INTEROIL Corp last Friday posted a consolidated net profit of US$23.5 million in the second quarter ended June 30, 2011, The National reports.
This compares with a net profit of US$7.8 million for the same period last year, an improvement of US$15.7 million.
The operating segments of corporate, midstream refining and downstream collectively returned a net profit for the quarter of US$34.5 million.
The development segments of upstream and midstream liquefaction yielded a net loss of US$11 million.
This movement was mainly due to higher foreign exchange gains realised on the strengthening of the kina against the US dollar from 0.3895 at the start of the second quarter of this year and ending the quarter at 0.4350, the gains realised on shares acquired as an investment interest in Flex LNG.
InterOil's earnings before interest, taxes, depreciation and amortisation for the quarter was a gain of US$39 million, compared with a gain of US$14.9 million for the same period last year, an increase of US$24.1 million.
Total revenue increased by US$78.5 million from US$225.3 million last year to US$303.8 million for the second quarter this year.
In the quarter, InterOil and Pacific LNG Operations Ltd entered into framework agreements with Samsung Heavy Industries and Flex LNG Ltd, conditional upon a final investment decision relating to the construction and operation of a 1.8 million tonnes per annum (mtpa) floating natural gas liquefaction processing vessel.
The project was intended to be integrated with and augment proposed infrastructure to liquefy natural gas from the onshore Elk and Antelope fields in the Gulf province.
The onshore liquefaction facility was being pursued with Energy World Corp. and Mitsui and Co Ltd.
Subsequent to the quarter end, InterOil announced on Aug 2 the signing of a heads of agreement with Noble Clean Fuels Ltd, a wholly-owned subsidiary of Noble Group Ltd, which was to form the basis for negotiation of a binding, definitive agreement for the supply to Noble of 1.0mtpa of LNG from InterOil's proposed Gulf LNG project in Papua New Guinea.
InterOil chief executive officer Phil Mulacek said: "In addition to continuing to pre-invest in the Gulf LNG project in advance of FID, InterOil achieved another milestone in advancing our development project with the recent execution of a HOA with Noble Group.
"Noble has a proven track record of providing long-term fuel supply to major utilities across Japan, South Korea and China and is a good fit with InterOil's strategy of expanding LNG markets," he said.
He said the addition of Sir Rabbie Namaliu, former Prime Minister and former Petroleum and Energy minister to InterOil's PNG advisory board should assist InterOil in discussions with government departments in developing the Gulf LNG Project.
"Furthermore, we have advanced our understanding of the structure of the Triceratops/Bwata structure, having recently completed the acquisition of three of the four additional seismic lines over the field, and are now preparing to drill the Triceratops 2 well," he said.
Wednesday, August 17, 2011
InterOil records US$23.5m net profit for Q2
Tuesday, August 16, 2011
Accident victim wants review of road rules
AN injured passenger in a recent fatal road accident at Sasiang Farm, along the Markham plains in Morobe, has called for stringent measures to be established for trucking companies including the issuing of driving licences, The National reports.
Mt Hagen Secondary School deputy principal James Pini (pictured) made the call yesterday from his hospital bed at the Lae International Hospital.
Pini had sustained two broken bones on his right hand while his wife, Naomi, received injuries to her head.
Others admitted at the Angau Memorial Hospital included George Ning, Peter Philip, Joshua Kopugl and Jonny Boy from Moge-Namb in Hagen Central with body and head injuries.
Pini wanted the relevant authorities to seriously review:
.The operating regulations of trucking companies;
.Issuing of driving licences;
.Penalties for careless driving;
.Establishment of weighing stations; and
.Awarding of road contracts and maintenance.
Among the fatal accidents along the Markham plains since last year was the collision of two Coaster buses at Ragiampun which resulted in 40 deaths in January and another involving evangelist Joseph Kingal and his family at Zumim Bridge last November.
Two Fridays ago, a Landcruiser utility belonging to Traisa Transport ran into the back of a semi-trailer belonging to Rookes Marine resulting in three deaths.
Last Thursday, a Coaster bus collided with a KK & Sons semi-trailer resulting in five deaths.
Early last Saturday morning, a Mazda Dyna ploughed into the same semi-trailer which was left on the roadside after Thursday's accident resulting in eight more deaths.
Altogether, 57 deaths were recorded since last year while those who sustained injuries in other crashes went unreported.
Pini also pointed out two other factors resulting in the accidents on the highway – bad road conditions and careless driving.
"Who will be responsible for the expense of the deaths and compensations, hospital surgery and treatment fees for injured persons including living costs for the families of those that died?
"Is it the government or trucking company, PMV and vehicle owners involved?" Pini said.
"The government needs to think critically and put in place measures to guide, control and minimise such road accidents."
Meanwhile, Lae area base medical store (LABMS) manager Polume Jonathan said LOHA Customs and Forwarding, LD Logistics and MDL were the three companies engaged in medical supplies procurement.
"I have no knowledge of the arrangement for the Mazda Dyna involved in the accident, reportedly returning from Madang after procurement of medical supplies," Jonathan said.
The truck is owned by JED Logistics Company, engaged by the Health Department in Port Moresby for procurement of medical supplies.
They were recently established in Lae but cargo forwarding and consignments were done in NCD while, in Lae, they did deliveries only to required destinations.
However, having no proper warehouse, they were allowed to use the LABMS yard but have no proper vehicles, he said.
Youth dies in election clash
A MAN has died following a clash between two groups supporting rival candidates during the Kundiawa-Gembogl by-election in Chimbu, The National reports.
A compensation demand of K100,000 and 52 pigs was imposed on the two candidates by relatives of Peter Bob, 18, of Gembogl.
Relatives of the deceased presented the compensation demands to the two candidates last week. Bob had died of head injuries.
Police said immediately after the polling in one of the stations in Gembogl, supporters of the two rival candidates had a fight.
The deceased sustained serious head injuries as a result and was rushed to the Kundiawa General Hospital where he died after a few days.
Chimbu provincial police commander acting Supt John Kale confirmed the incident and said police mediated with the tribes and settled for the compensation.
He said the body of the deceased was taken to his Siago village on the foot of Mt Wilhelm for burial last Thursday.
Kale has appealed to candidates and their supporters to maintain peace during the counting.
"It is important that people respect each other and live peacefully, because election comes and goes and the people must live peacefully and lead normal lives," Kale said.
Last Saturday evening, police dispersed supporters of the two candidates as they were trying to argue and fight among themselves.
A compensation demand of K100,000 and 52 pigs was imposed on the two candidates by relatives of Peter Bob, 18, of Gembogl.
Relatives of the deceased presented the compensation demands to the two candidates last week. Bob had died of head injuries.
Police said immediately after the polling in one of the stations in Gembogl, supporters of the two rival candidates had a fight.
The deceased sustained serious head injuries as a result and was rushed to the Kundiawa General Hospital where he died after a few days.
Chimbu provincial police commander acting Supt John Kale confirmed the incident and said police mediated with the tribes and settled for the compensation.
He said the body of the deceased was taken to his Siago village on the foot of Mt Wilhelm for burial last Thursday.
Kale has appealed to candidates and their supporters to maintain peace during the counting.
"It is important that people respect each other and live peacefully, because election comes and goes and the people must live peacefully and lead normal lives," Kale said.
Last Saturday evening, police dispersed supporters of the two candidates as they were trying to argue and fight among themselves.
Sepik's challenge on government enters courtroom
By SAMUEL RAITANO
THE East Sepik provincial government's Supreme Court special reference challenging the constitutionality of the O'Neill-Namah government entered the legal scene yesterday, putting to test the jurisdictional responsibilities of the chief justice and the attorney-general in assisting the court, The National reports.
The main drama was when points were raised between first intervener Attorney-General Dr Allan Marat's counsel and Chief Justice Sir Salamo Injia as to who should order the serving of the amended Supreme Court reference to the parties named.
This was because the attorney-general and the court shared the same discretion to serve the reference documents to the concerned parties, according to a provision of the Supreme Court rule used to pursue the matter.
In the melee, the referrer's lawyer, Ian Molloy, announced that the "amended" special reference was filed and served early yesterday morning in court and to the defendants before the 9.30am hearing.
The Supreme Court reference was filed on Aug 5 and an amended version was filed yesterday.
The court was told that the amended special reference superseded the previous special reference.
Counsel Manuel Varitimos, for the attorney-general, denied receiving any written document on the amendment.
The court battle promised to gain momentum as lawyers Virgil Narokobi and Kelly Naru for the Ombudsman Commission and the clerk of parliament respectively announced their intentions to join the proceeding as intervening parties.
Narokobi said the Ombudsman Commission was ready to join in the matter and would file their application to do so on the court's direction.
He said the reference was to do with the interpretation and application of constitutional laws which his client was interested in.
Naru said he would make two separate applications to intervene.
One was for the clerk of the parliament in person and the other for the national parliament.
The court raised concern as to whether the jurisdiction in representing the parliament in court lay with the clerk or the speaker.
The attorney-general, in his draft orders, had named seven parties as the ones interested in the matter and who should be personally served with the reference documents.
The parties are Grand Chief Sir Michael Somare, former acting prime minister Sam Abal, Prime Minister Peter O'Neill, Deputy Prime Minister Belden Namah, Parliament Speaker Jeffery Nape, the Ombudsman Commission and the national parliament.
Varitimos also sought the court's approval to personally serve Sir Michael the reference information because "there was no evidence whatsoever proving that Sir Michael was not able to receive it in person".
This point was received with murmurs from the court audience, prompting Sir Salamo to highlight that Sir Michael was under health care in Singapore.
The court highlighted that interested parties were not restricted to the seven and directed that any other parties wanting to join in had to make their applications by Thursday.
This was due to the state's argument that it did not want to have any other party filing similar references on the same matter later.
The court directed the attorney-general to serve the sealed documents personally to the parties concerned before next Tuesday for further directions
THE East Sepik provincial government's Supreme Court special reference challenging the constitutionality of the O'Neill-Namah government entered the legal scene yesterday, putting to test the jurisdictional responsibilities of the chief justice and the attorney-general in assisting the court, The National reports.
The main drama was when points were raised between first intervener Attorney-General Dr Allan Marat's counsel and Chief Justice Sir Salamo Injia as to who should order the serving of the amended Supreme Court reference to the parties named.
This was because the attorney-general and the court shared the same discretion to serve the reference documents to the concerned parties, according to a provision of the Supreme Court rule used to pursue the matter.
In the melee, the referrer's lawyer, Ian Molloy, announced that the "amended" special reference was filed and served early yesterday morning in court and to the defendants before the 9.30am hearing.
The Supreme Court reference was filed on Aug 5 and an amended version was filed yesterday.
The court was told that the amended special reference superseded the previous special reference.
Counsel Manuel Varitimos, for the attorney-general, denied receiving any written document on the amendment.
The court battle promised to gain momentum as lawyers Virgil Narokobi and Kelly Naru for the Ombudsman Commission and the clerk of parliament respectively announced their intentions to join the proceeding as intervening parties.
Narokobi said the Ombudsman Commission was ready to join in the matter and would file their application to do so on the court's direction.
He said the reference was to do with the interpretation and application of constitutional laws which his client was interested in.
Naru said he would make two separate applications to intervene.
One was for the clerk of the parliament in person and the other for the national parliament.
The court raised concern as to whether the jurisdiction in representing the parliament in court lay with the clerk or the speaker.
The attorney-general, in his draft orders, had named seven parties as the ones interested in the matter and who should be personally served with the reference documents.
The parties are Grand Chief Sir Michael Somare, former acting prime minister Sam Abal, Prime Minister Peter O'Neill, Deputy Prime Minister Belden Namah, Parliament Speaker Jeffery Nape, the Ombudsman Commission and the national parliament.
Varitimos also sought the court's approval to personally serve Sir Michael the reference information because "there was no evidence whatsoever proving that Sir Michael was not able to receive it in person".
This point was received with murmurs from the court audience, prompting Sir Salamo to highlight that Sir Michael was under health care in Singapore.
The court highlighted that interested parties were not restricted to the seven and directed that any other parties wanting to join in had to make their applications by Thursday.
This was due to the state's argument that it did not want to have any other party filing similar references on the same matter later.
The court directed the attorney-general to serve the sealed documents personally to the parties concerned before next Tuesday for further directions
Kundiawa-Gembogl by-election update
By ZACHERY PER
ONE of two female contenders running in the Kundiawa-Gembogl by-election was eliminated yesterday, The National reports.
Independent candidate Christina Num Nulai, who polled 13 primary votes, was eliminated and her second preferences were distributed among 42 other candidates.
The other female candidate, Susan Dua Dingi, is still in the race with 93 first preference votes.
William Gumane, who picked 13 votes in the first count, was also eliminated.
Prime Minister Peter O'Neill's People's National Congress candidate Peter Waieng maintained a comfortable lead yesterday with 6, 583 votes a difference of 1,629 votes with nearest rival and former agriculture minister Mathew Siune on 4,957 votes.
Running third was Constitutional Democratic Party candidate Tobias Kulang on 4,034 votes. In fourth place was former Kundiawa-Gembogl MP Wagi Merimba with 3,726 votes.
People's Party candidate Paul Gende is in fifth place with 3,571 votes. A total of 51,643 ballots were distributed among the candidates after the eliminations yesterday.
The absolute majority was set at 25,822 and the eliminations will continue today.
Chimbu provincial elections manager Steven Gore Kaupa applauded the excellent efforts of counting officials under the guidance of returning officer James Piapia and staff from the PNG Electoral Commission.
He commended them for the successful completion of first reference counts and urged them to continue the good work in the second and third preference counts.
In a written message to the Kundiawa Lutheran Day counting centre, Electoral Commissioner Andrew Trawen commended the counting officials and their coordinators for the excellent execution of the counting progress, especially in completing the first counts.
Trawen also praised party officials and members of the police mobile squad 07 from Mt Hagen and squad 08 from Kerowagi for providing security during the polling and counting
ONE of two female contenders running in the Kundiawa-Gembogl by-election was eliminated yesterday, The National reports.
Independent candidate Christina Num Nulai, who polled 13 primary votes, was eliminated and her second preferences were distributed among 42 other candidates.
The other female candidate, Susan Dua Dingi, is still in the race with 93 first preference votes.
William Gumane, who picked 13 votes in the first count, was also eliminated.
Prime Minister Peter O'Neill's People's National Congress candidate Peter Waieng maintained a comfortable lead yesterday with 6, 583 votes a difference of 1,629 votes with nearest rival and former agriculture minister Mathew Siune on 4,957 votes.
Running third was Constitutional Democratic Party candidate Tobias Kulang on 4,034 votes. In fourth place was former Kundiawa-Gembogl MP Wagi Merimba with 3,726 votes.
People's Party candidate Paul Gende is in fifth place with 3,571 votes. A total of 51,643 ballots were distributed among the candidates after the eliminations yesterday.
The absolute majority was set at 25,822 and the eliminations will continue today.
Chimbu provincial elections manager Steven Gore Kaupa applauded the excellent efforts of counting officials under the guidance of returning officer James Piapia and staff from the PNG Electoral Commission.
He commended them for the successful completion of first reference counts and urged them to continue the good work in the second and third preference counts.
In a written message to the Kundiawa Lutheran Day counting centre, Electoral Commissioner Andrew Trawen commended the counting officials and their coordinators for the excellent execution of the counting progress, especially in completing the first counts.
Trawen also praised party officials and members of the police mobile squad 07 from Mt Hagen and squad 08 from Kerowagi for providing security during the polling and counting
Violence rocks Mendi
By JEFFREY ELAPA and JAMES APA GUMUNO
MANY people were wounded and thousands of kina worth of properties damaged as armed supporters of two acting provincial administrators clashed in the Southern Highlands capital, Mendi, yesterday, The National reports.
Provincial police commander Chief Supt Teddy Tei confirmed that the supporters of reappointed provincial administrator William Powi and those backing sidelined acting administrator Lawrence Olkoben clashed using sticks, stones and bush knives.
There were reports of guns being used but police could not confirm that.
Reports that two men died in the clash could not be confirmed as well last night.
Tei said as Powi flew into Mendi to take up his acting appointment as administrator, armed supporters of Olkoben tried to prevent him from entering the seven-storey Agiru Centre.
Fight then broke out in front of the provincial administration building with bush knives, sticks and stones being used.
"I condemn the action of the people of Nipa for supporting the sidelined administrator by arming themselves and having no respect for the law and other people of Southern Highlands.
"These are the actions of lunatics. They are not human beings with common sense," Tei said.
He commended the handful of policemen and local leaders who managed to contain the situation from spreading further.
All government offices and stores in town closed as the violence spread onto the streets.
Many vehicles had their windscreens smashed by flying missiles.
Olkoben confirmed that several of his supporters were wounded while thousands of kina worth of properties was damaged.
He said the provincial government would pay for all the damages as assured by Governor Anderson Agiru yesterday.
He said seven people were critically wounded and had to be admitted at the Mendi General Hospital while another three were transferred to Mt Hagen in Western Highlands.
Olkoben said he would continue to occupy the office until a permanent appointment was made by the NEC.
Powi blamed Olkoben for starting the commotion.
He said he flew into Mendi to take up his acting appointment but was surprised by the armed supporters.
He said NEC was the final appointing authority and the PEC and Olkoben had to respect due process and allow him to resume and take control of government administration in the province.
A government spokesman said cabinet last week rescinded the appointment of Olkoben because it did not follow proper process.
"Olkoben's appointment fell short of the Public Service Commission requirements and cabinet acted to correct this," he said.
"People must understand this process and what happened in Mendi is a criminal act that the police must deal with," the source said.
Powi was appointed by NEC last Thursday during the changes to some departmental heads.
Mendi hospital chief executive officer Joseph Turian confirmed yesterday afternoon that nine people had sustained pellet wounds and were treated at the hospital.
Turian said while the hospital was opened yesterday, those who sought treatments were charged K1,000 each.
He said the high fee was imposed because hospital staff were forced to attend to patients as a result of a problem brought on by their own doing.
MANY people were wounded and thousands of kina worth of properties damaged as armed supporters of two acting provincial administrators clashed in the Southern Highlands capital, Mendi, yesterday, The National reports.
Provincial police commander Chief Supt Teddy Tei confirmed that the supporters of reappointed provincial administrator William Powi and those backing sidelined acting administrator Lawrence Olkoben clashed using sticks, stones and bush knives.
There were reports of guns being used but police could not confirm that.
Reports that two men died in the clash could not be confirmed as well last night.
Tei said as Powi flew into Mendi to take up his acting appointment as administrator, armed supporters of Olkoben tried to prevent him from entering the seven-storey Agiru Centre.
Fight then broke out in front of the provincial administration building with bush knives, sticks and stones being used.
"I condemn the action of the people of Nipa for supporting the sidelined administrator by arming themselves and having no respect for the law and other people of Southern Highlands.
"These are the actions of lunatics. They are not human beings with common sense," Tei said.
He commended the handful of policemen and local leaders who managed to contain the situation from spreading further.
All government offices and stores in town closed as the violence spread onto the streets.
Many vehicles had their windscreens smashed by flying missiles.
Olkoben confirmed that several of his supporters were wounded while thousands of kina worth of properties was damaged.
He said the provincial government would pay for all the damages as assured by Governor Anderson Agiru yesterday.
He said seven people were critically wounded and had to be admitted at the Mendi General Hospital while another three were transferred to Mt Hagen in Western Highlands.
Olkoben said he would continue to occupy the office until a permanent appointment was made by the NEC.
Powi blamed Olkoben for starting the commotion.
He said he flew into Mendi to take up his acting appointment but was surprised by the armed supporters.
He said NEC was the final appointing authority and the PEC and Olkoben had to respect due process and allow him to resume and take control of government administration in the province.
A government spokesman said cabinet last week rescinded the appointment of Olkoben because it did not follow proper process.
"Olkoben's appointment fell short of the Public Service Commission requirements and cabinet acted to correct this," he said.
"People must understand this process and what happened in Mendi is a criminal act that the police must deal with," the source said.
Powi was appointed by NEC last Thursday during the changes to some departmental heads.
Mendi hospital chief executive officer Joseph Turian confirmed yesterday afternoon that nine people had sustained pellet wounds and were treated at the hospital.
Turian said while the hospital was opened yesterday, those who sought treatments were charged K1,000 each.
He said the high fee was imposed because hospital staff were forced to attend to patients as a result of a problem brought on by their own doing.
Monday, August 15, 2011
Mt Hagen ends 50th cultural show
By YVONNE HAIP
 |
| Two girls leading adults in a singsing group.-Nationalpic by YVONNE HAIP |
Although the Enga cultural show was held over the weekend, the show, which was first held in 1961, attracted some 570 tourists, a 100% increase, compared to last year's 250.
Two Italian tourists, Giovani Rainero and Francesca Fronte, who travelled from Milan, said it had been worth getting first-hand experience of Papua New Guinea.
 |
| Tourists mingling with traditional dancers |
As first-timers to the country, they said they had been told negative stories about PNG and its crime rate but they had disproved that and had met many friendly people and they would return.
Many singsing groups from all over the country took part and it was a display of PNG's unique and diverse culture.
Several local singers, including Lista Serum and K-Dumen belted out their hits and the amphitheatre, as usual, was packed to capacity.
Some youths, despite the mud after the rainy season, danced away as their favourite bands played.
The show was witnessed by a delegation of ministers, led by Deputy Prime Minster Belden Namah.
Culture, Arts, and Tourism Minister Benjamin Philip said culture was an important heritage of the country and had to be upheld and strengthened.
He said westernisation was luring youths away from culture but he urged the people to uphold their identity.
He committed K10,000 towards the show's organising committee.
Governor Tom Olga, who officially opened the show, said culture was the pride of their ancestors, the current and future generation and should be passed on
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