Phil Mulacek, founder and CEO of the Papua New Guinea-focused vertically integrated energy company InterOil Corp. (NYSE:IOC) (POMSoX:IOC), will retire, effective April 30, 2013. He will continue as an InterOil director and will provide advisory services to the company. A global search is now underway for a new CEO. InterOil chairman, Dr. Gaylen Byker, will assume Mulacek's duties on an interim basis from May 1, 2013 until the search process is complete.
"Phil Mulacek is a remarkable visionary, engineer and entrepreneur who built a successful integrated oil and gas company from a concept to an NYSE-listed company with a US$3.5 billion market capitalization. Mulacek pioneered InterOil's exploration activities in the Gulf Province of Papua New Guinea (PNG) that resulted in the discovery of the Elk/Antelope and Triceratops fields which contain in total a best case estimate of 1.6 billion BOE of contingent resources," said Dr. Byker.
“We are thankful for Phil's many years of dedication and hard work, and pleased that he will advise the company as we continue our very successful exploration program and work to finalize our LNG partnership arrangements with the PNG Government and an internationally-recognized LNG operator."
InterOil Corp. is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant in Papua New Guinea. InterOil's common shares trade on the NYSE in US dollars.