07-01-2016, 01:55 PM
Oil Search’s $3 billion play for rival PNG-focused energy group InterOil is under a cloud after the target said it was weighing an unsolicited bid from a third party.
Details of the new proposal are murky, with InterOil refusing to reveal any details on price for the non-binding rival offer.
Exxon Mobil has previously been mooted as a potential buyer, although at this stage it is unclear if it has any role in the latest activity.
Woodside Petroleum has also been seen as a potential suitor given a failed move on Oil Search revealed its PNG ambitions, but it has since separated itself from the prospect of wading into the PNG market.
The Australian’s DataRoom column revealed last month that a lowball Exxon offer had been spurned by InterOil prior to the Oil Search deal being agreed.
US giant Exxon makes the most sense as a rival bidder given its links to Papua New Guinea, although it was thought the presence of French behemoth Total in the Oil Search proposal might scare it away.
Details of the new proposal are murky, with InterOil refusing to reveal any details on price for the non-binding rival offer.
Exxon Mobil has previously been mooted as a potential buyer, although at this stage it is unclear if it has any role in the latest activity.
Woodside Petroleum has also been seen as a potential suitor given a failed move on Oil Search revealed its PNG ambitions, but it has since separated itself from the prospect of wading into the PNG market.
The Australian’s DataRoom column revealed last month that a lowball Exxon offer had been spurned by InterOil prior to the Oil Search deal being agreed.
US giant Exxon makes the most sense as a rival bidder given its links to Papua New Guinea, although it was thought the presence of French behemoth Total in the Oil Search proposal might scare it away.
