SINGAPORE and PORT MORESBY, Papua New Guinea, Oct. 10, 2016 /PRNewswire/ — InterOil Corporation (NYSE: IOC, POMSox: IOC) today announced that, after the close of business on October 7, 2016, the Supreme Court of Yukon approved the pending transaction (“the transaction”) with Exxon Mobil Corporation (NYSE: XOM), including finding that the transaction is fair and reasonable. The decision of the Supreme Court of Yukon followed a contested hearing held on September 27, 2016.
Phil Mulacek, who contested the transaction at the previous court hearing, has filed a notice of appeal and requested a stay of the Supreme Court’s decision pending such appeal. InterOil intends to seek to have any appeal heard on an expedited basis, and InterOil and ExxonMobil intend to close the transaction promptly following receipt of a favorable resolution.
InterOil Corporation is an independent oil and gas business with a sole focus on Papua New Guinea. InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licenses covering about 16,000sqkm. Its main offices are in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.