Canadian appeal court stays ExxonMobil-InterOil deal nod

Canadian appeal court stays ExxonMobil-InterOil deal nod

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

Share this article

Follow LNG World News

Events>

<< Nov 2019 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – London / Nov 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

FLNG World Congress 2019

2019 FLNG World Congress will bring together stakeholders across the floating liquefaction value…

read more >

Budapest LNG Summit 2019

The Budapest LNG Summit is a niche event focused on the up and coming LNG region of Central & Eastern Europe (CEE).

read more >