ExxonMobil has agreed to extend the deadline of the dragged-out acquisition of major Papua New Guinea gas resource owner InterOil.
The world’s leading indepdent oil company has been held up in its bid to become a major partner in the proposed Papua LNG project after former InterOil head andsingificant shareholder Phil Mulacek won a surprise court victory to block the deal.
Following the decision by the Court of Appeal of Yukon to allow an appeal lodged by Mr Mulacek, InterOil’s Independent Transaction Committee is undertaking a detailed and thorough review process relating to the proposed transaction, 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 (New York time).
The delay in completing the InterOil acquisition is significantly delaying proposed discussions to integrate the proposed Papua LNG project and the already producing PNG LNG project.