SINGAPORE and PORT
MORESBY, Papau New Guinea, July 21,
2014 /CNW/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC)
will buy up to US$50 million of its
own Class A common shares within the next 12 months.
The InterOil board has authorised the buy-back to be done
periodically on the open market, based on the stock price and other
market factors.
InterOil's Chief Executive Officer, Dr Michael Hession, said the move made strategic
sense at current share valuations.
"In the past six months, we have signed a multi-billion-dollar
LNG development program with Total, secured our highly prospective
exploration acreage for up to another 11 years, and divested our
refinery and downstream assets so we can fully focus on exploration
and LNG development," Dr Hession said.
"At the same time, we have strengthened our balance sheet and
have more than US$580 million in
cash, an undrawn credit facility of US$300
million, and only the US$70
million Convertible Notes due 2015 outstanding.
Growth prospects make buy-back a good investment
"With our drilling campaign fully funded through to the end of
2015 and significant growth prospects in our development and
exploration program, we fully expect this buy-back to deliver
long-term shareholder value."
Macquarie Capital has been appointed to act for the Company
during the buy-back process.
About InterOil
InterOil Corporation is an independent oil and gas business
with a primary focus on Papua New
Guinea. InterOil's assets include one of Asia's largest undeveloped gas fields,
Elk-Antelope, in the Gulf Province, and exploration licences
covering about 16,000sqkm. The company employs more than 2000 staff
and contractors. Its main offices are in Singapore and Port
Moresby. InterOil is listed on the New York and Port
Moresby stock exchanges.
Investor contacts
Singapore
Michael
Lynn
Senior Vice
President, Investor Relations
Michael.Lynn@InterOil.com
Phone:
+65-6507-0222
|
United
States
Meg
LaSalle
Investor Relations
Coordinator
Meg.LaSalle@InterOil.com
Phone:
+1-281-292-1800
|
|
|
David Wu
Vice President,
Investor Relations
David.Wu@InterOil.com
Phone:
+65-6507-0222
|
|
Media
contacts
|
|
Singapore
Robert
Millhouse
Vice President,
Corporate Affairs
Robert.Millhouse@InterOil.com
Phone:
+65-6507-0222
|
Australia
John Hurst
Cannings Corporate
Communications
jhurst@cannings.net.au
Phone: +61 418 708
663
|
Forward Looking Statements
This press release includes "forward-looking statements" as
defined in United States federal
and Canadian securities laws. All statements, other than statements
of historical facts, included in this press release that address
activities, events or developments that InterOil expects, believes
or anticipates will or may occur in the future are forward-looking
statements, including, in particular, the proposed share buy-back
program. These statements are based on our current beliefs as well
as assumptions made by, and information currently available to us.
No assurances can be given however, that these events will occur.
Actual results could differ, and the difference may be material and
adverse to the Company and its shareholders. Such statements are
subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company, which may cause our
actual results to differ materially from those implied or expressed
by the forward-looking statements. Some of these factors include
the risk factors discussed in the Company's filings with the
Securities and Exchange Commission and on SEDAR, including but not
limited to those in the Company's Annual Report for the year ended
31 December 2013 on Form 40-F and its Annual Information Form
for the year ended 31 December 2013.
In particular, there is no established market for natural gas or
gas condensate in Papua New Guinea
and no guarantee that gas or gas condensate from the Elk and
Antelope fields will ultimately be able to be extracted and sold
commercially. Investors are urged to consider closely the
disclosure in the Company's Form 40-F, available from us at
www.interoil.com or from the SEC at www.sec.gov and its Annual
Information Form available on SEDAR at www.sedar.com.
SOURCE InterOil Corporation