InterOil Says Exxon Talks Continue Over Papua Gas Discoveries

2013-08-16 16:40:32.365 GMT

By Joe Carroll

     Aug. 16 (Bloomberg) -- InterOil Corp. said discussions with

Exxon Mobil Corp. about jointly developing Papua New Guinea

natural gas discoveries are continuing, contradicting a media

report that the talks collapsed.

     The companies entered exclusive negotiations to sell stakes

in InterOil’s Elk and Antelope fields to Irving, Texas-based

Exxon in May. InterOil, based in Whitehorse, Yukon Territory,

and run from Cairns, Australia, said today in a statement the

discussions are “ongoing.”

     InterOil dropped 4.1 percent to $71.05 at 12:30 p.m. in New

York, after earlier declining as much as 12 percent. The shares

have fallen 17 percent this month.

     InterOil Chief Executive Officer Michael Hession told

analysts and investors during an Aug. 13 conference call that he

was abandoning efforts to build and operate a liquefied natural

gas export terminal in Papua New Guinea.

     At the time, Hession said negotiations with Exxon over the

Elk and Antelope fields were progressing. The former Woodside

Energy Ltd. executive was hired last month to replace InterOil

founder Phil Mulacek, who retired in April.

For Related News and Information:

Exxon in Talks With InterOil on Papua New Guinea Gas Fields

NSN MNBLHX6S972G <GO>

InterOil Appoints Ex-Woodside Energy’s Michael Hession as CEO

NSN MPRP4N6S972W <GO>

InterOil Soars on Morgan Stanley’s Partner Outlook

NSN KQ6OKA0YHQ0X <GO>

Exxon company news: XOM US <EQUITY> CN BN <GO>

Exxon’s relative-value rankings: XOM US <Equity> RVRD <GO>

InterOil’s cash-flow analysis: IOC US <Equity> FA Y CF <GO>

--Editors: Jasmina Kelemen, Steven Frank

To contact the reporter on this story:

Joe Carroll in Chicago at +1-312-443-5928 or

jcarroll8@bloomberg.net

To contact the editor responsible for this story:

Susan Warren at +1-214-954-9455 or

usanwarren@bloomberg.net">susanwarren@bloomberg.net

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'Tree' pid='27369' datel Wrote:

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'Palm' pid='27373' datel Wrote:

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'Tree' pid='27369' datel Wrote:

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Link?

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