InterOil (IOC) Swings Higher as PNG Prime Minister Shows Support

June 18, 2012 10:38 AM EDT
InterOil Corporation (NYSE: IOC) is booming higher early Monday as the roller coaster developments in Papua New Guinea (PNG) takes a turn for the positive.

On Friday, PNG's Prime Minister Peter O'Neil reiterated strong support for InterOil's Gulf LNG project.

The county's Department of Petroleum and Energy has been seeking to cancel the 2009 project agreement between the company and PNG.

In a statement, O'Neil said, "Our government fully supports this second LNG project for the country, and we hope InterOil will develop it as quickly as possible... I am fully aware that InterOil is committed to developing the project and they have our government's full support."

"I want to reassure the InterOil and the investment community that our government fully supports foreign investment," he also said.

Shares of IOC last traded at $64.88, up 6.6 percent.

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