Exploration & Production | People | People-Resignation

InterOil Founder Retires, New CEO Appointed

Share Print Bookmark    |    Monday,November 18,2013

InterOil Corporation today announced the retirement from the Board of Directors of its founder, Phil Mulacek, effective November 14th, 2013 and the appointment of the Chief Executive Officer, Dr. Michael Hession to fill that vacancy.

Details of Dr. Hession's background, qualifications and experience were released to the market on his appointment as Chief Executive Officer on July 11, 2013.

Mr. Mulacek built a successful integrated oil and gas company from a concept to an NYSE-listed company with a $US4 billion market capitalization. Mr. Mulacek pioneered InterOil's exploration activities in the Gulf Province of Papua New Guinea (PNG) that resulted in the country's largest natural gas and condensates discoveries, most notably the Elk/Antelope and Triceratops properties.

Mr. Mulacek said, "I thank the many friends over the years who have helped to establish InterOil, a company with world class oil & 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, Chairman of InterOil, paid tribute to Mr. Mulacek's contributions to the Company and wished him well for the future.

Dr. Byker said, "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."

Dr. Hession said he was pleased to join the Board when the company was close to monetizing its gas resources.

Dr. Hession said, "I look forward to delivering on our promises, enhancing shareholder value and working closely with the people and Government of Papua New Guinea to provide future revenue and employment for the PNG economy."