discovery Triceratops Raptor…
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