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ExxonMobil Gains Upper Hand in InterOil Bidding

InterOil (IOC) on Sunday named ExxonMobil (XOM) as the previously unidentified, rival suitor for the Papua New Guinea-focused gas explorer and declared its offer to be superior to that of agreed bidder Oil Search.

ExxonMobil offered $45 per InterOil share, paid in ExxonMobil shares. InterOil shareholders are also in line to receive so-called contingent resource payments of an additional $7.07 per share for each extra trillion cubic feet of gas equivalent discovered at InterOil's Elk-Antelope field above 6.7 trillion cubic feet up...


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