Mulacek 'pleased' with outcome

DISSIDENT shareholder Phil Mulacek, who lost his bid for board election last week, has said he was pleased by the support for his resolutions.
Mulacek 'pleased' with outcome Mulacek 'pleased' with outcome Mulacek 'pleased' with outcome Mulacek 'pleased' with outcome Mulacek 'pleased' with outcome

About 39% of InterOil shares voted at the meeting supported a new compensation charter and 31% of InterOil shares voted at the Meeting supported each of the other resolutions put forward by the Concerned InterOil Shareholders group.

He said his group was pleased with the positive response to their presentation to InterOil shareholders in connection with a proposed bid by Oil Search and Total, and said with opposition to the $3 billion takeover offer, he wants the InterOil board to "heed the many voices of shareholders demanding a better deal".

At a shareholder meeting on July 28 the board needs to secure a majority of shareholders supporting the takeover.

Meanwhile, Oil Search managing director Peter Botten says there is potential capital expenditure savings of more than K6.3 billion if the PNG LNG and the Papua LNG projects cooperate.

Botten said there were many areas in which the most cost-effective results could be attained. He cited sharing of utilities and infrastructure, power generation, optimisation of liquid export, and construction of a spur instead of a new jetty.

Botten added that Oil Search was well positioned to support operators ExxonMobil and Total, promoting the benefits of cooperation.


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