A Canadian court approved ExxonMobil’s pending acquisition of InterOil.
InterOil said that the Supreme Court of Yukon approved the pending transaction with ExxonMobil on Friday.
The court also found that the transaction is “fair and reasonable,” InterOil said.
The decision of the Supreme Court of Yukon followed a contested hearing held on September 27.
Phil Mulacek, who contested the transaction at the previous court hearing, has filed a notice of appeal and requested a stay of the Supreme Court’s decision pending such appeal.
“InterOil intends to seek to have any appeal heard on an expedited basis, and InterOil and ExxonMobil intend to close the transaction promptly following receipt of a favorable resolution,” InterOil said.
InterOil shareholders approved the transaction last month.
ExxonMobil agreed in July to acquire all of the outstanding shares of InterOil in a transaction is worth more than $2.5 billion.
The agreement was made just five days after Exxon made an unsolicited offer for InterOil that beat a previous offer made by Australia-based Oil Search.
InterOil Corporation is an independent oil and gas business with a sole focus on Papua New Guinea.
InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licenses covering about 6,177 square miles (16,000 square kilometers).
InterOil’s main offices are in Singapore and Port Moresby.
