Inter Oil

InterOil sale to Exxon halted by Canadian court

In July, Exxon agreed to buy out InterOil for $US2.5 billion in a deal approved last month by Supreme Court of Yukon in Canada where the natural gas producer is incorporated.

However the court has now upheld an appeal against the sale, filed by the founder of InterOil Phil Mulacek.

Mr Mulacek has objected to the sale terms, saying it did not properly remunerate InterOil shareholders.

The company owns a 36.5 percent stake in large PNG's Elk-Antelope gas field, which is operated by French energy giant Total.

ICCC concern of Oil Search acquisition of Oil Search

Oil Search had made a bid of US$2.2 billion (K7 billion) and the decision of the offer will be known next month when Inter Oil convenes its annual general meeting next month.  

Oil Search is a joint venture partner in the PNG LNG Project with the interest of 29 percent.

It also has a stake of 22 percent in the Papua LNG Project.

Given Oil Search as these interests, the ICCC is concerned that this proposed acquisition may substantially lessen competition in the gas markets in PNG.