Originally InterOil secured $12.2 million in funding to help with its multi-well drilling program in Papua New Guinea.
Under the deal PNG Drilling Ventures is to earn an indirect 6.75% working interest in InterOil's expanded 16 well program. Initially the group had a right to convert part of the working interest into InterOil common stock at an average price of US$16.83 per share (C$23.24 per share).