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Apr. 22, 2015, 8:49 AM
- InterOil (NYSE:IOC) is not ruling out a possible takeover if the price is right, although it is currently focused on completing an appraisal of resources at Papua New Guinea’s onshore Elk-Antelope gas field, a senior company executive says.
- Papua New Guinea’s significant natural gas reserves are attractive for global energy companies, given the country’s relatively proximity to Asian gas markets such as China and Japan, and strong backing from the government.
- IOC is part of a joint venture with Total (NYSE:TOT) and Oil Search Ltd. (OTCPK:OISHF) to explore Elk-Antelope, one of Asia’s largest undeveloped gas fields
Mar. 18, 2015, 10:50 AM
- InterOil (IOC -0.8%) says it has identified as much as 17T cf of resource potential in its Papua New Guinea acreage, which some analysts say could attract acquisitive attention from an energy major.
- IOC believes the resource, the equivalent of 3B barrels of oil, is contained in five exploration and appraisal targets outside the Elk-Antelope field where IOC already is working with Total and Oil Search.
- In its earnings conference call yesterday, IOC reiterated its target of deciding how to develop Elk-Antelope by the end of June, and said the proposed liquefied natural gas project is "potentially the lowest cost new-build LNG project in the world."
- "This hydrocarbon inventory suggests a scale which could appeal to any global super-major," says Bernstein analyst Neil Beveridge, but "reservoir quality rather than resource presence remains the key risk."
Mar. 17, 2015, 6:14 AM
- InterOil (NYSE:IOC): FY14 Net Income of $217.96M.
- Revenue of $13.16M (+376.8% Y/Y).
Mar. 16, 2015, 5:30 PM
Feb. 17, 2015, 8:18 AM
- InterOil (NYSE:IOC) says the Antelope-5 well in Papua New Guinea struck the targeted gas reservoir at the Antelope field 230 meters higher up than anticipated, raising hopes that the resource could be large enough to underpin an expansion of liquefied natural gas capacity in the country.
- A Citigroup analyst says the results increase the likelihood that the size of Elk-Antelope field is closer to Oil Search's (OTCPK:OISHF) base case of 5.3T cf of gas rather than its low case estimate of 3T cf.
- The news comes after last week's resolution of a dispute over the ownership of the field between IOC and Oil Search, which confirms Total's (NYSE:TOT) status as a third partner in the Elk-Antelope field.
Feb. 10, 2015, 7:59 AM
- InterOil (NYSE:IOC) says the International Chamber of Commerce has dismissed arbitration claims against the company over its farmout to Total (NYSE:TOT) at the Elk-Antelope gas field in Papua New Guinea.
- IOC says the arbitration panel dismissed all claims by Oil Search (OTCPK:OISHF) and the PAC LNG companies to pre-emptive rights over the share sale and purchase agreement involving an interest in the field.
Dec. 11, 2014, 8:17 AM
- InterOil (NYSE:IOC) says it has discovered oil at its Bobcat-1 onshore exploration well in Papua New Guinea, not far from the Elk-Antelope field.
- IOC declares a total depth for the exploration well at 3,207 meters, with future appraisal to include additional seismic and drilling.
Nov. 14, 2014, 6:59 AM
- InterOil (NYSE:IOC): Q3 EPS of -$0.29 may not be comparable to consensus of -$0.51.
- Revenue of $10.74M
Nov. 13, 2014, 5:30 PM
Oct. 22, 2014, 9:12 AM
- InterOil (NYSE:IOC) says it hit hydrocarbons at the Raptor-1 well in Papua New Guinea as part of its $300M drilling program in the Asian country.
- IOC says Raptor-1, slightly west of its Elk-Antelope gas field, intersected 200m of the Kapau Limestone target zone, with wireline logs indicating the presence of hydrocarbons; IOC is operator of the well and holds a 65.2% interest.
- The Bobcat-1 well was successfully drilled into the Kapau limestone, and will drill further into the target zone: IOC is operator and holds a 78.1% interest.
Oct. 16, 2014, 3:05 PM
- InterOil (NYSE:IOC) +4.4% after gaining 2.1% yesterday.
- The Australian said today IOC may be a target for Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY).
- Other possible targets include Ophir Energy (OTCPK:OPGYF, OTC:OPHRY) or Apache's (NYSE:APA) stake in the Kitimat LNG project in Alaska.
- October 14 looks like a possible short-term bottom in IOC.
Sep. 25, 2014, 8:55 AM
- Papua New Guinea wants Total (NYSE:TOT) to lead construction of a new liquefied natural gas export project drawing gas from a disputed field instead of the gas being used to expand an existing project, the country's energy minister says.
- The country began exports this year from Exxon Mobil's (NYSE:XOM) $19B PNG LNG project, but it is hoping to see TOT lead another export plant even as the PNG LNG expansion moves forward.
- TOT earlier this year bought a 40% stake in Papua New Guinea's biggest undeveloped gas deposit, the Elk and Antelope fields, from InterOil (NYSE:IOC), but XOM partner Oil Search (OTCPK:OISHF) has challenged TOT's purchase, saying it held the right to buy the stake; the dispute is due to go into arbitration in November.
- The PNG energy minister says gas from Elk and Antelope was unlikely to be fed into the existing plant, and that he prefers a separate LNG plant to be built.
Sep. 17, 2014, 5:37 PM
Sep. 5, 2014, 10:41 AM
- InterOil (IOC +1.6%) has gone through a "transformation" in the past 12 months that could lift its share price to $200-$300, Bernstein analyst Neil Beveridge gushes.
- Bernstein says 2-D seismic data appears to show the structure of IOC's Elk and Antelope fields is substantially larger than mapped under previous resource estimates, and could hold enough gas for a two-train development.
- The commentary includes a long interview with CEO Michael Hession, who lists IOC's attributes: "Transparent company, valuable resources, clear targets, and now it's about delivering."
Aug. 13, 2014, 7:04 AM
- InterOil (NYSE:IOC): Q2 EPS of -$0.31 may not be comparable to consensus of $0.11.
Aug. 12, 2014, 5:30 PM
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