The Supreme Court of Yukon (Canada) has approved the takeover of InterOil by Exxonmobil.
This acquisition proposal amounted US$2.5bn and has been approved by 91% of InterOil shareholders in February 2017. Initially, the Supreme Court of Yukon approved the takeover in October 2015 but InterOil's former CEO lodged an appeal last year.
With this final order granted, ExxonMobil will notably gain access to six licenses in Papua New Guinea. This transaction will give ExxonMobil a 62.2% stake in the existing 6.9 Mt/year PNG LNG project (29% Oil Search, 33.2% ExxonMobil, 16.6% government and 13.5% Santos) along with a 23.4% stake in the proposed 6.8 Mt/year Papua LNG project (23.4% Oil Search, 40.1% Total and 36.5% InterOil), that would tap gas resources from the large undeveloped Elk-Antelope gas field.
InterOil's offices are in Singapore and Port Moresby and the company is listed on the NASDAQ and Port Moresby stock exchange.