The Supreme Court of Yukon has approved Exxon Mobil’s bid for InterOil.
Exxon Mobil Corp.’s offer to raise its bid for InterOil Corp. to as high as $3.9 billion isn’t enough to pacify the deal’s most prominent opponent.
InterOil said it has increased the cap on an additional cash payment based on the output from a natural gas field in Papua New Guinea which was part of its sale agreement with ExxonMobil.
InterOil said today that ExxonMobil was still committed to buying the Papua New Guinea focused firm, despite a Canadian court’s decision to block the $2.5billion deal.
InterOil said it has been given approval by the Supreme Court of Yukon for its deal with ExxonMobil.
InterOil shareholders waved through ExxonMobil’s takeover at special vote yesterday.
Exxon Mobil Corp. agreed to acquire natural gas explorer InterOil Corp. for as much as $3.6 billion to add discoveries in Papua New Guinea that will feed the buyer’s existing export plant.
Exxon Mobil Corp. is the leader in the clubhouse to buy Papua New Guinea-focused gas explorer InterOil Corp. after Oil Search Ltd. declined to submit a counteroffer.
Total is said to be unlikely to take on ExxonMobil in a bidding war for explorer Interoil.
Exxon Mobil Corp. made an indicative takeover proposal for InterOil Corp. that topped a competing $2.2 billion bid for the owner of trillions of cubic feet of natural gas discoveries in Papua New Guinea, a person with knowledge of the matter said.
Interoil said it has received an unsolicited offer from an unnamed bidder.
Total and Australia's Oil Search have agreed exclusive Memorandum of Understanding (MoU) to acquire InterOil in a $2.2billion deal .
Andes has struck a deal with Cancel Energy to develop licences held by Interoil Exploration and Production in Colombia.
InterOil has started drilling on a side-track well at the Antelope-4 site, as part of its appraisal campaign on the Elk–Antelope gas field in Papua New Guinea.
Well testing will now be carried out at Raptor-1 to determine the hydrocarbon type, column, flow rate and reservoir quality. Raptor-1 is 12km west of Interoil’s Elk-Antelope gas field.