Dr. Hession is playing the game brilliantly. While ExxonMobil placed all of its cards on the table during its quarterly call by acknowledging the importance of closing with InterOil, Hession refused to reciprocate. Today's report of InterOil allowing exclusivity to lapse further highlights the company's position of strength and indicates that there are other compelling bids on the table. This is now the final inning, and it seems that with InterOil's reported move in not granting Exxon an extension of exclusivity, the company has explicitly confirmed that it is in a position of total strength and can move ahead with Shell if Exxon doesn't immediately meet its demands. This would be the strongest signal yet that a deal is imminent.
I confirmed with InterOil management this morning that negotiations with Exxon are still "ongoing", so any rumors to the contrary are completely invalid.