2009-08-17-2008-07-01

To acquire WI in PRL 4 and 5.

Horizon Oil Ltd., Woolloomooloo, Australia, (Pink Sheets: HZNFF) plans to acquire working interests in petroleum retention licenses (PRL) 4 and 5 in Papua New Guinea from InterOil Corp., Toronto, (Toronto: IOL; Amex: IOC) for US$6.5 million. InterOil chief executive Phil Mulacek says, "We are selling our interests in PRLs 4 and 5 in order to focus our resources and efforts on appraisal and development activities in the Elk/Antelope Field (in Papua New Guinea). InterOil will, however, retain a right of first refusal to purchase hydrocarbon condensates that may be produced in these licenses and so will remain closely interested in them." InterOil will use the condensate as feedstock for its PNG refinery.