InterOil Decides Against OTG Acquisition



On July 23 InterOil entered a letter of intent to acquire OTG Energy and has during the last two months performed a due diligence of the company. The result of the due diligence process did not satisfy InterOil's technical and economical requirements. The company therefore has decided not to conclude this acquisition. Should the terms of the acquisition change, InterOil would reconsider its position.

InterOil Exploration & Production ASA is a Norwegian-based exploration and production Company--listed on the Oslo Stock Exchange—with a focus on Latin America and West Africa. The company is operator of several production and exploration assets in Peru and Colombia. It is an active license partner in Angola and Ghana. InterOil currently employs approximately 200 people and is headquartered in Oslo.