InterOil rides on LNG praise

A DOWNTURN across global equity markets saw the majority of PNG-focused stocks dropping slightly across the week, however shares in Canadian company InterOil surged on the back of mainstream media coverage of its developing plans for liquefied natural gas development in PNG.

InterOil rocketed to an intra-day high on the Toronto Stock Exchange of $C31.16 on Wednesday as PNG Prime Minister Sir Michael Somare came out and publicly backed the company.

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