OIL FIELDS – PAPUA NEW GUINEA

Exxon tops Oil Search with bid for InterOil

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 1 & 11 : 19-Jul-16

Australian-listed Oil Search is not expected to exercise its right to match ExxonMobil’s $US2.48bn ($A3.26bn) takeover bid for InterOil. It has three days to match the bid. having made its own $US2.2bn ($A2.9bn) offer for InterOil in May. Some analysts suggest that the ExxonMobil deal would benefit all parties with exposure to the Papua New Guinea LNG sector, including Oil Search. Shareholders of InterOil were slated to vote on the Oil Search offer in late July.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, TOTAL SA, MORGANS FINANCIAL LIMITED, DEUTSCHE BANK AG

Oil Search could be crushed in InterOil battle

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 20 : 15-Jul-16

Proxy adviser ISS has endorsed Oil Search’s $US2.2bn takeover bid for InterOil, with the target’s shareholders scheduled to vote on the deal on 26 July 2016. However, ExxonMobil is believed to be poised to outbid Oil Search with an offer that is about 10 per cent higher. ExxonMobil – which is Oil Search’s partner in the Papua New Guinea LNG project – has not been officially confirmed as the rival suitor for InterOil.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, TOTAL SA, INSTITUTIONAL SHAREHOLDER SERVICES INCORPORATED

Oil Search sweetener needed for InterOil

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Original article by Angela Macdonald-Smith, Sarah Thompson
The Australian Financial Review – Page: 1 & 11 : 12-Jul-16

ExxonMobil is believed to be the unnamed company that is seeking to trump Oil Search’s $US2.2bn ($A2.9bn) takeover bid for InterOil. The target has commenced negotiations with the as-yet identified suitor, which made an initial approach in late June 2016, and is understood to have made a scrip-based offer that is 10 per cent higher than the Oil Search bid. All three players have exposure to Papua New Guinea’s LNG sector.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, EXXONMOBIL CORPORATION, CITIGROUP PTY LTD, TOTAL SA

InterOil AGM voting stirs deal worries

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Original article by Angela Macdonald-Smith
The Australian Financial Review – Page: 15 & 20 : 16-Jun-16

InterOil’s former CEO Phil Mulacek has failed in his bid for a board spill, although he received a high level of support at the takeover target’s 2016 AGM. Some 31 per cent of votes cast backed his stance, and Oil Search’s $US2.2bn takeover bid will fail if 33 per cent of InterOil shareholders vote against it on 28 July. Oil Search CEO Peter Botten intends to hold further meetings with InterOil’s shareholders in the lead-up to the vote.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, TOTAL SA, CAPITAL GROUP COMPANIES INCORPORATED, EXXONMOBIL CORPORATION

Dissident push falters at InterOil

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Original article by Brian Robins
The Sydney Morning Herald – Page: 20 : 13-Jun-16

Takeover target InterOil has advised that its annual meeting will proceed on 14 June 2016, after a court dismissed an application by ex-CEO Phil Mulacek to have it delayed. Shareholders will vote on Mulacek’s push for a board spill. He opposes a $US2.2 billion ($A3bn) bid for the company by Australian-listed Oil Search, arguing that the offer undervalues InterOil. The majority of institutional investors are believed to support the bid.

CORPORATES
INTEROIL CORPORATION, OIL SEARCH LIMITED – ASX OSH, EXXONMOBIL CORPORATION, SUPREME COURT OF YUKON

Oil Search bid set for success

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Original article by Matt Chambers
The Australian – Page: 22 : 24-May-16

Papua New Guinea Prime Minister Peter O’Neill says people in his nation will directly benefit from the takeover bid for InterOil by Australian-listed Oil Search. The $US2.2bn bid comprises 8.05 of Oil Search’s shares for each InterOil share, which values the bid at $US40.25 per share. InterOil shares have risen by 38 per cent to $US43.63 in response to the bid. Oil Search intends to on-sell part of InterOil’s stake in the Papua LNG project to Total if the bid succeeds.

CORPORATES
OIL SEARCH LIMITED – ASX OSH, INTEROIL CORPORATION, TOTAL SA, PAPUA NEW GUINEA. OFFICE OF THE PRIME MINISTER, EXXONMOBIL CORPORATION, RAYMOND JAMES AND ASSOCIATES