InterOil, ExxonMobil extend takeover deadline

InterOil, ExxonMobil extend takeover deadline

InterOil and ExxonMobil have agreed to extend the deadline for the closing date for the latter’s $2.5 billion takeover of the Papua New Guinea-focused player.

The announcement follows the decision by the Court of Appeal of Yukon to allow an appeal lodged by former InterOil CEO Phil Mulacek.

InterOil said in a statement on Tuesday that a transaction committee, consisting of the company’s four independent directors, is currently undertaking a detailed and thorough review process relating to the proposed takeover, with the support of independent legal counsel and BMO Capital Markets, an independent financial advisor.

“To accommodate the new review process, ExxonMobil and InterOil have agreed to extend the outside date of the current arrangement agreement to the close of business on Wednesday, December 21, 2016,” the statement said.

When and if concluded, the transaction would give ExxonMobil access to InterOil’s resource base, which includes interests in six licenses in Papua New Guinea covering about four million acres. These licenses include the Elk-Antelope field which is the anchor field for the proposed Papua LNG project.


LNG World News Staff

Share this article

Follow LNG World News


<< Dec 2019 >>
25 26 27 28 29 30 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 31 1 2 3 4 5

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

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 >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >