InterOil boss Mulacek retires

Business, Normal

The National, Thursday 25th April 2013

 INTEROIL announced on Tuesday the retirement of its founder and chief executive officer, Phil Mulacek, effective April 30. 

Mulacek will continue as an InterOil director and will provide advisory services to the company.

A global search is now underway for a new CEO to lead the company through its next development stage. 

InterOil chairman Dr Gaylen Byker will assume Mulacek’s duties on an interim basis from May 1 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 capitalisation,” Byker said in a statement.

“Mulacek pioneered InterOil’s exploration activities in the Gulf that resulted in the discovery of the Elk/Antelope and Triceratops fields which contain in total a best case estimate of 1.6 billion barrels of oil equipment of contingent resources.

“This is an unusual feat, seldom accomplished in any field. 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 programme and work to finalise our LNG partnership arrangements with the PNG government and an internationally-recognised LNG operator.”

Mulacek said: “I am grateful for the opportunity to have led InterOil from its humble beginnings in 1997 through the discovery of world-class natural gas and condensate resources and now working towards the final selection of our LNG partner. 

“It has been my privilege to work with all of our InterOil employees, associates, partners, and with the people of PNG, with many of whom I have developed long-term friendships.”