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InterOil (IOC) +10.1% premarket on news it has entered into exclusive negotiations with...

InterOil (IOC) +10.1% premarket on news it has entered into exclusive negotiations with ExxonMobil (XOM) to develop the Elk and Antelope gas fields IOC owns in Papua New Guinea. The discussions include the possibility of XOM purchasing a stake in Petroleum Retention License 15 and providing funding to drill additional wells in the Elk and Antelope fields.
Comments (7)
  • Retired User
    , contributor
    Comments (1803) | Send Message
     
    Told you so.
    24 May 2013, 08:42 AM Reply Like
  • rjj1960
    , contributor
    Comments (1344) | Send Message
     
    XOM should be buying up whatever they can in North America.
    24 May 2013, 08:54 AM Reply Like
  • Retired User
    , contributor
    Comments (1803) | Send Message
     
    It has to do with an existing, well advanced LNG project in partnership with OilSearch. Exxon doesn't need any more gas in North America.
    24 May 2013, 09:00 AM Reply Like
  • rjj1960
    , contributor
    Comments (1344) | Send Message
     
    Wasn't thinking about Nat Gas assets.
    24 May 2013, 09:10 AM Reply Like
  • Roger Newman
    , contributor
    Comments (245) | Send Message
     
    Hmmm. That was a short-lived 10% pop?
    24 May 2013, 10:53 AM Reply Like
  • Larry Smith
    , contributor
    Comments (2479) | Send Message
     
    XOM already has assets in Papua New Guinea so hooking up with IOC makes sense. Having assets in place keeps the development costs for XOM down.

     

    Natural gas imports into Asia is a huge market.
    24 May 2013, 12:51 PM Reply Like
  • Lordfraudmountain
    , contributor
    Comments (95) | Send Message
     
    PNG confiscated 50% of this so called project which is impossible to fund or develop and there is no oil anywhere near that area of cannibalistic bushmen. The gas area was purchased for $2 million 17 years ago and now worth $4 billion?, you people are fools even at 18% borrowing costs this is a great short. Just ask Phil
    5 Jun 2013, 11:15 PM Reply Like
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