InterOil (IOC +5%) provides an update on its proposed transaction with Exxon Mobil (XOM) in...

|About: InterOil Corporation (IOC)|By:, SA News Editor

InterOil (IOC +5%) provides an update on its proposed transaction with Exxon Mobil (XOM) in Papua New Guinea: The sell-down is progressing on schedule as planned, IOC signed a detailed term sheet with XOM, and IOC believes the best strategy to develop its resources is a dual-development path which includes XOM at its PNG LNG facility and an LNG facility in the Gulf province.