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InterOil Corporation
IOC today announced the relocation of core functions from its
100-person office in Cairns, Australia, to support expanding operations in
Papua New Guinea ("PNG"). The Cairns office will close by the end of the year.
The decision to increase capacity in PNG comes as InterOil is finalizing an
agreement with Total S.A. of France
TOT to develop a
multi-billion dollar LNG project in PNG. Work continues on completing the
Total agreement by the end of Q1 2014, including the buy-out of minority
interests.
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