HOUSTON (AP) -- InterOil Corp. said Monday that it is continuing negotiations with a subsidiary of Exxon Mobil Corp. to develop its natural gas fields in Papua New Guinea.
The Houston-based oil and gas producer also said that it has finalized a $75 million secured loan to help boost its exploration and drilling program.
InterOil said that talks with ExxonMobil Papua New Guinea Ltd. are continuing, even though its exclusivity agreement has ended. The two companies announced earlier this year that it was in exclusive talks to develop Petroleum Retention License 15 in Papua New Guinea.
The Houston-based company said that it will draw $37.5 million from the loan facility immediately. The remaining $37.5 million will be drawn upon after an agreement related to its Elk and Antelope resources in Papua New Guinea is reached.
Shares of InterOil fell $2.80, or 3.9 percent, to $68.90 in morning trading Monday. Exxon Mobil shares slipped 36 cents to $87.55 Monday morning.