After reviewing ExxonMobil’s improved offer, Oil Search said Thursday it did not believe it was in its shareholders best interests to submit a revised bid.
It said it had notified InterOil of its decision not to improve its original offer and that InterOil’s board intended to change its recommendation and enter into an arrangement agreement with ExxonMobil.
Should ExxonMobil’s bid be successful it will mean it will have a stake in two liquefied natural gas projects in Papua New Guinea, its operated PNG LNG project and the proposed Total-operated Papua LNG project.
Oil
