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InterOil (NYSE:IOC): Q3 EPS of -$2.09 may not be comparable to consensus of -$0.58.
Revenue of $11.82M (+10.0% Y/Y) beats by $3.77M.
Morgan Stanley put out an update following their week spent on the East Coast with CEO Dr. Hession. Here is the road ahead as MS sees it:
Bigger picture upside. Valuing IOC to a similar sized interest in PNGLNG (XOM's project) would equate to
~$10Bn post start-up based upon various asset comparables vs. IOC's current $1.5Bn enterprise value. There is
potential for IOC to achieve that valuation in 2021/2022, at startup of their similarly sized project which would
imply over 460% upside (assuming $3Bn of project debt attributable to IOC). There are clear execution risks yet
therein lies the upside price in IOC's equity. Funding of IOC’s equity interest in the facility (25% of $4Bn,
although we see downside to this figure given the current deflationary cycle) can be fully achieved via Total’s
resource and FID payments. Additional upside can be achieved by converting other resource and prospects into
projects, and completing a similar monetization cycle to the Total agreement in which they are currently
progressing in.
What’s next and when? Ant 4 results are expected in mid-October. Resource upside will be driven by the
extent of dolomitization to GWC (+.5Tcfe). The sidetrack hitting the reservoir higher provides some modest
uplift. Ant 6 should spud, drill, complete and test in 4Q15-1Q16. The key for Ant 6 will be whether the rock
quality is lower, as assumed, or dolomitized,like the periphery of the reef. We expect 2 appraisals of Elk/Antelope
as it relates to PAC LNG payments (1Q16). Additionally, we expect one appraisal by TOT and another one by IOC
with results of both by mid-year 2016. We also expect downside to 2016 capex guidance into year-end as IOC
shifts to non-op and see potential for exploration/appraisal deals over the several quarters to fund forward
appraisal/exploration activity.
LNG pessimism. We expect near-term pressure in the spot LNG market as new supply start-ups likely exceed
demand during the 2016-2017 period. However, we also believe in the long-term demand and believe the
lowest cost projects will proceed as selected by consumers. Further, PNG is highlighted as one of the 2 primary
growth projects within Total’s portfolio post 2020. Hence, the combination of one of the lowest cost greenfield
projects, globally, and a motivated partner, should result in execution of IOC/TOT's project. While investors will
likely discount the value of the project, given macro headwinds (up to ~50%), we believe there is currently no
value attributable to this project post Total payment based upon our resource estimate. Current actual and
perceived M&A interested in PNG-related assets corroborate a view that Majors see significant, much higher
than implied in IOC's equity.
Triceratops discovery. Triceratops 3 appraisal well flowed gas at 17.1 mmscf/d (and 200 bbl/d of condensate).
Given the lower porosity (4-6%), these results have positive implications for flow rates of lower porosity zones
such as Elk, and other prospects. The company estimates contingent resource of 1Tcfe, more than double GLJ’s
400Bcfe prior estimate. Triceratops field can potentially be tied-back to an LNG development, adding resource
potential to their core Elk-Antelope field. Next steps for IOC will be to monetize the resource with discussions
currently ongoing with interested parties.
Cash burn. There has been concern around IOC's liquidity given TOT’s cash payment is not expected to be
received until mid-2016 and the sector's focus on balance sheets given the current down cycle. In our view,
however, liquidity risk is minimal as we forecast IOC can fund operations through 2016 independent of the
resource payment. IOC has fulfilled its drilling commitments across its acreage, thus we expect their drilling
activity outside Elk/Antelope to decrease significantly until receipt of the TOT cash payment. For 2016, we expect
capex to be <$200MM and back-end loaded. Additionally, after having handed over operatorship to TOT, we
anticipate G&A to be materially reduced in 2016. All in, we estimate cash use of $200-250MM (capex + G&A).
This is versus current liquidity of $192MM cash at 2Q15 and an undrawn credit facility of $300MM.
Monetizing assets. IOC plans on monetizing its current three discoveries: Triceratops (1Tcfe P50 estimate),
Bobcat (1.5 Tcfe P50 estimate) and Raptor (5.5 Tcfe P50 estimate). Management revealed that discussion with
interested parties (including TOT and XOM) are currently ongoing and expect to close a deal similar to TOT's
Elk/Antelope - with a combination of cash payment and appraisal/development carry. We believe continued
positive exploration and appraisal results could attract a third Major oil company (other than TOT and XOM) to
enter PNG with LNG ambitions. In our view, this would increase price competition and demand for any IOC
discoveries and increase monetization pace and potential.
InterOil Corporation | September 28, 2015
MORGAN STANLEY RESEARCH
Dr. Hession was in NYC this week ahead of the Pope. The latter wears red and white, the former wears pink.
A poster whose handle is Dr. Wu, put this up at SHU then took it down.
"IOC - Hession in NYC
Friend of mine met with Hession in NYC. Here's a few comments he sent me.
Triceratops gas water was 288 meters deeper, flow rate of 17 sqf/d could have been 24
Had tight rock but right equip/techniques resulted in good flow from less porous rock, which is has impt pos implications for reefs at EA, Ant South, Raptor, and other structures near by
World waking up to PNG. Many think Santo's 13% stake in PNGLNG is worth its market cap. Believes IOC's 30% of Papua LNG when complete will be worth $10 bil+
Papua LNG has a 22% IRR - unheard of in LNG projects. It’s all about the costs.. Total very excited. Top 3 project for them
Watching expenses carefully going into recert. Cash flow fine; $240 mil cash plus $300 mil LOC less cvt paydown. Have access to debt financing if need it but won't. No drilling obligations in 2016. Carried on Ant South. Drilling cap ex could literally be zero, esp if Raptor gets carried.
On recert, his team will work with reservoir engineers for a supreme understanding of EA reefs, porosity etc.
Recent seismic has identified 3-4 excellent prospects as good as Ant South (Mule Deer?). Could some tie into EA? Unclear yet
Raptor seismic suggests growing in size. Confident now have right equip, people, techniques to apply. May not drill this year, evaluating lots of interest in Raptor for carry deal
Will not delay recert payment to drill Ant 7. Talking with Total about ways to drill it, and get paid without delaying any aspects of the project
IMPT: UBS Aug report suggesting avg 9.5 Tcf GIP was a P90 #, which was unclear in the report. Impt because IOC gets paid on P50 which of course is a higher GIP #. Plus UBS # was initial Ant 5 and before Ant 4 and other information. Believes Arun's 94% recovery is a real analogue. So P50 will be higher than 10 Tcf with possibly 90% recovery (sounding more to me like GLJ is closer to being right, in the 9 Tcf ballpark, implying a $1.5-1.7 bil payment at recert)
OSH/Pac LNG recert is the first EA mark and set for March-April. Had divergent interests before, but now both want high #s. OSH now needs to highlight EA value for Woodside discussions."
LOL
Goldmind.......STRONG SELL!
Apologize. Thanks for pointing that out!
Wrong company……this thread is for IOC (Interoil).
Imperial Oil (IMO -2.6%) has been able to lower the amount of capital reinvestment needed to sustain the business to ~C$1.2/year from C$2B a year ago, helped by shrinking supplier costs, CEO Rich Kruger says at the company’s annual investor day.
Kruger sees IMO's overall annual spending on expansion and maintenance to average ~C$2.5B ($1.9B) in the coming years as it cuts costs and slows expansion.
Canadian oil sands producers have cut budgets this year; IMO operates bitumen mining at its Kearl site, where it is aiming to reduce cash operating costs of less than C$30/bbl, in addition to its Cold Lake and Nabiye facilities as well as owning a stake in Syncrude.
InterOil (IOC +2.1%) is a rare gainer on a day oil and gas companies suffer broad losses, after reporting an appraisal well drilled at its Triceratops gas discovery in Papua New Guinea delivered strong flow test results.
IOC says the Triceratops-3 probe flowed at a rate of 17.1M cf/day of gas and 200 bbl/day of condensate, a result IOC says underscores the region's prospectivity.
The well, a joint effort between IOC and partner Pacific Rubiales (OTCPK:PEGFF), is a potential tie-back candidate to the proposed Elk-Antelope project, in which IOC is a partner.
InterOil (NYSE:IOC) says its PRL-15 joint venture has resumed work on drilling a side-track well at the Antelope-4 site, as part of its appraisal campaign on the Elk-Antelope gas field in Papua New Guinea.
IOc and partner company Total (NYSE:TOT) suspended work at Antelope-4 in May after reaching a subsea vertical depth sub-sea of 2,056 meters, or ~158 meters above the gas-water contact.
InterOil (NYSE:IOC): Q2 EPS of -$0.66 misses by $0.27.
"Research firm Zacks has rated InterOil Corporation (USA) (NYSE:IOC) and has ranked it at 1, indicating that its shares are a Outperform."
http://www.stocknewswires.com/2015/01/ioc-interoil-corporation-usa-analyst-rating-update.html
In at 38. Let's play catch the falling knife! Anyone else open up a position here today?
Wow is right. Margin calls and stop losses getting triggered like crazy.
Wow - no problems yanking the bid here - jeez
This is one of the most hated stocks right now. Being shorted like crazy. A short squeeze will happen at some point IMO.
Technically oversold to the extreme.
WTF happened after 12:30? Fell straight down almost $2...
Earnings estimates for 2013 are acceptable. Due to report on the last month of February.
ok,so they have future plans to get that product done and out,il keep watching for news here,thankyou!
The new President, Hession, made a deal with Total to sell them a portion of the NG in PRL 15 and also be co-operators of a new LNG plant to be built, if the additional appraisal wells verify that the NG previously found, is actually there and can be produced to the extent that it could provide for the requirements of the new plant.
The upfront payment came up short of what the market was expecting due to the fact that Hession stated it would be a good deal. The 30% of the plant IOC will partner with TOT was also a factor, as this had to reduce the take of TOT. Had IOC sold NG to XOM and then to TOT, the stock would likely be over 100. Right now, it is below 50 on the close today and may fall further, however, there could be a short-term rise, as it is really oversold, having been nearly cut in half since the deal was announced DEC. 6th. IMO, they should have been satisfied to just sell the NG and taken the large payouts. The LNG plant may not operate until 2020, another reason for the stock cratering. They should really try to get the PNG gov't. to agree to a FLNG. They could move the ships to each prospect as they petter out and their availabilty would cut years off the NG sales. they could get ships in a couple of years to handle a smaller volume.
is this board dead? why the drop in pps in dec?
Why doesn't anyone post on this board anymore?
Q2 Call- InterOil Corp’s CEO walks through their Q2 2013 earnings in the just held conference.
Read all about them here
http://www.earningsimpact.com/Transcript/82702/IOC/Q2-2013-Earnings-Call
what do you mean?
Must read.Sir Wilson has a degree in Economics from the University of Papua New Guinea. He is a Senior Fellow of the Corporate Directors Association of Australia, an Honorary Fellow of the PNG Institute of Banking and Business Management Inc., and a Member of the Papua New Guinea Institute of Directors Inc. He was made a Commander of the British Empire (CBE) in June 2000 and awarded a Knighthood in June 2009 by Her Majesty Queen Elizabeth II.
Isikeli ("Keli") Taureka was most recently the head of Chevron Corporation's Geothermal & Power Operations (GPO). Prior to his assignment with GPO, Mr. Taureka was the President of ChevronTexaco China Energy Company with responsibility for Chevron's oil and gas upstream activities in China. Earlier at Chevron, Mr. Taureka served in a variety of executive positions, including General Manager/Country Manager for Chevron New Guinea Limited, where he was responsible for oil operations in Papua New Guinea and Western Australia.
Before joining Chevron, Mr. Taureka was recruited by the then-Prime Minister Sir Rabbie Namaliu to manage the state-owned Post and Telecommunication Corp., a position to which he was re-appointed under the succeeding Prime Minister, Sir Julius Chan. Earlier, Mr. Taureka worked at the Bank of South Pacific Limited (BSP) as Deputy Managing Director of the joint venture, Resources Investment Finance Limited.
Mr. Taureka has a degree in Economics from the University of Papua New Guinea and is a citizen of Papua New Guinea.
Must read.Sir Wilson has a degree in Economics from the University of Papua New Guinea. He is a Senior Fellow of the Corporate Directors Association of Australia, an Honorary Fellow of the PNG Institute of Banking and Business Management Inc., and a Member of the Papua New Guinea Institute of Directors Inc. He was made a Commander of the British Empire (CBE) in June 2000 and awarded a Knighthood in June 2009 by Her Majesty Queen Elizabeth II.
Isikeli ("Keli") Taureka was most recently the head of Chevron Corporation's Geothermal & Power Operations (GPO). Prior to his assignment with GPO, Mr. Taureka was the President of ChevronTexaco China Energy Company with responsibility for Chevron's oil and gas upstream activities in China. Earlier at Chevron, Mr. Taureka served in a variety of executive positions, including General Manager/Country Manager for Chevron New Guinea Limited, where he was responsible for oil operations in Papua New Guinea and Western Australia.
Before joining Chevron, Mr. Taureka was recruited by the then-Prime Minister Sir Rabbie Namaliu to manage the state-owned Post and Telecommunication Corp., a position to which he was re-appointed under the succeeding Prime Minister, Sir Julius Chan. Earlier, Mr. Taureka worked at the Bank of South Pacific Limited (BSP) as Deputy Managing Director of the joint venture, Resources Investment Finance Limited.
Mr. Taureka has a degree in Economics from the University of Papua New Guinea and is a citizen of Papua New Guinea.
This boat is close to sailing. It could be a stock that will blow the doors off stock market. XOM needs the NG, as do the other bidders. The value of the condensate is several times the current stock value and the NG plus the 3 million net acres makes this a candidate for stock of the year. And, hardly anyone seems to realize it.
I noticed this stock always has a high premimum on the options.
bought a 500 share position @73.90....and sold 5 75 weekly calls @1.06.
im on a practice account...gonna see how this works out this week ;)
never done this before.., going to see if I can profit from this strategy to supplement my options trading ;)
InterOil Enters Into $100 Million Secured Loan Facility
Oct 16, 2012 7:07:00 AM
PORT MORESBY, Papua New Guinea and HOUSTON, Oct. 16, 2012 /CNW/ - InterOil Corporation (NYSE:IOC) (POMSoX:IOC) announced that IOC and its subsidiaries, EP InterOil and InterOil Limited, have entered into a five year amortizing $100 million secured term loan facility with BNP Paribas Singapore (BNP), Bank South Pacific Limited (BSP), and Australia and New Zealand Banking Group (PNG) Limited (ANZ).
Borrowings under the facility will be used for repayment of all outstanding amounts under the term loan granted by Overseas Private Investment Corporation (OPIC) dated June 12, 2001 (currently net after Debt Service Reserve Account at $25.4 million), and general corporate purposes. The loan is secured by InterOil's right, title and interest in the fixed assets of the Napa Napa Refinery in Papua New Guinea.
The secured loan facility bears interest at LIBOR plus 6.5%. Approval has been received from Bank of Papua New Guinea, and funding is subject to release by OPIC of all securities under the existing loan agreement, and other standard closing conditions.
InterOil is pleased to have the support and confidence of three of the largest banks operating in the South Pacific. Collin Visaggio, InterOil's CFO remarked, "We are delighted to have extended our banking relationship with BNP which has led our existing $240 million working capital facility since 2005, and strengthened our existing relationship with BSP, Papua New Guinea's largest bank, and ANZ, one of the region's largest lenders. This financing should allow us to maintain our accelerated pace of upstream activity while we complete our negotiations with the PNG State and conclude our LNG partnering process. At this stage we are pleased by the constructive dialogue with the State and the increased interest in investment in Papua New Guinea following the successful election and formation of the strongest coalition government in the country's history."
Ian Clyne, BSP Group CEO, commented, "We are proud as a Papua New Guinea bank to be involved as co-lead arranger of this international syndication, and being able to strengthen our partnership with InterOil, one of PNGs leading organisations. InterOil and BSP, are committed to this emerging nation and its local communities."
Mark Baker, ANZ CEO PNG commented: "InterOil has been a long and valued relationship of ANZ and we are pleased to extend our industry know how and balance sheet support as Mandated Lead Arranger in this transaction. As an international bank with a 100-year presence in PNG and an extensive network across Asia Pacific, we are focused on providing international financial expertise and regional specialists to support the development of key industries in PNG for the benefit of our clients and the wider community."
Pierre Joseph Costa, BNP Paribas' Regional Head for Structured Finance APAC and Japan, commented: "We are proud to be part of the changing landscape in PNG, and this loan marks a further commitment of the Bank's relationship with InterOil, whom we have been partnering with since 2005."
About InterOil
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant in Papua New Guinea.
InterOil's common shares trade on the NYSE in US dollars.
Investor Contacts for InterOil
Wayne Andrews
Meg LaSalle
Vice President Capital Markets
Investor Relations Coordinator
Wayne.Andrews@InterOil.com
Meg.LaSalle@InterOil.com
The Woodlands, TX USA
The Woodlands, TX USA
Phone: +1-281-292-1800
Phone: +1-281-292-1800
Forward Looking Statements
This press release includes "forward-looking statements" as defined in United States federal and Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements, including in particular, the use of the funds from the loan facility, and closing of the loan facility, the maintenance of the pace of upstream activity, completing negotiations with the PNG State, and concluding our LNG partnering process. These statements are based on certain assumptions made by the Company based on its experience and perception of current conditions, expected future developments and other factors it believes are appropriate in the circumstances, including the terms of the loan facility. No assurances can be given however, that these events will occur. Actual results will differ, and the difference may be material and adverse to the Company and its shareholders. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include the risk factors discussed in the Company's filings with the Securities and Exchange Commission and on SEDAR, including but not limited to those in the Company's Annual Report for the year ended December 31, 2011 on Form 40-F and its Annual Information Form for the year ended December 31, 2011. In particular, there is no established market for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or gas condensate from the Elk and Antelope fields will ultimately be able to be extracted and sold commercially.
Investors are urged to consider closely the disclosure in the Company's Form 40-F, available from us at www.interoil.com or from the SEC at www.sec.gov and its Annual Information Form available on SEDAR at www.sedar.com.
----------------------------------------------
http://www.interoil.com
IOC new trade here http://breakout-stocks.blogspot.com. I am in this one too.
PNG Government Suspends Notice
PrintAlert
Interoil Corp. (NYSE:IOC)
Intraday Stock Chart
Today : Wednesday 29 August 2012
PNG Government Suspends Notice
PR Newswire
PORT MORESBY, Papua New Guinea and HOUSTON, Aug. 29, 2012
PORT MORESBY, Papua New Guinea and HOUSTON, Aug. 29, 2012 /PRNewswire/ -- InterOil Corporation (NYSE:IOC) (POMSoX:IOC) is pleased to announce that it has received confirmation that the Independent State of Papua New Guinea has suspended the May 14, 2012 notice of intention to cancel the LNG Project Agreement between Liquid Niugini Gas Limited and the Independent State of Papua New Guinea. This suspension was previously announced by the Minister of Petroleum and Energy, the Honourable William Duma. The notice triggered a six month consultation period during which the parties were to explore steps to deal with or remedy the State's concerns.
Since the notice was received, InterOil has had constructive meetings with a number of PNG State departments, including the Department of Petroleum and Energy, the Department of Treasury and the Department of Justice. The Government has reached the stage where it has agreed on a basis for suspension of the notice. Negotiations between the Government and InterOil will continue with a view to finalizing detailed specifications of the proposed LNG Project satisfactory to the State. The suspension of the notice will remain in place until the National Executive Council has approved the final concept of the LNG project.
InterOil is very appreciative of the cooperation and assistance it has received from Minister Duma and his department in reaching this important stage, and looks forward to working with them to bring this project to fruition for the mutual benefit of Papua New Guinea, InterOil, its shareholders and partners.
About InterOil
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant in Papua New Guinea.
InterOil's common shares trade on the NYSE in US dollars.
Investor Contacts for InterOil
Wayne Andrews
Meg LaSalle
Vice President Capital Markets
Investor Relations Coordinator
Wayne.Andrews@InterOil.com
Meg.LaSalle@InterOil.com
The Woodlands, TX USA
The Woodlands, TX USA
Phone: +1-281-292-1800
Phone: +1-281-292-1800
Forward Looking Statements
This press release includes "forward-looking statements" as defined in United States federal and Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the InterOil expects, believes or anticipates will or may occur in the future are forward-looking statements, including in particular, the intention of the PNG State to terminate the Project Agreement, the ability to attract a strategic LNG partner, the ability to demonstrate compliance by InterOil of the terms of the Project Agreement, the construction and development of the proposed large scale LNG project and condensate stripping project, business prospects, strategies, regulatory developments, the ability to obtain financing on acceptable terms. These statements are based on certain assumptions made by the Company based on its experience and perception of current conditions, expected future developments and other factors it believes are appropriate in the circumstances, including the terms of the Project Agreement and the status of the LNG strategic partner search status. No assurances can be given however, that these events will occur. Actual results will differ, and the difference may be material and adverse to the Company and its shareholders. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include the risk factors discussed in the Company's filings with the Securities and Exchange Commission and on SEDAR, including but not limited to those in the Company's Annual Report for the year ended December 31, 2011 on Form 40-F and its Annual Information Form for the year ended December 31, 2011. In particular, there is no established market for natural gas or gas condensate in Papua New Guinea and no guarantee that gas or gas condensate from the Elk and Antelope fields will ultimately be able to be extracted and sold commercially.
Investors are urged to consider closely the disclosure in the Company's Form 40-F, available from us at www.interoil.com or from the SEC at www.sec.gov and its Annual Information Form available on SEDAR at www.sedar.com.
SOURCE InterOil Corporation
More IOC MessagesLatest Interoil Corp., IOC MessagesI like the prospects here. Will be posting
Jett Rink • Wed Aug 29, 2012 1:49 AM (9 hours ago)79023082
Interoil Corp. (IOC)
Fastmandoo • Tue Aug 28, 2012 10:28 PM (12 hours ago)79020195
Nice to see this trading over $80.. Lets
Fastmandoo • Tue Aug 28, 2012 9:33 AM78989540
And a good evening to you too (
Jett Rink • Tue Aug 28, 2012 12:24 AM78983251
Good Morning IOC Holders..............
Fastmandoo • Mon Aug 27, 2012 8:08 AM78945557
I would agree with you. Seems like we
Jett Rink • Mon Aug 27, 2012 2:39 AM78943697
Looking Great here.. Lotz more to come here
Fastmandoo • Sun Aug 26, 2012 6:11 PM78936428
InterOil Sets Second Quarter 2012 Conference Call Date
Jett Rink • Thu Aug 2, 2012 3:40 PM78146431
Not a shabby day today!!!! This is
novicetrader1 • Wed Aug 1, 2012 4:11 PM78090093
why? what is happening on Friday to
thebaldeagle • Wed Aug 1, 2012 3:44 PM78087598
Big pop coming on Friday.
meiharuka • Wed Aug 1, 2012 6:25 AM78060717
Go IOC!!!!!!!
novicetrader1 • Thu Jul 26, 2012 1:38 PM77900457
~ Monday! $IOC ~ Earnings posted, pending or
MACDgyver • Mon Mar 19, 2012 2:28 AM73411674
IOC Still an animal eom
Take em • Wed Jan 11, 2012 7:10 PM70785266
IOC
Take em • Fri Oct 28, 2011 6:32 PM68471185
IOC @ 43.25
$treetKing • Fri Oct 14, 2011 11:40 AM67995850
IOC=ANIMAL
Take em • Sun Oct 9, 2011 3:51 PM67821529
+7%
$treetKing • Thu Oct 6, 2011 10:46 AM67742894
IOC bouncing!!!!
$treetKing • Wed Oct 5, 2011 6:52 PM67725516
-17% - Even uglier today....down to just over
TampaTradr • Tue Oct 4, 2011 2:23 PM67674477Bookmark With :
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I like the prospects here. Will be posting more DD later this week. GLTY
Interoil Corp. (IOC)
84.13 ? 2.79 (3.43%)
Volume: 881,075 @ 5:31:42 PM ET
Nice to see this trading over $80.. Lets move to $100 now
And a good evening to you too ( delayed reply ha)
Good Morning IOC Holders..............
I would agree with you. Seems like we have a lot to look forward to you. Happy trading friend.
Looking Great here.. Lotz more to come here in SEPT
InterOil Sets Second Quarter 2012 Conference Call Date
Aug 2, 2012 10:01:00 AM
PORT MORESBY, Papua New Guinea and HOUSTON, Aug. 2, 2012 /CNW/ - InterOil Corporation (NYSE: IOC) (POMSoX: IOC), today announced that it will release financial and operating results for the second quarter of 2012 after the market closes for trading on Monday, August 13, 2012 with full text of the news release and accompanying financials available on the company's website at www.interoil.com. A conference call will be held on Tuesday, August 14, 2012, at 7:30 a.m. Central (8:30 a.m. Eastern) to discuss the financial and operating results, as well as the company's outlook.
The conference call can be heard through a live audio web cast on the company's website at www.interoil.com or accessed by dialing (612) 338-9017. A replay of the broadcast will be available soon afterwards on the website.
About InterOil
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 3.9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct an LNG plant in Papua New Guinea.
InterOil's common shares trade on the NYSE in US dollars.
Investor Contacts for InterOil
Wayne Andrews
Meg LaSalle
Vice President Capital Markets
Investor Relations Coordinator
Wayne.Andrews@InterOil.com
Meg.LaSalle@InterOil.com
The Woodlands, TX USA
The Woodlands, TX USA
Phone: +1 281-292-1800
Phone: +1 281-292-1800
----------------------------------------------
http://www.interoil.com
Not a shabby day today!!!! This is shaping up nicely. Have held this stock for roughly 2 years, this is what we have been waiting for.
why? what is happening on Friday to cause the "big pop"
Big pop coming on Friday.
~ Monday! $IOC ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $IOC ~ Earnings expected on Monday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=IOC&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=IOC&p=W&b=3&g=0&id=p54550695994
~ Google Finance: http://www.google.com/finance?q=IOC
~ Google Fin Options: hhttp://www.google.com/finance/option_chain?q=IOC#
~ Yahoo! Finance ~ Stats: http://finance.yahoo.com/q/ks?s=IOC+Key+Statistics
~ Yahoo! Finance ~ Profile: http://finance.yahoo.com/q/pr?s=IOC
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InterOil Corporation, through its subsidiaries, develops a vertically-integrated energy company in Papua New Guinea. InterOil conducts its operations through three segments: Exploration and Production, Refining and Marketing, and Wholesale and Retail Distribution. The Exploration and Production segment engages in the exploration and production of crude oil and natural gas. It owns four exploration licenses and two retention licenses in Papua New Guinea covering approximately eight million acres. The Refining and Marketing segment operations include the refining of crude oil and the marketing of refined products. The Wholesales and Retail Distribution segment engages in the bulk storage, transportation, distribution, wholesaling, and retailing of refined petroleum products in Papua New Guinea. It distributes diesel, jet fuel, gasoline, and fuel oil, as well as commercial and industrial lubricants, such as engine and hydraulic oils. InterOil was founded in 1990 and is based in Cairns, Australia.
The gas discovery in New Guinea is only the beginning for this company.
LNG is the future...
http://www.marketoracle.co.uk/Article9900.html
InterOil (IOC) is a Canadian integrated (exploration assets, refinery, near distribution monopoly) located in Papua New Guinea [PNG]. After having struck two earlier profusely flowing natural gas and liquids wells (flowing at 102 and 105MMcf/d respectively), they hit an absolute killer with Antelope1, which flowed at a whopping 382MMcf/d.
http://stockcharts.com/h-sc/ui?s=$NATGAS&p=W&yr=3&mn=0&dy=0&id=p86865833252
Record well
Summing up a few findings:
Let’s put that in perspective
Just three wells flow 600MMcf/d, more than enough to supply the daily needs of an LNG facility. This is roughly equivalent to the daily productivity of Southwestern Energy (SWN), enterprise value of 10.5 billion. It is larger than the daily production of Ultra Petroleum (UPL), enterprise value of roughly $6 billion. The record-breaking well by itself has larger daily production than the entire corporation of Range Resources, enterprise value $7.3 billion.
And all that with just three wells, with seismics indicating plenty of potential left for more. This leads to another important point, how InterOil’s location and quality of its resource provides it with a large cost advantage over most competitors for the most lucrative LNG market in the world, Asia Pacific.
Cost advantages
PNG is located next to the world’s most lucrative LNG market, Asia Pacific. PNG is a very low cost location, and has a rather business friendly regulation, which put resources located here at a considerable advantage.
Australia has emerged as the next big LNG play for Asia Pacific, but its labour, tax, and regulation costs are a multiple of those in PNG, yet tens of billions of dollars are going into these Australian coal seam projects even in today’s low energy and credit constrained environment.
And where InterOil can supply a LNG facility from just three wells, coal seam gas projects need to drill, treat, and man literally thousands of wells.
InterOil’s planned LNG facility is estimated at just $5-7 billion, low for international standards. Even a rival comparable project on the same cheap PNG location, led by OilSearch and Exxon (XOM) is budgeted at $11-12 billion for a 6.3 million tonne per annum facility. (InterOil’s facility will have a capacity of 6-9M tonne).
The InterOil project is cheaper because the gas comes from a single resouce and, unlike OilSearch, important infrastructure is already in place. InterOil does not have to build a harbor, housing, power facilities, water facilities, deep water jetty system, InterOil already has land rights, and their pipeline is less than half the distance and is not in the mountainous terrain of the highlands (like Exxon / OilSearch’s).
What will happen next?
1) Determining the condensate ratio at depth and looking for oil
This will be done by side-tracking Antelope1 and proceed with three DST tests for the condensates, which increase with depths, and oil, within the next 30 days.
The first three DST tests will not deliver a ‘wow’ factor, their aim is to find out the gas / condensate ratio at different depths. This is a necessary task for getting a grip on designing the best way to produce these condensates.
A wow factor might come from the last DST test, specifically to test an interval where there might be oil. CSIRO, the famed Australian engineering bureau, has commented that the gas is likely to come from an oil system, so there is a reasonable chance there is oil somewhere in Antelope.
However, oil has a habit of migrating to unexpected places, so actually locating it might be problematic.
2) Reserve reports
These might not provide much ‘wow’ factor either, as these reports tend to concentrate on what can be proven now, not on how much more there might very well be (according to seismics), so they have a conservative bias and are unlikely to come close to the numbers going around on the boards (6-12Tcf) or InterOil (11Tcf).
Getting reserves on the books is significant, InterOil doesn’t have any now and exploration companies are mostly valued on their reserves. Also, any reasonable doubt about whether InterOil has enough gas to support an LNG facility will disappear.
3) Selling up to a 25% stake
After preliminary discussions with major oil companies, national oil companies and international natural gas utilities, Interoil and its advisors will determine the most suitable industry farm-in to acquire up to 25% interest in its LNG assets. InterOil has retained the services of BNP Paribas (BNPQY.PK) and ABN Ambro (ABN) as advisors.
There is no shortage in potential partners, two categories are most likely, Asian utilities and big oil companies. The latter are looking to add reserves in a world where more and more resources are nationalized, the former are trying to secure long-term energy supplies as a matter of national security.
Both parties have long-term horizons and deep pockets and the extraordinary economics of their Elk / Antelope discovery ensure that it’s one of the most competitive natural gas resources to develop. Getting the gas condensates out would improve the economics even more, as it provides early cash-flow, further derisking the project.
Valuation
Raymond James in a recent research report used two valuation methods, a net asset valuation [NAV], and comparing it with similar deals.
For the NAV exercise, they used the following assumptions: 6.9Tcf of gas , 60% working interest, 50% risk factor, $0.75/Mcf multiple, very conservative in the light of “Asia’s premium priced (typically $10+/Mcf) LNG market and valuations in the depressed U.S. gas market (typically $1.50 to $2/Mcf) and 69MMBbls of condensates at $10 per barrel and risked the same way.
They arrive at a NAV of $55.52 per share, roughly 2.5 times current prices, with substantial upside to both the amount of gas, its valuation, and reducing the risk factor (with independent reserve reports).
Perhaps even more interesting was Raymond James comparing a possible InterOil deal with Nippon Oil buying AGL’s 3.6% stake in the PNG exploration interest and LNG facility planned by OilSearch and Exxon, for $800 million last December.
Arguing InterOil’s assets are comparable to those for sale in the above transaction, a 25% stake would fetch $5+ billion and put the enterprise value at a whopping $22 billion. All this suggests that, longer-term, this stock can only move in one way, and that is up.
With regards to:
Resources known (only for the Elk-wells, net pay of 127 feet. Antelope is not included here and has a net pay thickness 16 times more, 2068 feet !) ;
Friday 27 march 2008
Case | ||||||||||||
As at December 31, 2008 | Low | Best | High | |||||||||
Contingent Gas Resources (Tcf) | 1.3 | 1.9 | 2.6 | |||||||||
Contingent Condensate Resources (MMBbls) | 20.4 | 33.0 | 48.9 | |||||||||
Contingent Resources MMBOE | 235.7 | 351.3 | 487.8 |
* | 55.67% Working Interest assumes all IPWI Investors and the State elect to fully participate after a Production Development License has been granted. |
gas: 1.9 tcf x $2,00 = $3.571.326.000
condensate: 33MMBbls x $10,00 = $330.000.000
total: $ 3.901.326.000
and for 36.5MM shares this should be a rough guess of $106.88 per share
http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000950129%2D09%2D001048%2Etxt&FilePath=%5C2009%5C03%5C27%5C&CoName=INTEROIL+CORP&FormType=40%2DF&RcvdDate=3%2F27%2F2009&pdf=
Monday April 6, 2009
http://finance.yahoo.com/news/InterOil-Recovers-Oil-From-iw-14855431.html
analyst: Pavel Molchanov
"...* An important point to underscore is that our risked NAV/share of $55.93 (detailed in our March 30 comment) - nearly twice the current share price - gives credit only for natural gas and condensate resource based on the year-end 2008 independent reserve report. The NAV does not give any credit for prospective oil resource, so any such resource represents pure option value - the proverbial "icing on the cake"...."
Monday September 14, 2009
InterOil Issues Statement Regarding Proposed LNG Project in Papua New Guinea
Company Pleased with Support Received from Prime Minister and Minister for Petroleum and EnergyInterOil LNG Project Expected to Generate Competitive Economic Returns and Create Thousands of New Jobs and Economic Benefits for Papua New GuineaIndependent Resource Evaluations from GLJ Petroleum Consultants Ltd. and Knowledge Reservoir Provided to Papua New Guinea Officials
http://finance.yahoo.com/news/InterOil-Issues-Statement-prnews-3096485846.html?x=0&.v=1
Friday, 20 november 2009
antelope 2 well: potential confirmed.
This presentation tells it all:
http://www.interoil.com/presentation/2009-11-19_Presentation_Bernstein_Asia_Pac_E_CC_final.pdf
GOVERNMENT OF PAPUA NEW GUINEA SIGNS
INTEROIL’S LNG PROJECT AGREEMENT
GOVERNMENT OF PAPUA NEW GUINEA TO TAKE 22.5%
Cairns, Australia and Houston, TX -- December 23, 2009
(POMSoX: IOC) today announced that the PNG National Government has signed the Company’s Project
Agreement for the construction of a liquefied natural gas (LNG) plant in Papua New Guinea.
Following approval of the Project Agreement by the National Executive Council on December 10,
the Minister for Petroleum Hon William Duma and acting Governor-General Dr Allan Marat signed the
Agreement securing PNG’s second LNG project. The signing was witnessed by the Prime Minister Sir
Michael Somare. The Agreement sets fiscal terms for a twenty year period, which include a 30%
company tax rate and certain exemptions applicable to large scale projects of this nature. It also provides
for a 20.5% ownership stake to be held by the Government of Papua New Guinea’s nominee, Petromin
PNG Holdings Limited. A further 2% ownership stake will be taken by landowners directly affected by
the plant.
As previously announced, the proposed LNG project would be developed by InterOil and its joint
venture partners Pacific LNG Operations Ltd. and Petromin PNG Holdings Limited. The project targets a
$5 to $7 billion LNG facility, with multiple trains. Additionally, the Agreement provides for the
expansion of the plant up to 10.6 million tons per annum (mmtpa). While current plans call for first
production of LNG towards the end of 2014 or beginning of 2015, InterOil is progressing a proposed
liquids stripping plant, to be located in Gulf Province, in late 2011/early 2012, which would provide an
attractive revenue stream prior to the commissioning of the LNG plant.
Sir Michael Somare, Prime Minister of Papua New Guinea, stated, “The government of Papua
New Guinea, through its long standing partnership with InterOil, has secured an ownership stake across
the entire value chain from wellhead to LNG offtake in a world class energy development project that will
significantly contribute to national prosperity and fiscal security for many years to come. The national
equity interest, to be held by the state’s nominee Petromin PNG Holdings Limited, aligns the Country’s
economic interests with its partners and provides strategic assets for national security.”
-- InterOil Corporation (NYSE: IOC)
ANTELOPE-2 REACHES TOTAL VERTICAL DEPTH,
PREPARATIONS FOR HORIZONTAL EXTENSION UNDER WAY
Cairns, Australia and Houston, TX -- February 01, 2010 -- InterOil Corporation (NYSE:
IOC) (POMSoX: IOC)
(TVD) at 8,087 feet (2,465 meters) with preparations now in place to drill a horizontal extension. The last
328 feet (100 meters) drilled is currently being logged and evaluated. Previously, the Company had
logged and performed drill stem tests (DST’s) #3 and #3-A to a maximum depth of 7,760 feet (2,365
meters), an increase of 131 feet (40 meters) since DST#2 was reported on January, 11 2010.
today announced that it has drilled the Antelope-2 well to total vertical depth
Key results derived from the Antelope-2 well to date include:
1) 1,729 feet (527 meters) hydrocarbon column height.
2) Hydrocarbons encountered 361 feet (110 meters) higher than pre-drill estimates.
3) Confirmed increasing condensate-to-gas ratio with depth.
4) Average porosity of 13%, a 48% increase over Antelope-1.
5) Net to gross of 70.7%, a 5.6% increase over Antelope-1.
6) Identified zone of interest for horizontal extension,
7) Average porosity in zone of interest increased 34% over the comparable zone in Antelope-1.
8) Extension of reef facies 2.3 miles from Antelope-1.
Preliminary log and test results to 8,087 feet (2,465 meters) confirm a continuous hydrocarbon
column of 1,739 feet (530 meters) down to a water contact estimated at 7,760 feet (2,365 meters). These
results indicate a zone of interest above 7,700 feet (2,347 meters), which will be the target of the planned
horizontal extension. The objectives of the horizontal are to: 1) test fluid content, 2) test flow capacity, 3)
test the lateral variability of reservoir, and; 4) evaluate the hydrocarbon content away from invasion of
any drilling fluids lost to the formation during drilling
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