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InterOil owns a 36.5% stake in the gas-rich Elk-Antelope field in Papua New Guinea, which is expected to be the main source for ExxonMobil's proposed Papua LNG project.
The company has inked two deals in 2016 and says it has more opportunities it is exploring as it expands during the downturn.
According to a presentation filed with the U.S. Securities and Exchange Commission on July 12, InterOil received three proposals, including Oil Search's, to sell the entire company during its initial sale process.
Williams chooses former Bush administration official as chairman; directors who sought to topple CEO leave in anger.Williams chooses former Bush administration official as chairman; directors who sought to topple CEO leave in anger.
Centennial Resource Development’s IPO may open the door to alternatives that can generate better returns than simply selling out to large E&Ps.
At the effective time of the merger, CPG’s common shares will be canceled and converted into the right to receive $25.50 per share in cash.
InterOil is an attractive takeover target for companies looking to tap the potential of Papua New Guinea's LNG reserves as it has 36.5% stake in a project in the Elk-Antelope fields.
Energy Transfer has argued the deal cannot close because its lawyers were unable to declare that it would be tax-free. The company originally raised the tax problem in April and rejected two possible solutions proposed by Williams.
Williams said that more than 80% of the votes cast at its special shareholder meeting were in favor of the deal, Reuters reported.
On June 16, the companies said they had executed a business combination agreement regarding their proposed merger.
The companies announced on May 19 that they would combine.
The new entity will have a complex structure, with three main headquarters in Paris, Houston and London, where it will be domiciled.
The total consideration is comprised of the issuance of about 11.4 million Spartan shares and the assumption of about CA$42 million of net debt.