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