SINGAPORE and PORT MORESBY, Papua New Guinea, Nov. 7, 2016 /PRNewswire/ — InterOil Corporation (NYSE: IOC, POMSox: IOC) today provided an update on the ExxonMobil Transaction. On November 4, 2016, the Court of Appeal of Yukon allowed the appeal lodged by Phil Mulacek and overturned the Supreme Court of Yukon’s approval of the pending transaction with Exxon Mobil Corporation (NYSE: XOM) on October 7, 2016.
Chris Finlayson, Chairman of InterOil said: ‘Despite this disappointing ruling, we’re pleased that ExxonMobil has advised that they remain fully supportive of the transaction as InterOil works through the issues raised by the Court.’
InterOil is in discussions with ExxonMobil with respect to extending the outside date.
InterOil is also considering options to file for leave to appeal to the Supreme Court of Canada.