Concerned InterOil Shareholders group is made up of the founding shareholder and former Chairman and Chief Executive Officer of InterOil, Phil Mulacek and Petroleum Independent & Exploration, LLC.
Concerned InterOil Shareholders group has requisitioned a special meeting of InterOil Corporation’s shareholders. At the special meeting, shareholders will be asked to approve several resolutions focused on improving corporate governance of InterOil Corporation (NYSE:IOC).
The proposed resolutions aim to improve corporate governance and provide greater transparency to all shareholders. The Group calls for changes to ensure management compensation is aligned with value creation, improvements in director competency, and to institute third party reviews of reserves, resources and development plans. Concerned InterOil Shareholders believe shareholders should approve all transactions over 10% of total asset value to ensure greater alignment with shareholder interests.
“The objective of the Concerned InterOil Shareholders is to help ensure that future transactions are accretive to the long-term growth in shareholder value. We look forward to engaging in a constructive dialog with the Board and our fellow shareholders and working with the Company to implement the policies we believe are required to position InterOil for success.” – Phil Mulacek, former chairman and Chief Executive Officer of InterOil Corporation.
About Phil Mulacek:
Phil Mulacek is the founding shareholder of InterOil Corporation and served as chairman, CEO and a director until his retirement from the company in November 2013. During his tenure at the company, its market capitalization grew from approximately US$10 million (~ US$0.50/share) to over US$4.5 billion (~ US$92.00/share) at his departure. The company also constructed the first petroleum refinery in Papua New Guinea, a 36,000 bpd facility at Napa Napa, with a fully integrated downstream business that contributed to support of the company.
Mr. Mulacek led InterOil’s discovery of the world-class Elk and Antelope gas fields in the Gulf Province of Papua New Guinea, with approximately 10 to 15 tcfe of certified hydrocarbon resource, and the nearby Triceratops gas field, with approximately 1 tcfe of certified hydrocarbon resource. These fields have been among the largest onshore discoveries in PNG and Asia recent years.
Since retiring from InterOil in 2013, Mr. Mulacek has remained actively involved in the upstream oil and gas industry in Papua New Guinea, the US and elsewhere globally through his affiliated companies with offices in Singapore and branch offices in the United States. He resides in Singapore.