InterOil Corporation (IOC) - NYSE
  • Thu, Jun. 30, 2:01 PM
    | Thu, Jun. 30, 2:01 PM | 1 Comment
  • Thu, Jun. 30, 8:32 AM
    • InterOil (NYSE:IOC) +4.1% premarket after saying it received an unsolicited takeover proposal by an unnamed third party, a development that could threaten Oil Search's (OTCPK:OISHF) $2.2B deal to acquire the company.
    • IOC says its board is reviewing the offer, while continuing to recommend the Oil Search deal; the value of the new proposal is not disclosed.
    • IOC says its shareholders will vote on the Oil Search takeover on July 28.
    | Thu, Jun. 30, 8:32 AM | 3 Comments
  • Mon, Jun. 6, 2:47 PM
    • Oil Search's (OTCPK:OISHF) $2.2B takeover deal for InterOil (IOC +1.8%) is said to be increasingly confident that it has sufficient investor backing for the deal to proceed following meetings with key U.S. investors in recent days.
    • Capital Group, which owns more than 11% of IOC shares, has given its backing to the buyout ahead of two critical shareholder votes on the transaction, according to the Sydney Morning Herald.
    • Former IOC boss Phil Mulacek recently started legal action to postpone shareholder meetings and is putting forward five directors not endorsed by the board, but proxy advisors ISS and Glass Lewis have recommended investors vote for IOC's director nominees and reject Mulacek's resolutions.
    • Mulacek today has released a presentation claiming IOC shareholders "will forego billions of dollars of value... if the Oil Search proposal proceeds as currently structured."
    | Mon, Jun. 6, 2:47 PM
  • Fri, May 20, 12:48 PM
    | Fri, May 20, 12:48 PM | 2 Comments
  • Fri, May 20, 9:13 AM
    | Fri, May 20, 9:13 AM
  • Tue, May 10, 12:48 PM
    • InterOil (IOC +4.2%) rallies on takeover speculation after Australian media yesterday said IOC had engaged in recent discussions with Oil Search (OTCPK:OISHF) about a potential merger.
    • Former CEO Phil Mulacek criticizes IOC for considering asset sales at the bottom of the market, which he says includes the possible sale to a Japanese investor group of a 4% interest in the venture holding the huge Elk and Antelope gas fields.
    • Also under consideration, Mulacek claims, is the sale of IOC's entire 36.5% stake in the PRL15 venture, in which Total (NYSE:TOT) and Oil Search are partners, or the sale of all IOC's interests apart from PRL15, or a sale or merger of the entire company.
    | Tue, May 10, 12:48 PM | 2 Comments
  • Fri, Apr. 1, 3:47 PM
    • InterOil (IOC -1.6%) confirms receiving a request from a group of shareholders led by former CEO Phil Mulacek for a special meeting of shareholders to consider proposals for improving governance.
    • The Mulacek-led group, which holds ~7.5% of IOC shares, says the board is too large and expensive for a company with no operations, and lowering the head count would make better use of resources.
    • IOC often is discussed as a potential target for the likes of Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) - where IOC CEO Mike Hession was once an executive - Oil Search (OTCPK:OISHF), Total (NYSE:TOT) or Exxon Mobil (NYSE:XOM).
    • Now read InterOil drilling update and 2015 results
    | Fri, Apr. 1, 3:47 PM
  • Wed, Mar. 30, 12:46 PM
    | Wed, Mar. 30, 12:46 PM | 1 Comment
  • 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.
    | Thu, Jan. 21, 9:55 AM | 1 Comment
  • 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. 18, 2015, 2:58 PM
  • 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. 18, 2015, 2:58 PM
  • 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. 15, 2015, 11:33 AM
  • Jul. 14, 2015, 9:19 AM
    | Jul. 14, 2015, 9:19 AM
  • Jul. 13, 2015, 5:35 PM
    | Jul. 13, 2015, 5:35 PM | 7 Comments
  • 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.
    | Jul. 2, 2015, 2:45 PM | 7 Comments
  • 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, 10:10 AM | 1 Comment
Company Description
InterOil Corp is an independent oil and gas business, which focuses on Papua New Guinea and the surrounding region. Its assets include one of Asia's undeveloped gas fields, Elk-Antelope, in the Gulf Province, exploration licences covering about 16,000sqkm, Papua New Guinea's only oil refinery,... More
Industry: Oil & Gas Refining & Marketing
Country: United States