InterOil shareholders in favor of ExxonMobil bid

InterOil said its shareholders approved the proposed $2.5 billion takeover by the US-based energy giant ExxonMobil at a special meeting held on Wednesday.

According to the company’s statement, 91 percent of the votes cast were in favor of the proposed transaction an even greater percentage than the 80 percent that previously voted to approve the original transaction at a special meeting on September 21, 2016.

The company noted that the court hearing in which InterOil is seeking a final order with respect to the amended and restated plan or arrangements is scheduled for February 20, 2017.

Upon conclusion of the transaction, ExxonMobil would gain 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.