The company, in a market release yesterday, stated that as previously disclosed, the closing of the transaction with ExxonMobil required a final order from the Supreme Court of Yukon.
The hearing was held on Tuesday and the court was considering the matter, including an objection filed by shareholder Phil Mulacek. Completion of the transaction prior to the end of September would require the issuance of a final order no later than the close of business yesterday.
ExxonMobil and InterOil intend to close the transaction promptly after the final order is obtained.
Meanwhile, the Independent
Consumer and Competition Commission raised its concern over the proposed deal saying it could adversely affect competition and breach the ICCC Act.
Commissioner Paulus Ain said they were investigating the proposed transaction.
“At this stage of its investigation, the ICCC does not support or condone the acquisition,” he said.
“Part of the ICCC’s function is to foster a conducive economic environment in PNG where companies are able to trade and compete freely within the confines of the law.” The National