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InterOil appoints new CEO

LNG Industry,

InterOil Corporation announced the retirement of company founder Phil Mulacek from the Board of Directors, effective 14th November 2013, and the appointment of CEO Michael Hession to fill the vacancy.

Mulacek built a successful integrated oil and gas company from a concept to an NYSE-listed company with a U$S 4 billion market capitalisation. He pioneered the company’s exploration activities in Papua New Guinea (PNG) that resulted in the country’s largest natural gas and condensates discoveries, most notably the Elk/Antelope and Triceratops properties.

Hession commented: “InterOil is at an inflection point in its history, and I expect that it will start to realise the value that it has carefully built over the past sixteen years. The certified resource at the Elk and Antelope fields is sufficient for a multi-train development, which could include the PNG LNG (liquefied natural gas) facility, and/or an LNG facility in the Gulf Province […] The interest in energy development in PNG has never been greater and we expect to bring in additional partners to accelerate our activities. I welcome the opportunity to join such an outstanding company and be a part of its bright future. There is much work to be done and great opportunity ahead of us”.

Speaking about his retirement, Mulacek said: “I thank the many friends over the years who have helped to establish InterOil, a company with world class oil and gas assets. The opportunity to have led InterOil from its humble beginnings to its present position has been very rewarding. It has been my privilege to work with all of our InterOil employees, associates, partners, and with the people of PNG through the past 20 years, many of which have developed to long-term friendships”.

Dr. Gaylen Byker, InterOil chairman, paid tribute to Mulacek’s contributions to the company and wished him well for the future: “Mr. Mulacek put the company on the path to being a significant contributor to the PNG economy and increasing shareholder value. The Board is looking forward to Dr. Hession’s future contributions to the Board’s work.”

Adapted from press release by Katie Woodward

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