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InterOil Corporation (IOC)

  • 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.
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  • Tue, May 12, 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.
    • Press Release
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  • Mon, Apr. 27, 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.
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  • Wed, Apr. 22, 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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  • Wed, Apr. 22, 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
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  • Wed, Mar. 18, 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."
  • Tue, Mar. 17, 6:14 AM
    • InterOil (NYSE:IOC): FY14 Net Income of $217.96M.
    • Revenue of $13.16M (+376.8% Y/Y).
    • Press Release
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  • Mon, Mar. 16, 5:30 PM
  • Tue, Feb. 17, 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.
  • Tue, Feb. 10, 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.
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  • 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
    • Press Release
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  • 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.
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  • 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.
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  • 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.
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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.