InterOil Corporation announced the retirement from the Board of Directors of its Founder, Phil Mulacek, and the appointment of the Chief Executive Officer, Michael Hession to fill that vacancy.
Mulacek built a successful integrated oil and gas company from a concept to an NYSE-listed company with a $US4 billion market capitalization.
He pioneered InterOil’s exploration activities in the Gulf Province of Papua New Guinea (PNG) that resulted in the country’s largest natural gas and condensates discoveries, most notably the Elk/Antelope and Triceratops properties.
Michael Hession, InterOil Corporation Chief Executive Officer, commented,
“InterOil is at an inflection point in its history, and I expect that it will start to realize the value that it has carefully built over the past sixteen years. The certified resource at the Elk and Antelope fields is sufficient for a multi-train development which could include the PNG LNG facility, and/or an LNG facility in the Gulf Province. The monetization of PRL 15 is anticipated to be a transformational event for InterOil. The interest in energy development in PNG has never been greater and we expect to bring in additional partners to accelerate our activities. I welcome the opportunity to join such an outstanding company and be a part of its bright future. There is much work to be done and great opportunity ahead of us.”
“I thank the many friends over the years who have helped to establish InterOil, a company with world class oil & gas assets. The opportunity to have led InterOil from its humble beginnings to its present position has been very rewarding. It has been my privilege to work with all of our InterOil employees, associates, partners, and with the people of PNG through the past 20 years, many of which have developed to long-term friendships.”
LNG World News Staff, November 18, 2013; Image: InterOil