InterOil Corporation on Thursday said the Court of Appeal of the Yukon stayed the Supreme Court of Yukon’s order approving the $2.5 billion takeover deal by U.S.-based energy giant ExxonMobil.
The decision comes following an appeal lodged by InterOil’s former CEO Phil Mulacek, due to which the Court of Appeal of the Yukon set a date for an expedited hearing for October 31.
In its statement, InterOil noted that it will “vigorously oppose” Mulacek’s appeal, as it believes the transaction represents a compelling value for InterOil shareholders.
InterOil and ExxonMobil intend to close the transaction promptly following receipt of a favorable resolution.
The Supreme Court of Yukon approved the transaction earlier this month, finding it “fair and reasonable”.
When concluded, the transaction will give ExxonMobil access to InterOil’s resource base, which includes interests in six licenses in Papua New Guinea covering about four million acres, including PRL 15, which includes the Elk-Antelope which is the anchor field for the proposed Papua LNG project.
ExxonMobil earlier also said it aims to work with its co-venturers and the government to evaluate processing of gas from Elk-Antelope field by expanding the PNG LNG project.
LNG World News Staff