InterOil to Delist from the Australian & PNG Stock Exchanges
InterOil Corporation (TSX:IOL) (AMEX:IOC) (ASX/POMSoX:IOC), a Canadian company with operations in Papua New Guinea, announced that it has notified the Australian Stock Exchange (ASX) and the Port Moresby Stock Exchange (POMSoX) that it intends to delist from those Exchanges. InterOil commenced trading on the ASX on August 10, 2000, trading as CHESS Depository Interests on a 10:1 basis to InterOil common shares, and on the POMSoX on October 7, 2000, trading in common shares. In 2004, InterOil's common shares began trading on the Toronto Stock Exchange (TSX) and the American Stock Exchange (AMEX) where the majority of trading now occurs. The ASX and the POMSoX now represent less than 1% of InterOil's total trading volume.
In the best interests of our shareholders and the future growth of our company we believe that our efforts should be concentrated where most of our shareholders are now based, namely the North American market.
Conditions applicable to the delisting will be communicated to shareholders once received from the Exchanges.
"We would like to thank the Australian Stock Exchange and POMSoX for their support over the past 5 years. In the early years, these exchanges provided our shareholders with the only venues to invest in our company", stated Mr. Phil Mulacek, CEO and Chairman. "This action will allow us to concentrate our corporate activities in North America where our securities are closely followed and will simplify our access to the world's largest capital market."
InterOil is developing a vertically integrated energy company whose primary focus is Papua New Guinea and the surrounding region. Its assets comprise an oil refinery, upstream petroleum exploration licenses, and retail and commercial distribution assets. The majority of the refined products from InterOil's refinery are secured by off-take contracts with Shell and InterOil's wholly-owned subsidiary, InterOil Products Limited. BP Singapore is InterOil's agent for crude oil supplied to the refinery. InterOil is also undertaking an extensive petroleum exploration program within its eight million acre license area located in Papua New Guinea.
InterOil's common shares trade on the Toronto Stock Exchange under the
symbol IOL in Canadian dollars; on the American Stock Exchange under the
symbol IOC in US dollars; and on the Australian Stock Exchange in CHESS
Depositary Interests in Australian dollars under the symbol IOC which
trade on a 10:1 basis to common shares.
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