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InterOil Corporation (IOC)

  • Jul. 14, 2014, 9:58 AM
    • InterOil (IOC -0.2%) suspends drilling at its Wahoo-1 wildcat well in Papua New Guinea, citing safety concerns from higher than expected pressure and gas entering the wellbore.
    • The well was designed for high pressures based on data from other wells in the region but the pressures exceeded by nearly 50% even those of IOC's nearby Antelope discovery.
    • IOC is exploring in blocks surrounding its Elk and Antelope gas discoveries with Total (NYSE:TOT) as part of a $300M program.
    | 1 Comment
  • Jun. 30, 2014, 3:05 AM
    • InterOil (IOC) will sell its Papua New Guinea oil refinery and petroleum products distribution business to Puma Energy for $526M, in order to put a greater focus on its natural gas business.
    • "Our upstream and LNG business has become core to the company's growth and, as a result of the success we have had in discovering and monetizing gas, the time is right to focus on this part of our business," says InterOil COO Jon Ozturgut.
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  • Jun. 4, 2014, 3:56 PM
    • InterOil (IOC +1.3%), Total’s (TOT) partner in a natural gas project in Papua New Guinea, has been approached by companies interested in acquiring a stake in four exploration licenses covering ~4M acres surrounding the Elk and Antelope fields, CEO Michael Hession tells Bloomberg.
    • IOC and TOT want to use supplies from Elk and Antelope to develop the country's second liquefied natural gas development; Exxon's $19B PNG LNG project started shipments last month, and seven more gas export plants are being built in neighboring Australia to tap Asian energy demand.
    • Hession also believes IOC will resolve a dispute with Oil Search (OISHF), which agreed earlier this year to acquire part of the Elk-Antelope venture; Oil Search has said IOC’s deal with TOT breached its pre-emptive rights.
  • May. 14, 2014, 6:02 AM
    • InterOil Corporation (IOC): Q1 EPS of $6.38 may not be comparable to consensus of -$0.02.
    • Revenue of $311.1M (-11.2% Y/Y) misses by $2.1M.
    • Press Release
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  • May. 13, 2014, 5:30 PM
  • Mar. 31, 2014, 6:27 AM
    • InterOil Corporation (IOC): Q4 EPS of -$0.51 misses by $0.47.
    • Revenue of $398.9M (+11.9% Y/Y) beats by $65.4M.
    • Press Release
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  • Mar. 31, 2014, 12:05 AM
  • Mar. 30, 2014, 5:30 PM
  • Mar. 28, 2014, 12:44 PM
    • 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.
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  • Mar. 26, 2014, 4:02 AM
    • 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)
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  • Feb. 27, 2014, 8:55 AM
    • 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.
    | 1 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. 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.
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  • Jan. 24, 2014, 10:57 AM
    • 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.
    | 1 Comment
  • Dec. 9, 2013, 9:15 AM
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  • 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.
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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.