May 17 (Reuters) - Oil and gas producer InterOil Corp's board on Tuesday urged shareholders to reject nominations made by founder and former Chief Executive Phil Mulacek as they were "not in the best interests" of the investors.
Mulacek and another shareholder on Friday nominated the former CEO, who retired from the post in 2013, and four others to InterOil's board.
Mulacek has "material conflicts of interest" due to his 20 percent stake in Kina Petroleum Ltd and his position as president of PNG Drilling Ventures, which holds interests in some InterOil wells, the board said in a letter to shareholders.
Up to Monday's close, the Papua New Guinea-focused company's shares had fallen about 60 percent since Mulacek's retirement.
InterOil said on Friday it was confident about enhancing shareholder value by implementing its strategic plans, including completing the appraisal of the Elk and Antelope fields to draw liquefied natural gas from Papua New Guinea's biggest undeveloped gas deposit.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Maju Samuel)
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