On 10 June 2014, the Nomination Committee of Interoil Exploration and Production ASA ("Interoil" or the "Company") submitted its proposal to the annual general meeting.
After speaking to many of Interoil's shareholders, the Nomination Committee has revised the remuneration for the proposed Board of Directors in Interoil as follows:
· Jean-Philippe S. Flament (Proposed Chair) - NOK 500,000/year
· Thor Kristian Haugnaess - NOK 400,000/year
· Lindsay Trzaska - NOK 400,000/year
· Silje Augustson - NOK 400,000/year
· Haakon Sandby (Alternate Director) - NOK 400,000/year
The above is the total compensation proposed for the Interoil Board of Directors.
With reference to the Nomination Committee's recommendation of 10 June 2014, the Nomination Committee withdraws its proposal for a stock options scheme for the Directors of Interoil. The current Nomination Committee leaves it up to the new Board and new Nomination Committee to propose a stock option program at a later stage.
The Nominations Committee has selected the above Board nominees based on their specific and complementary skill sets. For this reason, the potential Board members put forward by the Nomination Committee will not be voted on individually, but only as a single group. Each proposed Board member will accept the position only if all proposed Board members are confirmed.
Kristen Jakobsen voted against the recommendation that was supported by the majority of the Nomination Committee.
Based on the Nomination Committee's new proposal, the Board of Directors will withdraw the proposal for capital increase referred to under item 14 of the summons.
Shareholders, who have granted proxies based on the proposal submitted by the Nomination Committee on 10 June 2014, may withdraw their proxy to grant a new proxy based on this new proposal.
For more information, please contact:
Member of Nomination Committee
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.