Seeking Alpha

InterOil Corporation (IOC)

  • Wed, Nov. 18, 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.
    | Wed, Nov. 18, 2:58 PM | Comment!
  • Fri, Sep. 18, 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.
    | Fri, Sep. 18, 2:58 PM | Comment!
  • Tue, Sep. 15, 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).
    | Tue, Sep. 15, 11:33 AM | Comment!
  • Tue, Jul. 14, 9:19 AM
    | Tue, Jul. 14, 9:19 AM | Comment!
  • Mon, Jul. 13, 5:35 PM
    | Mon, Jul. 13, 5:35 PM | 7 Comments
  • Thu, Jul. 2, 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.
    | Thu, Jul. 2, 2:45 PM | 7 Comments
  • Tue, May 12, 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.
    | Tue, May 12, 10:10 AM | 1 Comment
  • 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.
    | Oct. 16, 2014, 3:05 PM | Comment!
  • Sep. 17, 2014, 5:37 PM
    | Sep. 17, 2014, 5:37 PM | Comment!
  • 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."
    | Sep. 5, 2014, 10:41 AM | Comment!
  • Feb. 20, 2014, 6:39 PM
    • InterOil (IOC) +6.9% AH, apparently on speculation from a Daily Mail story that the company is a strong takeover target.
    • Teck Resources (TCK) is said to be lining up a $4B-plus cash offer, with advisor BAML after reaching agreement with IOC’s 19.8% shareholder Chandler Corp. and holding several meetings with IOC management about transacting a friendly deal.
    • Shell (RDS.A, RDS.B) also is mentioned as a potential bidder; it would have plenty of cash after the sale of its Italian retail business to Kuwait Petroleum and if it disposes of its 23% (£3.95B) stake in Australia's Woodside Petroleum.
    | Feb. 20, 2014, 6:39 PM | 3 Comments
  • Feb. 6, 2014, 12:37 PM
    • InterOil (IOC +3.4%) moves higher on a report suggesting that Woodside Petroleum (WOPEF, WOPEY) may enter into IOC's Papua New Guinea gas projects.
    • In related news, Reuters reports the country has decided to raise A$1.68B to pay off a bond it issued to Abu Dhabi in 2009 instead of giving up a strategic stake in oil and gas producer Oil Search (OISHF, OISHY).
    • Royal Dutch Shell (RDS.A, RDS.B), Total (TOT) and Woodside are said to be eyeing a possible stake in Oil Search, which owns a 29% stake in the $19B PNG liquefied natural gas project.
    | Feb. 6, 2014, 12:37 PM | Comment!
  • Dec. 9, 2013, 9:15 AM
    | Dec. 9, 2013, 9:15 AM | 1 Comment
  • Dec. 9, 2013, 8:47 AM
    • Oil Search International (OIS) says it is in talks about getting involved in development of the Elk and Antelope oil discoveries in Papua New Guinea, which may contain more than 5T cu. ft. of natural gas.
    • Just three days ago, InterOil (IOC) agreed to sell a majority interest in the discoveries to Total (TOT) in a deal worth up to US$3.6B, depending on how much gas is confirmed to be there.
    • TOT had hinted at a selldown when confirming the deal with IOC but didn’t name a prospective partner; one way to facilitate OIS’s entry into Elk-Antelope could be an equity swap involving part of its stake in the Taza oil and gas discovery in Iraq's Kurdistan.
    • IOC +4.8%, TOT -0.6% premarket.
    | Dec. 9, 2013, 8:47 AM | Comment!
  • Dec. 6, 2013, 1:40 PM
    • InterOil (IOC) comes off halt and promptly trades lower by 33%.
    • See earlier: IOC's Papua New Guinea deal creates confusion
    | Dec. 6, 2013, 1:40 PM | 5 Comments
  • Dec. 6, 2013, 8:18 AM
    • InterOil (IOC) is halted after falling 21% premarket on news of the sale of a 61.3% stake in its Papua New Guinea gas fields to Total (TOT) for as much as $3.6B, as the clarity of the deal is questioned.
    • The press release issued by IOC reads little like the one issued by TOT: Total says depending on the results of the delineation of the Elk and Antelope gas fields, "this could lead to a final investment decision by 2016 for the development of the fields and the construction of a liquefaction plant located onshore on the Gulf of Papua."
    | Dec. 6, 2013, 8:18 AM | 5 Comments
Company Description
InterOil Corp together with its subsidiaries engages in the exploration and production of oil and gas properties in Papua New Guinea and its surrounding regions.