Following ASX-listed oil and gas major Oil Search’s successful acquisition of Papua New Guinea-focused InterOil Corporation for $2.2-billlion, or $40.25 a share, Oil Search reported on Thursday that it had signed a memorandum of understanding (MoU) with multinational integrated oil and gas major Total SA to sell down 60% of InterOil’s assets in the Petroleum Retention Licence (PRL) 15, as well as 62% of InterOil’s interests in its other exploration assets to Total. Oil Search explained that the MoU was expected to deliver significant value for all Oil Search, InterOil and Total shareholders, as it derisked Oil Search’s acquisition of InterOil through the sell-down process, delivering certainty and incremental liquidity for Oil Search and InterOil shareholders.
