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.
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)
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, 5:38 AM
- 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)
Aug. 20, 2012, 11:07 AMIt's not a question of if but when Royal Dutch Shell (RDS.A) makes a bid for InterOil (IOC -1%), Resourcearb writes. Shell's options have dwindled, he says, and its tactics have become more transparent, "which should give InterOil bulls more confidence that the likely next move for Shell is a takeover attempt." IOC slid 14% last week on chatter of waning interest from Shell. | 1 Comment
Jul. 26, 2012, 9:02 AM
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