InterOil Down Over 15% After Papua New Guinea Rejects LNG Project

InterOil Corporation

is trading lower on the session after the government of Papua New Guinea rejected the company's liquid gas project. IOC stated that: "Having considered the issue carefully with our external advisers, we are strongly of the view that the State has no right at present to terminate the Project Agreement. The notice does activate a six month consultation period during which the parties are to explore steps to deal with or remedy the DPE's concerns." InterOil is currently trading at $48.60, a loss of $9.01 or $15.64%.