“The first quarter of 2004 was a milestone period for InterOil as we moved from the developmental stage to a revenue generating organisation following our acquisition of BP PNG effective from March 1, 2004,” said InterOil CEO Phil Mulacek.
“With the refinery achieving start-up the first half of June we are poised to continue our growth and strive for additional value through our drilling program.”
Currently the refinery is 97% complete and the EPC (Engineering, Procurement and Construction) contractor has confirmed early June for ‘first oil in the refinery’, with start-up of the Crude Distillation Unit also ready at the same time.
Two crude oil shipments have already been ordered for arrival in June 2004, with revenue from the project also forecast for mid June.
The majority of the product from the refinery is already secured by contracts with Shell overseas holdings.
