InterOil lobbies for proposed Exxon acquisition

Jan. 30 (UPI) -- An energy company with a sole focus on gas in Papua New Guinea said it was urging its shareholders to vote in favor of a merger with Exxon Mobil.

InterOil Corp. published brief statements from advisory companies touting the benefits of the proposed transaction with Exxon.

Exxon emerged the victor after rival Oil Search Ltd. dropped out of the bidding process for InterOil in July. Exxon countered a bid backed by French energy company Total with a improved multibillion-dollar offer. More than 80 percent of the InterOil shareholders voted in favor of the proposed transaction Sept. 21.

InterOil's sole focus is on the natural gas in Papua New Guinea. It said its holdings in the Elk-Antelope field there is on one of the largest undeveloped gas fields in Asia.

Exxon offered a set payment for each trillion cubic-foot equivalent of resources in the Elk-Antelope basin in Papua New Guinea, subject to a cap of 10 trillion cubic feet.

InterOil in September said it was waiting for a court to review objections to the planned merger. In an update last week, the company said it resolved some of the concerns, including the value of its Elk-Antelope fields in Papua New Guinea. Exxon offered a set payment for each trillion cubic-foot equivalent of resources in the Elk-Antelope basin, subject to a cap of 10 trillion cubic feet.

InterOil said the deadline to vote by proxy for the Exxon offer expires Feb. 10. The company said Exxon's acquisition of InterOil was valued at more than $2.6 billion.