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Thu, Jan. 21, 9:55 AM
- InterOil (IOC +10.2%) opens higher after Goldman Sachs upgrades shares to Buy from Neutral with a $37.50 price target, which represents 68% potential upside from current levels.
- IOC "now looks too cheap to ignore," Goldman says, adding that IOC's favorable recent drilling results should support a sizable resource certification payment in mid-2016.
Nov. 18, 2015, 2:58 PM
- InterOil (IOC +5.7%) is higher after confirming an additional high-quality reservoir on the Elk-Antelope gas field offshore Papua New Guinea.
- LOC says logs from the new Antelope-4 sidetrack-1 well measured 182 vertical meters of gas-bearing dolomite to the south of the Elk-Antelope field as well as a vertical gross gas column of ~339 meters.
- IOC also plans to begin drilling another appraisal well next month, and is considering another appraisal well on the western flank of the Antelope field.
Nov. 13, 2015, 7:19 AM
- InterOil (NYSE:IOC): Q3 EPS of -$2.09 may not be comparable to consensus of -$0.58.
- Revenue of $11.82M (+10.0% Y/Y) beats by $3.77M.
Sep. 18, 2015, 2:58 PM
- InterOil (IOC +2.1%) is a rare gainer on a day oil and gas companies suffer broad losses, after reporting an appraisal well drilled at its Triceratops gas discovery in Papua New Guinea delivered strong flow test results.
- IOC says the Triceratops-3 probe flowed at a rate of 17.1M cf/day of gas and 200 bbl/day of condensate, a result IOC says underscores the region's prospectivity.
- The well, a joint effort between IOC and partner Pacific Rubiales (OTCPK:PEGFF), is a potential tie-back candidate to the proposed Elk-Antelope project, in which IOC is a partner.
Sep. 15, 2015, 11:33 AM
- InterOil (IOC +5.8%) is added to the Conviction Buy List with a $45 price target at Goldman Sachs, which cites strong flow test results at the Antelope-5 well and the recent takeover approach from Woodside Petroleum for Oil Search which highlights industry M&A interest in Papua New Guinea gas assets.
- Goldman says the key task for IOC is commercializing its 36.5% stake in the Elk-Antelope gas field in Papua New Guinea, and notes several potential catalysts including its ongoing drilling program at Antelope (Q4 2015), resource certification (H1 2016), and certification payments from Total (Q2 2016).
Sep. 4, 2015, 6:45 PM
- The Morgan Stanley commodity team lowers its crude oil price estimates, forecasting WTI at $51.07/bbl at the end of 2015, $56.45 at the end of 2016 and $60 at the end of 2017; the group had foreseen a 2017 price of $80.
- At the firm's recent Houston Energy Summit, EOG Resources (NYSE:EOG) was considered the most bullish in terms of expectations for oil prices, expecting "U.S. production to come off 100Mbld per month in year end" for a total decline from a peak of 700M bbl/day at year-end.
- Many other companies in attendance, including Anadarko Petroleum (NYSE:APC) and Apache (NYSE:APA), expect a more modest pickup in crude prices.
- Of all the companies in its coverage universe, Stanley sees InterOil (NYSE:IOC), Marathon Oil (NYSE:MRO) and Devon Energy (NYSE:DVN) as offering the highest upside to its price target.
Aug. 31, 2015, 4:59 PM
- InterOil (NYSE:IOC) says its PRL-15 joint venture has resumed work on drilling a side-track well at the Antelope-4 site, as part of its appraisal campaign on the Elk-Antelope gas field in Papua New Guinea.
- IOc and partner company Total (NYSE:TOT) suspended work at Antelope-4 in May after reaching a subsea vertical depth sub-sea of 2,056 meters, or ~158 meters above the gas-water contact.
Aug. 13, 2015, 6:48 AM
- InterOil (NYSE:IOC): Q2 EPS of -$0.66 misses by $0.27.
Jul. 14, 2015, 9:19 AM
Jul. 13, 2015, 5:35 PM
Jul. 2, 2015, 2:45 PM
- InterOil (IOC +2.3%) and its partners say they fully endorse Total's (TOT +0.8%) recommendations for key project infrastructure sites for development of the French operator's Elk-Antelope liquefied natural gas project in Papua New Guinea.
- The central processing facility for the field will be located near the Purari River 360 km northwest of Port Moresby, and will be connected to the LNG facility by onshore and offshore gas and condensate pipelines.
- IOC CEO Michael Hession says the venture would now enter basis of design, a significant milestone for the Papua LNG project.
Jun. 10, 2015, 8:59 AM
- InterOil (NYSE:IOC) chairman Chris Finlayson tells shareholders the company's flagship Elk-Antelope LNG project in Papua New Guinea is the lowest cost in the region and is extremely well placed to proceed "under all likely price scenarios."
- IOC estimates the two-train project will cost ~US$2,050/metric ton of capacity, vs. US$4,000 or more for projects such as Chevron's Gorgon venture and Shell's floating Prelude project, both in Western Australia.
- The CEO maintains the target of mid-2015 for deciding on how the project will be configured, and says detailed design work and LNG marketing would start later this year; however, production at Elk-Antelope will only begin early next decade.
- The comments come as IOC resumes drilling at its Wahoo-1 side-track exploration well in PNG.
May 12, 2015, 10:10 AM
- InterOil (IOC -1.9%) says promising appraisal results at the Elk-Antelope gas field in Papua New Guinea underpin development of a potential multi-train liquefied natural gas project, the company says in its Q1 results.
- IOC says well results from Antelope-5 had been very encouraging: "Drilling results from Antelope-5 identify this well as having the best reservoir thickness, quality and fracture density of all wells drilled on the Elk-Antelope field."
- IOC reported a Q1 net loss of $21.9M vs. a net profit of $318.6M in the year-ago quarter, with most of the loss from expensing $19.3M of seismic acquired over its extensive exploration portfolio during the quarter.
May 12, 2015, 6:06 AM
- InterOil (NYSE:IOC): Q1 EPS of -$0.44 misses by $0.04.
- Revenue of $13.22M (+595.8% Y/Y) beats by $12.12M.
Apr. 27, 2015, 4:40 PM
- InterOil (NYSE:IOC) says it has begun flow testing at the Elk-Antelope gas field in Papua New Guinea as part of its field appraisal.
- IOC says Antelope-5 has the best reservoir thickness, quality and fracture density of all wells on the field, and signifies a "world-class reservoir."
- The data from the testing will help the Elk-Antelope LNG Project, a joint venture of IOC, Total (NYSE:TOT) and Oil Search (OTCPK:OISHF), to optimize design of the liquefied natural gas plant and associated infrastructure.
Apr. 22, 2015, 11:49 AM
- First shipments from a new liquefied natural gas project in Papua New Guinea operated by Total (TOT -0.7%) is expected in 2021, according to a top executive at InterOil (IOC +0.3%), a partner in the project.
- The partners plan to begin marketing a total of 6.8M metric tons/year of LNG from the project mainly to buyers in China and Japan by the end of this year, Keli Taureka tells Reuters.
- The new project, drawing gas from Papua New Guinea's undeveloped Elk and Antelope fields, hopes to take advantage of many LNG contracts expiring in Asia around that time, Taureka says, adding that he expects Chinese demand to double.
- Preliminary estimates show the Elk and Antelope fields hold 5T-9T cf of natural gas, although reserves will only be confirmed once an appraisal study is complete by the middle of this year, the exec says.
- Earlier: InterOil says it won't rule out takeover offers
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