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BRIEF-Interoil provides update on Exxonmobil transaction
December 16, 2016 / 1:32 AM / a year ago

BRIEF-Interoil provides update on Exxonmobil transaction

Dec 15 (Reuters) - Interoil Corp

* Interoil-Exxonmobil agreed to purchase all issued,outstanding shares of co for consideration consisting of $45 per share payable in Exxonmobil shares

* Entered into amended and restated arrangement agreement with Exxonmobil that extends outside date of transaction to march 31, 2017

* Termination fee that may become payable by company in certain circumstances has been increased from $67 million to $100 million

* New record date set for January 10, 2017 for shareholder meeting anticipated in mid-February 2017

* Company expects to mail revised mic in mid-January 2017

* Under terms, Exxonmobil also agreed to make a contingent resource payment

* CRP to provide for additional cash payment of about $7.07 per co share for each tcfe gross resource certification of Elk-Antelope field above 6.2 tcfe

* Additional cash payment up to a cap of 11 tcfe of certified resource, up from July arrangement agreement, which was capped at 10 tcfe

* Interoil provides update on Exxonmobil transaction

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