ExxonMobil to acquire InterOil shares worth K7.64b

ExxonMobil will be acquiring InterOil shares in a transaction worth more than US$2.5 billion (K7.64b) after the termination of Oil Search offer to purchase InterOil shares.

This will see the international oil giant owning InterOil petroleum licenses in Papua New Guinea.  

In a statement to Port Moresby Stock Exchange  on Thursday, July 21, Exxon Mobil Corporation (and InterOil Corporation  announced an agreed transaction worth more than $2.5 billion, under which ExxonMobil will acquire all of the outstanding shares of InterOil.

“This agreement will enable ExxonMobil to create value for the shareholders of both companies and the people of Papua New Guinea,” said Rex W. Tillerson, chairman and chief executive of Exxon Mobil Corporation.

“InterOil’s resources will enhance ExxonMobil’s already successful business in Papua New Guinea and bolster the company’s strong position in liquefied natural gas.”

InterOil Chairman Chris Finlayson, said, “Our board of directors thoroughly reviewed the ExxonMobil transaction and concluded that it delivers superior value to InterOil shareholders. They will also benefit from their interest in ExxonMobil’s diverse asset base and dividend stream.”

Charles Yapumi