Retirement of Phil Mulacek from Board of IOC

[cybersssss]

InterOil Corporation Announces The Retirement Of Phil Mulacek From The Board And The Appointment Of Dr. Michael Hession

 InterOil Corporation

2 minutes ago

PORT MORESBY, Papua New Guinea and HOUSTON, Nov. 18, 2013 /PRNewswire/ -- InterOil Corporation (IOC) (IOC) ("InterOil" today announced the retirement from the Board of Directors of its founder, Phil Mulacek, effective November 14th, 2013 and the appointment of the Chief Executive Officer, Dr. Michael Hession to fill that vacancy.

Details of Dr. Hession's background, qualifications and experience were released to the market on his appointment as Chief Executive Officer on July 11, 2013.

Mr. Mulacek built a successful integrated oil and gas company from a concept to an NYSE-listed company with a $US4 billion market capitalization.  Mr. Mulacek pioneered InterOil's exploration activities in the Gulf Province of Papua New Guinea (PNG) that resulted in the country's largest natural gas and condensates discoveries, most notably the Elk/Antelope and Triceratops properties.

Mr. Mulacek said, "I thank the many friends over the years who have helped to establish InterOil, a company with world class oil & gas assets.  The opportunity to have led InterOil from its humble beginnings to its present position has been very rewarding.  It has been my privilege to work with all of our InterOil employees, associates, partners, and with the people of PNG through the past 20 years, many of which have developed to long-term friendships."

Dr. Gaylen Byker, Chairman of InterOil, paid tribute to Mr. Mulacek's contributions to the Company and wished him well for the future.

"Mr. Mulacek put the company on the path to being a significant contributor to the PNG economy and increasing shareholder value. The Board is looking forward to Dr. Hession's future contributions to the Board's work," Dr. Byker said.

Dr. Hession said he was pleased to join the Board when the company was close to monetizing its gas resources.

"I look forward to delivering on our promises, enhancing shareholder value and working closely with the people and Government of Papua New Guinea to provide future revenue and employment for the PNG economy," Dr. Hession said.

About InterOil

InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea.  InterOil's assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea.  InterOil's common shares trade on the NYSE in US dollars.

[Palm]

Good find Cyber. Phil had the guts and vision to get the refinery established and the determination to find these huge resources. We wouldn't have this chance without him. Thanks Phil!

Now Dr Mike is the guy to bring it home. Phil will "retire" a very wealthy man. With the agreement through year end to pay him a fee for consulting/advising I think most of us saw this coming. Now will Grundy follow since his options vest Dec 31 while the rest vest next June? We shall see.

Phil will land on his feet as he has big plans with his "family business". Best of luck to you Phil.

[Tree]

Look for the liquidation of Phil's mega-IOC stake as he is onto further PNG ventures.
Can it be shopped in large blocks or does it need to be liquidated on the open market?
We prosper from his vision.

[Palm]

This retirement is another sign that the deal announcement is very near IMHO.

[TomCrooz]

Look for the liquidation of Phil's mega-IOC stake as he is onto further PNG ventures. Can it be shopped in large blocks or does it need to be liquidated on the open market? We prosper from his vision.

Why would he sell before share price reaching 200-300-400+ levels?  That would be leaving hundreds of millions on the table.  Is he going to create that kind of wealth with another venture?

[Tree]

Look for the liquidation of Phil's mega-IOC stake as he is onto further PNG ventures. Can it be shopped in large blocks or does it need to be liquidated on the open market? We prosper from his vision.

Why would he sell before share price reaching 200-300-400+ levels?  That would be leaving hundreds of millions on the table.  Is he going to create that kind of wealth with another venture?

Simple as Sparty making Braxton cry.  Phil's a smart guy and he knows that his 'retirement' from IOC altogether will be used by shorts to beat the pps down.   Could be he's already sold in the post CC run-up.  Here we are holding the baggie still......sigh.

[admin]

["his 'retirement' from IOC altogether will be used by shorts to beat the pps down."]

Not sure whether you're serious here, many shorts argued that Phil's involvement was a major negative and reason to be short.

[Dmarque]

["his 'retirement' from IOC altogether will be used by shorts to beat the pps down."] Not sure whether you're serious here, many shorts argued that Phil's involvement was a major negative and reason to be short.

A non-event.....positive if anything at all.  And I'm sure Phil has just as many shares and options in hand as he did before the resignation.......

[Tree]

["his 'retirement' from IOC altogether will be used by shorts to beat the pps down."] Not sure whether you're serious here, many shorts argued that Phil's involvement was a major negative and reason to be short.

Admin, since when do short's arguments require a foundation in reality??

Here's another report on the retirement:

InterOil Corporation announced the retirement from the Board of Directors of its Founder, Phil Mulacek, and the appointment of the Chief Executive Officer, Michael Hession to fill that vacancy.

Mulacek built a successful integrated oil and gas company from a concept to an NYSE-listed company with a $US4 billion market capitalization.

He pioneered InterOil’s exploration activities in the Gulf Province of Papua New Guinea (PNG) that resulted in the country’s largest natural gas and condensates discoveries, most notably the Elk/Antelope and Triceratops properties.

Michael Hession, InterOil Corporation Chief Executive Officer, commented,
“InterOil is at an inflection point in its history, and I expect that it will start to realize the value that it has carefully built over the past sixteen years. The certified resource at the Elk and Antelope fields is sufficient for a multi-train development which could include the PNG LNG facility, and/or an LNG facility in the Gulf Province. The monetization of PRL 15 is anticipated to be a transformational event for InterOil. The interest in energy development in PNG has never been greater and we expect to bring in additional partners to accelerate our activities. I welcome the opportunity to join such an outstanding company and be a part of its bright future. There is much work to be done and great opportunity ahead of us.”

Mulacek commented,
“I thank the many friends over the years who have helped to establish InterOil, a company with world class oil & gas assets. The opportunity to have led InterOil from its humble beginnings to its present position has been very rewarding. It has been my privilege to work with all of our InterOil employees, associates, partners, and with the people of PNG through the past 20 years, many of which have developed to long-term friendships.”

[Palm]

I think the shorts have moved on in their thinking per the MS analysis from last week. I would guess some will completely move on while others plot the "valuation" arguments that MS says are next. The announcement of deals is now a given instead of an "if". So those most conspicuously absent from Yazoo likely will now argue valuation as soon as deals are announced. However, based on how Dr Mike handled the last CC and addressed the short "old" arguments head on, I would guess he will do the same with the deal announcement in regard to valuation. He said the deals are standard type deals; valuation should also be standard. MS has done done of the preliminary legwork, but state there are still several unknowns. Once deals come those holes will be quickly filled in. After all they are one of the IBs in this.