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PR Newswire (Mar 31, 2014)
PR Newswire (Mar 28, 2014)
PR Newswire (Mar 28, 2014)
PR Newswire (Mar 26, 2014)
PR Newswire (Mar 25, 2014)
PR Newswire (Mar 25, 2014)
PR Newswire (Mar 24, 2014)
PR Newswire (Mar 10, 2014)
PR Newswire (Mar 5, 2014)
PR Newswire (Feb 27, 2014)
PR Newswire (Jan 29, 2014)
PR Newswire (Jan 21, 2014)
at CNBC.com (Oct 29, 2012)
at CNBC.com (Sep 14, 2012)
at Fox Business (Aug 30, 2012)
IOC vs. ETF Alternatives
Monday, Mar 316:27 AM|Monday, Mar 316:27 AM| Comment!
Monday, Mar 3112:05 AM
Sunday, Mar 305:30 PM
Friday, Mar 2812:44 PM
Friday, Mar 2812:44 PM| Comment!
- Oil Search (OISHF) is contesting Total’s (TOT) agreement earlier this week to acquire a 40% stake in InterOil’s (IOC) natural gas discoveries in Papua New Guinea, a dispute which could require international arbitration to be resolved.
- The dispute surrounds stakes in the Elk and Antelope fields, coveted because the gas could be used either for a possible expansion of a $19B liquefied natural gas project that ExxonMobil (XOM) is building with Oil Search, or for a rival project.
- Analysts say the outcome of the dispute is unclear, but some speculate Oil Search's aim may be to keep the door open to XOM to enter the Elk-Antelope joint venture.
- Meanwhile, IOC has spudded its third well in as many weeks in Papua New Guinea with up to five more planned over the next year or so.
Wednesday, Mar 264:02 AM
Wednesday, Mar 264:02 AM| Comment!
- Total (TOT) has agreed to acquire a 40.1% holding in the Elk-Antelope gas field in Papua New Guinea (PNG) from InterOil (IOC) for $1.62-3.5B, depending on how much gas is found.
- Total was originally going to buy 61.3%, but the amount was reduced after Oil Search (OISHF, OISHY) purchased a 22.8% interest in the reserves earlier this month. InterOil will retain 35.5%
- Total will pay $401M up front and the rest in later installments based on certain factors. (PR)
Thursday, Feb 278:55 AM
Thursday, Feb 278:55 AM| 1 Comment
- Oil Search (OISHF, OISHY) says it will sell A$1.2B (US$1.09B) in shares to fund a purchase of stakes in two large natural gas discoveries in Papua New Guinea.
- Oil Search says it will use the funds to buy a 22.8% stake in a license that includes the Elk and Antelope gas fields from closely held Pac LNG Group for US$900M; the fields are being developed by Total (TOT) and InterOil (IOC).
- Oil Search will issue 149.4M new shares at A$8.20 each to the government of Papua New Guinea to fund its entry into the Elk and Antelope developments.
- The deal brings Oil Search inside both major energy joint ventures in the country, led by Exxon Mobil's (XOM) $19B PNG LNG project, where Oil Search owns a 29% stake.
Thursday, Feb 206:39 PM
Thursday, Feb 206:39 PM| 3 Comments
- 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.
Thursday, Feb 612:37 PM
Thursday, Feb 612:37 PM| Comment!
- 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.
Friday, Jan 2410:57 AM
Friday, Jan 2410:57 AM| 1 Comment
- Anyone expecting Oil Search (OISHF) to conclude a deal soon with Total (TOT -2.1%) and InterOil (IOC -1.3%) to join their Papua New Guinea gas project may be thinking wishfully, according to a WSJ report.
- OISHF likely will need to issue new shares to fund a deal, but that isn’t easy to do right now, as any capital raise likely would happen at a discount to the prevailing stock price; but it's the potential blow it would inflict on the government in Papua New Guinea that is more likely to stay Oil Search CEO Peter Botten’s hand for a while, David Winning writes.
- Another take is that TOT will want to appraise the gas reserves at the Elk and Antelope fields further before rushing to bring in a new partner; if TOT finds there is enough gas to support a new export project, then it makes partnering with OIS less attractive.
Monday, Dec 92013, 9:15 AM
Monday, Dec 92013, 8:47 AM
Monday, Dec 92013, 8:47 AM| Comment!
- 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.
Friday, Dec 62013, 6:21 PM
Friday, Dec 62013, 6:21 PM| 6 Comments
- InterOil (IOC) fell 37% today after agreeing to sell Total (TOT) a majority stake in its Papua New Guinea natural gas discoveries for a price that won’t be known for at least a year.
- IOC priced the deal at $1.5B-$3.6B, but it won’t receive a definitive price until at least 2015, Raymond James analyst Pavel Molchanov says, adding there are "some elements of uncertainty/ambiguity" still to be resolved.
- On the other hand, Papua New Guinea has substantial gas resources, and the deal "brings in a world-class LNG operator,” one energy consultant says, which "will give people confidence that these reserves can now be monetized."
Friday, Dec 62013, 1:40 PM
Friday, Dec 62013, 8:18 AM
Friday, Dec 62013, 8:18 AM| 5 Comments
- 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."
Friday, Dec 62013, 5:38 AM
Friday, Dec 62013, 5:38 AM| 1 Comment
- Total (TOT) has agreed to acquire a 61.3% holding in InterOil's (IOC) Papua New Guinea natural-gas fields for as much as $3.6B as part of a plan to develop the reserves.
- Total will pay $613M up front, with the extra money dependent on the size of the resource and a final investment decision on building an LNG export facility.
- Should the Papua New Guinean government and landowners exercise rights to acquire a 22.5% interest in the project, Total will end up with a 47% holding and InterOil 30%. (PR)
Tuesday, Nov 122013, 12:45 PM|Tuesday, Nov 122013, 12:45 PM| Comment!
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