InterOil said today that ExxonMobil was still committed to buying the Papua New Guinea focused firm, despite a Canadian court’s decision to block the $2.5billion deal.
On Friday, the Court of Appeal of Yukon upheld an appeal against the sale lodged by Phil Mulacek, InterOil’s founder and second-largest shareholder.
InterOil, which is incorporated in Yukon, Canada, said today it was considering challenging the ruling.
InterOil chairman Chris Finlayson said: “Despite this disappointing ruling, we’re pleased that ExxonMobil has advised that they remain fully supportive of the transaction as InterOil works through the issues raised by the court.”
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