Under the memorandum of understanding, the two companies plan to share data and drill up to four wells on the three licences.

The MoU also covers offtake arrangements for the supply of any natural gas discovered on the properties to InterOil's planned LNG facilities in PNG.

InterOil holds one of the three licences while the remaining two are held by Cheetah Oil & Gas, which holds three other petroleum licences in the country.

The MoU is subject to Invicta completing the acquisition of its 90% interest in Cheetah subsidiary Cheetah British Columbia.