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.
Dec. 11, 2014, 8:17 AM| Dec. 11, 2014, 8:17 AM | 5 Comments
Nov. 14, 2014, 6:59 AM
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.
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.
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.
Sep. 17, 2014, 5:37 PM
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."
Aug. 13, 2014, 7:04 AM
Aug. 12, 2014, 5:30 PM
Aug. 10, 2014, 6:07 AM
- Former BG Group (OTCQX:BRGYY, OTCPK:BRGXF) CEO Chris Finlayson has been named Interoil's (NYSE:IOC) chairman as the company develops one of the largest natural gas fields to be discovered in Asia in recent years.
- InterOil is planning on building an LNG plant in the Gulf of Papua, which will use supply from the Elk and Antelope gas fields as feedstock. Elk and Antelope were discovered in 2006 and 2009, and are estimated to contain as much as 7T cf of gas.
- Finlayson says he's excited at the prospect of working on one of the largest gas finds in recent years. "It’s a world-class field with extremely competitive development costs that is ... very close to the main Asian markets. The proposed project will target customers in China and Japan as the U.S. adds to supply competition in the global LNG market."
- InterOil’s project gained important backing this past March when Total (NYSE:TOT), agreed to acquire a 40.1% holding in the Elk-Antelope gas field. It is expected that Total will operate the LNG plant.
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.
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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