July 18 (Reuters) - Oil Search Ltd (OSH) :
- Oil Search receives notification from Interoil of superior proposal
- IOC notification of superior proposal (OSH)
- Interoil has received what the Interoil board has determined constitutes a `superior proposal' from Exxon Mobil Corporation
- Proposal from ExxonMobil for Interoil comprises a fixed price of US$45 per Interoil share paid in ExxonMobil shares
- Interoil has advised that it intends to make a change in its recommendation and enter into an arrangement agreement with ExxonMobil.
- Says the CRP will be payable in cash at resource certification and will not be transferable or listed on an exchange
- Says Total SA is aware of these developments and Oil search's right to submit a revised offer
- If Oil Search arrangement agreement is terminated, Oil Search is entitled to be paid a US$60 million break fee
