The PRL 15 license includes Elk or Antelope gas discoveries, according to Oil Search.
Oil Search said that the purchase has been funded by a placement of 149.39 million fully paid ordinary shares to the Independent State of Papua New Guinea.
Oil Search managing director Peter Botten said the company is looking forward to work with InterOil and other potential partners to realize the full value from the material gas resources contained within PRL 15.
"Oil Search’s entry into the PRL 15 joint venture provides us with the opportunity to play a key role in determining the optimal commercialization route for the Elk/Antelope resource, which is the largest undeveloped gas resource in Papua New Guinea and highly complementary to our existing asset base," Botten added.
