SINGAPORE and PORT MORESBY, Papua New Guinea, April 13, 2016 /PRNewswire/ -- InterOil
Corporation (NYSE: IOC) (POMSoX: IOC) today issued the following
statement regarding the commencement of legal proceedings against
the Company by a shareholder, Mr Phil
Mulacek, seeking to call a Special Meeting of Shareholders
on June 10, 2016, immediately before
InterOil's Annual and Special General Meeting ("AGM") scheduled for
June 14, 2016.
The InterOil Board of Directors and management team are
fully committed to acting in the best interests of the Company and
delivering enhanced value for all InterOil shareholders. In
addition, InterOil values constructive communications with its
shareholders and, accordingly, engaged with Mr Mulacek.
On April 8, 2016, members of
InterOil's Board of Directors -- including the independent
Chairman, Chris Finlayson --
met with Mr Mulacek. Following this meeting, InterOil invited Mr
Mulacek and his representatives to discuss Mr Mulacek's proposals in
order to reach agreement on resolutions that would then be voted on
at the AGM scheduled for June 14,
2016.
InterOil views the commencement of legal proceedings in order
to call for a Special Meeting of Shareholders
separately from the AGM as an unnecessary use of corporate resources and
shareholder time, especially as the special resolutions were
already being considered as matters to be voted on at the
AGM.
We are disappointed that Mr
Mulacek has chosen to initiate legal proceedings
against the company on this basis. As such, the Board will
continue to attempt to engage Mr
Mulacek in an effort to agree on special resolutions
to be voted on at the AGM.
About InterOil
InterOil Corporation is an independent oil and gas business with
a sole focus on Papua New Guinea.
InterOil's assets include one of Asia's largest undeveloped gas fields,
Elk-Antelope, in the Gulf Province, and exploration licenses
covering about 16,000sqkm. Its main offices are in Singapore and Port
Moresby. InterOil is listed on the New York and Port
Moresby stock exchanges.
Forward Looking Statements
This media release includes "forward-looking statements" as
defined in United States federal
and Canadian securities laws. All statements, other than statements
of historical facts, included in this release that address
activities, events or developments that InterOil expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Well test results should be considered as preliminary
and test results are not necessarily indicative of long term
performance or of ultimate recovery. There is no assurance that
reserves will be assigned to such fields. With undiscovered
resources (including prospective resources), there is no certainty
that any portion of the resources will be discovered. If
discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources. Readers should
refer to our Annual Information Form for additional information
about and cautionary language regarding resources. The Estimates of
the company's natural gas and condensate resources provided are
estimates only and there is no guarantee that the estimated
resources will be recovered. Actual natural gas and condensate
resources may be greater or less than the estimates provided, and
the difference may be material. These statements are based on our
current beliefs as well as assumptions made by, and information
currently available to, us. No assurances can be given that these
events will occur. Actual results could differ, and the difference
may be material and adverse to the company and its shareholders.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company,
which may cause our actual results to differ materially from those
implied or expressed by the forward-looking statements. Some of
these factors include the risk factors discussed in the company's
filings with the Securities and Exchange Commission and on SEDAR,
including but not limited to those in the company's annual report
for the year ended December 31, 2014
on Form 40-F and its Annual Information Form for the year ended
December 31, 2014. In particular,
there is no established market for natural gas or gas condensate in
Papua New Guinea and no guarantee
that gas or gas condensate will ultimately be able to be extracted
and sold commercially. Investors are urged to consider closely the
disclosure in the company's Form 40-F, available from us at
www.interoil.com or from the SEC at www.sec.gov and its Annual
Information Form available on SEDAR at www.sedar.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/interoil-issues-statement-regarding-proceedings-commenced-by-shareholder-300251463.html
SOURCE InterOil Corporation