UPDATE: InterOil Down 8%, But Well Above Day Lows; Papua New Guinea Govt to Reject Liquid Gas Project

By MidnightTrader.com Staff,

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InterOil ( IOC ) shares are down more than 8% at around $52.90 but well above a day low $47.33 after receiving from Papua New Guinea's Department of Petroleum and Energy a copy of a notice of intention to cancel the 2009 LNG Project Agreement between Liquid Niugini Gas Limited and the Independent State of Papua New Guinea. The company says that having considered the issue carefully with its external advisers, it is strongly of the view that the State has no right at present to terminate the Project Agreement. The notice activates a six month consultation period during which the parties are to explore steps to deal with or remedy the DPE's concerns.

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This article appears in: Investing Commodities
Referenced Stocks: IOC

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