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
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InterOil Appoints Ex-Woodside Energy’s Michael Hession as CEO
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Exxon company news: XOM US <EQUITY> CN BN <GO>
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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
To contact the editor responsible for this story:
Susan Warren at +1-214-954-9455 or