InterOil Corporation has scheduled a special meeting for its shareholders to consider the proposal put forward by Oil Search to acquire InterOil.
In a market announcement today, InterOil said the special meeting, to be held on July 28, would be held purposely to consider the Oil Search transaction.
In what has been described as the biggest deal in the oil and gas industry in Papua New Guinea, the proposed acquisition of InterOil by Oil Search had been welcomed by many, both locally and internationally.
But since the announcement of the proposed acquisition in May, InterOil has also had to deal with its own in-house battle – with former Chairman and CEO, Phil Mulacek, leading a group of shareholders, in a bid to gain control of the Board of InterOil, and ultimately voting against this bid put forward by Oil Search.
Mulacek recently went to Canadian Supreme Court in his bid to the defer InterOil’s AGM, due to be held in New York, in the next few hours.
Mulacek’s attempt at deferring the AGM proved was unsuccessful, however, InterOIl has now resolved to convene a special meeting of shareholders on July 28, to vote on the proposal put forward by Oil Search.
The primary agenda for the AGM now is for shareholders to vote and appoint Directors to the Board of InterOil.
Many analysts pint to the fact that most shareholders have already agreed in principal to the acquisition by Oil Search, and expect this deal to be agreed to, paving the way for Oil Search to become Papua New Guinea’s first major Oil & Gas company.