Click here to close now.




















Welcome!

News Feed Item

InterOil Announces Senior Management Changes

SINGAPORE, Jan. 21, 2014 /PRNewswire/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC) today announced the appointment of Mr. Jon Ozturgut as Chief Operating Officer and Mr. Donald Spector as Chief Financial Officer, with immediate effect.

Mr. Ozturgut, a senior executive with 27 years' international oil and gas experience with Atlantic Richfield Company (ARCO), CMS Oil and Gas Company, and Woodside Energy, replaces Mr. William J. Jasper III, who is retiring after seven years as Chief Operating Officer. Mr. Ozturgut will also be responsible for mergers and acquisitions, and new business development.

Mr. Spector, a senior executive with more than 35 years' international financial experience, including 30 years in oil and gas, replaces Mr. Collin Visaggio, who resigns as Chief Financial Officer, also after seven years with InterOil. As part of his new role, Mr. Spector will oversee InterOil's investor relations team.

InterOil Chief Executive, Dr. Michael Hession, thanked Mr. Jasper and Mr. Visaggio for their important contributions in the company's formative years. "Bill and Collin indicated some time ago their intention to leave once we began commercializing our gas resources in Papua New Guinea," Dr. Hession said. "They leave with our thanks for their service during the formative years of InterOil."

A New Team to Lead InterOil and Maximise Asset Value

"We now need people of the calibre and experience of Jon and Don to step into these important roles at this crucial time for the company. InterOil has significant resources, large and prospective exploration acreage, and is developing a large LNG project with Total. These appointments reflect our determination to assemble a world-class team to extract full value from these assets and realise our vision as a regional LNG player."

"We are also streamlining our corporate structure and focusing staff resources at the frontline of our operations in Papua New Guinea and Singapore to support our exploration and LNG activities."

Mr. Jon Ozturgut, a senior oil and gas executive brings extensive experience in multi-billion dollar investments in exploration, development, and production across global markets in the Americas, Middle East, Africa, Australia, and Asia. Mr. Ozturgut was the Senior Vice President at Woodside Energy, the largest Australian oil and gas company, overseeing international corporate strategy, growing the exploration portfolio, mergers and acquisitions, and LNG developments. He has also held a range of executive positions in operations, delivering significant projects and company transforming transactions during his tenure with Pioneer Natural Resources, CMS Oil and Gas Company, and 15 years with ARCO. Mr. Ozturgut has a degree in mechanical engineering.

Mr. Donald Spector was the Vice President of Taxation and Treasury at Woodside, where he managed the treasury, taxation, risk, and insurance functions, and advised on mergers and acquisitions. He successfully developed the capital management strategy to fund the A$15 billion Woodside Pluto LNG project in Western Australia. Mr. Spector has also held senior roles in BP and CRA (now known as Rio Tinto). Mr. Spector has a degree in accounting.

About InterOil

InterOil Corporation is a vertically integrated oil and gas company in Papua New Guinea. It has exploration interests over approximately 3.9 million acres (about 1.6 million hectares) and holds a major interest in the large Elk-Antelope gas field, which is being developed for a liquefied natural gas project with Total of France. InterOil owns and operates Papua New Guinea's only oil refinery, and operates an extensive petroleum retail and commercial distribution network. It employs about 1000 people. InterOil's corporate headquarters are in Singapore and its operations office is in Port Moresby. It is listed on the New York and Port Moresby stock exchanges.

Investor contacts for InterOil


Wayne Andrews, Vice President Capital Markets

Meg LaSalle, Investor Relations Coordinator

[email protected] 

[email protected]

Phone: +1-281-292-1800

Phone: +1-281-292-1800



Media contacts for InterOil


John Hurst, Cannings Corporate Communications


[email protected]


Phone: +61 418 708 663


Forward Looking Statements

This press release includes "forward-looking statements" as defined in United States federal and Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements, including in particular, the development of an LNG Project, the use of gas from the Elk and Antelope fields, the satisfaction of the conditions to the closing of the agreement with Total, business prospects and strategies. These statements are based on our current beliefs as well as assumptions made by, and information currently available to us, including discussions between the parties to the agreement and with third parties. No assurances can be given however, that these events will occur. Actual results could differ, and the difference may be material and adverse to the Company and its shareholders. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include the risk factors discussed in the Company's filings with the Securities and Exchange Commission and on SEDAR, including but not limited to those in the Company's Annual Report for the year ended December 31, 2012 on Form 40-F and its Annual Information Form for the year ended December 31, 2012. In particular, there is no established market for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or gas condensate from the Elk and Antelope fields will ultimately be able to be extracted and sold commercially. Investors are urged to consider closely the disclosure in the Company's Form 40-F, available from us at www.interoil.com or from the SEC at www.sec.gov and its Annual Information Form available on SEDAR at www.sedar.com.

SOURCE InterOil Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that VividCortex, the monitoring solution for the modern data system, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The database is the heart of most applications, but it’s also the part that’s hardest to scale, monitor, and optimize even as it’s growing 50% year over year. VividCortex is the first unified suite of database monitoring tools specifically desi...
Graylog, Inc., has added the capability to collect, centralize and analyze application container logs from within Docker. The Graylog logging driver for Docker addresses the challenges of extracting intelligence from within Docker containers, where most workloads are dynamic and log data is not persisted or stored. Using Graylog, DevOps and IT Ops teams can pinpoint the root cause of problems to deliver new applications faster and minimize downtime.
As Marc Andreessen says software is eating the world. Everything is rapidly moving toward being software-defined – from our phones and cars through our washing machines to the datacenter. However, there are larger challenges when implementing software defined on a larger scale - when building software defined infrastructure. In his session at 16th Cloud Expo, Boyan Ivanov, CEO of StorPool, provided some practical insights on what, how and why when implementing "software-defined" in the datacent...
Between the compelling mockups and specs produced by your analysts and designers, and the resulting application built by your developers, there is a gulf where projects fail, costs spiral out of control, and applications fall short of requirements. In his session at @DevOpsSummit, Charles Kendrick, CTO and Chief Architect at Isomorphic Software, presented a new approach where business and development users collaborate – each using tools appropriate to their goals and expertise – to build mocku...
Learn how you can use the CoSN SEND II Decision Tree for Education Technology to make sure that your K–12 technology initiatives create a more engaging learning experience that empowers students, teachers, and administrators alike.
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 17th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships at Com...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...