InterOil Corp. (IOC) along with Pacific LNG Group, its joint venture partner, have entered into exclusive negotiations with ExxonMobil Papua New Guinea Ltd., a subsidiary of ExxonMobil (XOM), on the development of Petroleum Retention License 15, which comprises the Elk and Antelope fields in the Gulf Province of Papua New Guinea.
InterOil gapped open sharply higher Friday and is now up 7.39 at $100.86. The stock has been rising for the last 2 weeks and has broken out to a new high for the year.
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