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IOC @ 43.25
-17% - Even uglier today....down to just over $32. If the market ever settles this one will be a money maker, IMO
-18% - Below $40
43.72, -10.35%
Amazing that there is so much chatter on the yahoo boards about this, but not much going on here. Any current views on IOC? Anyone know this well enough to really understand if there's a short-term expectation on FID?
http://www.interoil.com/quarterly.asp
2011- Q1 at top of page
IOC is a top performer for stock holders.
Thanks for posting this. Great info.
Conference call this morning was positive. I think the
analyst are way off base on this one. Expect to see analyst
adjust their reporting as IOC did exceptionally well...
They made millions... as oppose to losing.
Hopefully it keeps that up!
onward and upward
Great accomplishments this year.
2010 Achievements
Increased Certified Resources in the
Elk/Antelope fields with GLJ from 4.7 to 10.6
Tcf of Gas-in-Place
Enhanced the understanding of the Antelope
reservoir with 2 horizontal wells drilled from
Antelope 2 well along with significant
geoscience and engineering programs
Completed the 100km Appraisal Seismic
program
Exploration seismic shot over Bwata and
Wolverine prospects
Partnership with Mitsui and progressed
works on Condensate Stripping plant
Progressed licensing of the CSP and
developed a licensing group to oversee this
function for the Upstream and Mid-stream
Construction business has put us in a
position to initiate early works to reduce risk
and overall capital costs
Acquisition of Rig 3
http://www.interoil.com/fieldtrip.asp
New presentations from the PNG Field Trip - November 20, 2010
I will be watching it closely over the next couple weeks to look for buying opportunities. Wish I had your shares though :)
Yes saw you today on the board over there, I'm in from $1 and a bit end have been buying more on the way up with an average around $1,65. I think its a good opportunity.
Yes I have been looking at investment there recently.
No worries!
You're also aware off Hyperdynamics HDY?? Very interesting!! You can find lots of info on this board. And from there site.
GL
Excellent thanks for the link and I couldn't agree with you more.
I'm going to stay for a while, big chance that deals for take off should come in at the end of this year. They have a big plot of land with numerous prospects, Asia is around the corner and need LNG.
You should visit http://shareholdersunite.com they have a lot of info.
GL
Ries
New base build around $80 could make a run for $100 by first or second quarter. What do you make of the buy out potential?
Raymond James on the share offering, and Monnes Crespi Hart & co research
November 5th, 2010
First, fresh from RJ:
InterOil Corp. – Outperform 2
Companies Mentioned – IOC
IOC: Equity Raise a Near-Term Distraction but Supports LNG Partnership Strategy
Analyst(s): Pavel Molchanov
[Industry Classification: Energy/Exploration and Production]
* InterOil announced yesterday that it is raising up to $280 million of capital in a public, fully underwritten transaction. The exact split between convertible debt and equity has yet to be decided, but the bulk is expected to be equity. At yesterday’s closing price, this suggests issuance of roughly 3 million shares, which equates to dilution in the range of 7%. For some perspective, InterOil’s last equity raise in June 2009 was a private placement of just over 2 million shares at a price of $34.98.
* At the outset, we want to underscore that nothing has changed with regard to the condensate-stripping transaction with Mitsui. We make this point because language in the press release announcing the capital raise – specifically, a discussion of the use of proceeds – could theoretically be misconstrued to suggest that InterOil must cover the capital cost of the condensate-stripping plant. That is definitely not the case. Under the terms of the previously signed agreement, Mitsui remains responsible for 100% of the capital cost for the plant (while getting 50% of the economics), with InterOil paying for the pipeline and some other ancillary costs. The project is on track for a final investment decision by March 31, 2011.
* Management’s rationale for doing this capital raise is straightforward. At a time when the company is knee-deep in negotiations with prospective LNG strategic partners, it is vital to project strength rather than weakness – basic Dealmaking 101. With this in mind, the balance sheet takes on particular importance. Recall, as of June 30, InterOil had cash and equivalents of only $51 million, and that number is trending down rather than up, because the company’s exploration program easily outspends the cash flow generation of the refinery and retail businesses. When prospective partners see InterOil’s current liquidity position, some may well conclude – wrongly – that the company is desperate to sign a deal, and of course this would adversely affect the multiple of any resource monetization. Because InterOil’s first-ever monetization inherently sets a marker, a number that will be remembered for years to come, the company does not want to be in a position where potential partners might be inclined to take advantage of it.
* We certainly recognize that some investors will be surprised and disappointed by this capital raise. We expect the shares to pull back today. Dilution is rarely pleasant, but sometimes it’s a necessary evil. We believe this is one of those times. And it’s also worth pointing out that InterOil’s management is putting money where its mouth is – it has committed to buy $44 million (14%) of the total $280 million raise, leaving its ownership stake in the company essentially unchanged. In view of this fact, and the logic for beefing up the balance sheet as part of the LNG partnership strategy, we reiterate our Outperform rating.
This is from; www.sharholdersunite.com
GL, Ries
RUMOR!!
http://shareholdersunite.com/2010/09/15/rumor-interoil/
First a rumor, then a confirmation on timelines from a RJ report
September 15th, 2010 · No Comments
Interesting times for InterOil…
The rumor is for a $110 per share take-over from Sinopec. We REALLY don’t know what to make of that
Second, in a RJ conference, datelines for monetization were confirmed:
IOC: RJ Conference Presentation Affirms Plans for LNG Deal by Year-end
InterOil presented today at Raymond James’ 6th Annual European Investors North American Equities Conference in London, England. While the company remains understandably reluctant to share details about the ongoing liquefied natural gas (LNG) negotiations, management expressly reaffirmed the previously laid out timeline — at least one strategic LNG partnership, including resource monetization, by year-end 2010. With the shares having spent most of the past six months within a $45 to $65 trading range, the market is clearly somewhat skeptical about the prospect of an LNG deal in the next 100 days, but management confirmed that the process is on track to meet the year-end target.
Similarly, the final investment decision (FID) for the condensate stripping plant with Mitsui is also on track to be reached by March 31, 2011. Of note, InterOil recently received $6.25 million from Mitsui to secure the option for Mitsui to acquire a stake in the LNG project.
Above and beyond the “main” (onshore-based) LNG project, in recent months InterOil has increasingly highlighted the opportunity for a fixed floating LNG plant as well. There are six consortiums looking at this option in Papua New Guinea, and InterOil has had discussions with all of them. The advantage of this concept is its speed to market: first LNG deliveries would be realistic in 2013/14 (versus 2015/16 for onshore LNG), which means start-up would be essentially concurrent with the condensate stripping plant. This would avoid the expense of having to build a separate gas injection pipeline to return the dry gas back into the reservoir. Perhaps the most interesting comment from management regarding floating LNG is that the related project agreement should be signed prior to the “main” LNG agreement, which clearly implies both being signed by year-end. Another important point is that InterOil would not incur any upfront capital costs for the floating LNG plant itself; it would only have to cover the cost of the gas pipeline to the coast, which is estimated at $100-200 million.
On the operational front, Antelope-2 is finally approaching its conclusion after more than a year. The second horizontal sidetrack is currently being drilled, with the objective being to identify the water contact point. Three drill stem tests (DSTs) are planned for this second sidetrack, and based on the current timeline we think that Antelope-2 should fully wrap up by the end of October. The rig will then move to drill Antelope-3. Beyond that, Bwata is expected to be the next prospect, and by that point, the company’s second rig (which recently arrived from New Zealand) should finally be deployed.
GL
Ries
http://holdings.nasdaq.com/asp/Institutional.asp?FormType=Institutional&SortBy=shares_held&Descending=D&strFilter=T&selected=IOC&symbol=IOC&PageNum=1
Nice the big guys are taking some more stocks.... the float is starting to dry up, so the shorts are going to have a problem...
http://www.shortsqueeze.com/?symbol=ioc
greetz Ries
InterOil Announces Second Quarter Financial and Operating Results
Date : 08/16/2010 @ 4:00PM
Source : PR Newswire
Stock : Interoil Corp. (IOC)
Quote : 65.27 0.45 (0.69%) @ 4:31PM
InterOil Announces Second Quarter Financial and Operating Results
Finaly some good news with a nice 9,9% rise!!
InterOil Corporation (NYSE: IOC) today announced that a Joint Venture Operating Agreement ("JVOA") for the Company's proposed Condensate Stripping Plant ("CSP") has been finalized with Mitsui & Co., Ltd. ("Mitsui"). The JVOA sets out the rights and obligations of the participants of the joint venture to develop a CSP at InterOil's Elk and Antelope field site in Gulf Province, Papua New Guinea. The JVOA replaces the preliminary joint venture works agreement announced in April 2010.
InterOil and Mitsui also executed an Option Deed. After reaching final investment decision on the CSP, Mitsui has options to acquire interests of up to a 5% in the Elk and Antelope fields and in the liquefied natural gas (LNG) Project on equal terms, yet to be determined, to those agreed with a future industry partner, as follows:
After mechanical completion of the CSP, Mitsui has a right to convert its contributed investment in the CSP into a 2.5% interest in the Elk and Antelope fields and the proposed LNG Plant.
Mitsui also has conditional rights under a separate call option to purchase an additional 2.5% interest in the Elk and Antelope fields and the proposed LNG Plant.
Certain regulatory approvals will be required from the Papua New Guinea State for the options to be effective.
Joint Venture Operating Agreement
Under the JVOA, InterOil and Mitsui will each have a 50% ownership stake, before the State of Papua New Guinea's statutory right to acquire up to 22.5% in the CSP. An InterOil subsidiary is the operator under the joint venture. InterOil expects that the CSP will be designed to process approximately 400 million standard cubic feet per day (mmscf/day) of wellhead gas with an anticipated yield of approximately 9,000 barrels (bbls) of condensate per day. Dry gas may be reinjected into the reservoir for storage depending on the timing of the development of the proposed LNG Plant. The condensate is expected to be barged to the InterOil refinery in Port Moresby for processing and sale.
The wells and condensate transport from the CSP (located approximately 30 km southwest of the fields adjacent to the Purari River) will be the responsibility of the owners of the Elk and Antelope fields, including InterOil and its upstream partners. The capital cost for the CSP is currently estimated at $550 million, with approximately $32 million of this being expended for front end engineering design. Mitsui will be responsible for arranging or providing financing for the capital costs of the plant.
Final Investment Decision by the JVOA partners is expected by the end of March 2011, following completion of engineering and design work, financing agreements and further regulatory approvals. The CSP facilities are projected to be operational no later than mid-2013. In the event that a positive Final Investment Decision is not reached or made, InterOil will be required to refund Mitsui's capital expenditure incurred within a specified period and the option and conversion deeds will be terminated.
Phil Mulacek, Chief Executive Officer of InterOil, commented, "Since April, front end engineering and design studies have been ongoing and we have now concluded certain definitive agreements with Mitsui for the CSP and Mitsui's right to acquire up to 5% in the Elk and Antelope fields and the proposed LNG project. We welcome Mitsui as our partner, and are very pleased with the progress made in the development of our CSP, which we expect will enable us to monetize our Elk and Antelope liquid resources. This is a key step in the monetization of our natural gas resources through LNG."
No worries, just find IOC an interesting company and opportunity!!
Thanks Ries!
- Report of Foreign Issuer (6-K)
Date : 03/31/2010 @ 6:05AM
Source : Edgar (US Regulatory)
Stock : (IOC)
Quote : 73.06 3.31 (4.75%) @ 7:55AM
- Report of Foreign Issuer (6-K)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2010
Commission File Number: 001-32179
INTEROIL CORPORATION
(Exact name of registrant as specified in its charter)
THE YUKON TERRITORY, CANADA
(State or other jurisdiction of incorporation or organization)
60-92 COOK STREET
PORTSMITH, QLD 4870, AUSTRALIA
(Address of principal executive offices)
Registrant’s telephone number, including area code: (61) 7 4046 4600
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F v
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No v
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
INTEROIL CORPORATION
By: Anesti Dermedgoglou
Vice President Investor Relations
Date: March
INTEROIL CORPORATION
FORM 6-K FOR THE MONTH OF MARCH 2010
Exhibit Index
1) NEWS RELEASE – INTEROIL RESPONDS TO ALLEGATIONS
April 6, 2010 11:35 AM EDT
Shares of InterOil (NYSE: IOC) have moved up sharply in the last few minutes of trading as we are hearing that Morgan Stanley's Evan Calio has named the stock a "Long Research Tactical Idea." Trading in negative territory before the analyst call hit the wires, InterOil shares are now up 4.4% to around $72.81.
Calio has been a Pollyanna in InterOil shares for quite some time now; Morgan Stanley has maintained an Overweight rating on the stock since it initiated coverage late last year, all the while raising the stock's price target to a whopping $120. Even with the stock's recent 25% rise from the end of March (in just six trading sessions), Calio's price target still suggests potential upside of about 65%.
www.streetinsider.com
InterOil Responds to Allegations
Date : 03/29/2010 @ 9:44AM
Source : PR Newswire
Stock : Interoil Corp. (IOC)
Quote : 62.66 0.65 (1.05%) @ 7:52AM
InterOil Responds to Allegations
InterOil Responds to Allegations
PR Newswire
CAIRNS, Australia and HOUSTON, March 29
CAIRNS, Australia and HOUSTON, March 29 /PRNewswire-FirstCall/ --
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) believes that allegations made in an article concerning certain litigation which has been ongoing in Texas since 2005, have been raised now in an attempt to divert attention from the successful operations of the company. Operations conducted by the company which were evaluated by independent engineering evaluations consultants, GLJ Petroleum Consultants Ltd., resulted in an increase in our gross best case contingent resources estimate by 889 million barrels of oil equivalent resources, to a revised total of 8.2 tcf of natural gas and 156 million barrels of condensate, in the past fiscal year. The article was timed to benefit recent short selling activities. The "short" interest in InterOil increased to 3,548,056 shares in mid-March.
InterOil's policy is to not provide commentary on ongoing litigation beyond the description of it appropriately and consistently set forth in our Annual Information Statement and Form 40-F available on our website or from the SEC. In our Annual Information Form (AIF), filed on March 1, 2010 the Company continued to disclose that Company's Chief Executive Officer, Phil Mulacek, and his controlled entities Petroleum Independent & Exploration Corporation and P.I.E. Group, LLC, together with the Company and certain of its subsidiaries, are defendants in Todd Peters, et. al. v. Phil Mulacek et. al.; Cause No. 05-040-03592-CV; pending in the 284th District Court of Montgomery County, Texas (see page 43). Appropriate details concerning this long running action are provided.
InterOil and its subsidiaries were not party to, nor otherwise involved in, the Nikiski Partners filing referenced in the article.
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 on a site adjacent to InterOil's refinery in Port Moresby, Papua New Guinea.
InterOil's common shares trade on the NYSE in US dollars.
Investor Contacts for InterOil:
Wayne Andrews
Anesti Dermedgoglou
V. P. Capital Markets
V.P. Investor Relations
Wayne.Andrews@InterOil.com
Anesti@InterOil.com
The Woodlands, TX USA
Cairns Qld, Australia
Phone: +1-281-292-1800
Phone: +61 7 4046 4600
Media Contact for InterOil:
Andrea Priest/Ed Trissel
Joele Frank, Wilkinson Brimmer Katcher
Phone: +1-212-355-4449
Resource Information
InterOil currently has no production or reserves as defined in Canadian NI 51-101 or under the definitions established by the United States Securities and Exchange Commission. The resources information set forth in this press release is based on the GLJ Report and is a summary of information to be included in the Statement of Resources and Other Oil and Gas Information of InterOil for the year ended December 31, 2009, which will be prepared in accordance with NI 51-101 and will be included in InterOil's annual information form for the year ended December 31, 2009, a copy of which will be filed on SEDAR (www.SEDAR.com) and on InterOil's website (www.interoil.com).
Contingent resources are those quantities of natural gas and condensate estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. The economic status of the resources is undetermined and there is no certainty that it will be commercially viable to produce any portion of the resources. The following contingencies must be met before the resources can be classified as reserves:
Sanctioning of the facilities required to process and transport marketable natural gas to market.Confirmation of a market for the marketable natural gas and condensate.Determination of economic viability.Although a final project has not yet been sanctioned, pre-Front End Engineering and Design (FEED) studies are ongoing for liquid natural gas (LNG) and condensate stripping operations as options for monetization of the gas and condensate.
The "low" estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. With the probabilistic methods used, there should be at least a 90 percent probability (P90) that the quantities actually recovered will equal or exceed the low estimate. The "best" estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. With the probabilistic methods used, there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best estimate. The "high" estimate is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. With the probabilistic methods used, there should be at least a 10 percent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.
The accuracy of resource estimates are in part a function of the quality and quantity of the available data and of engineering and geological interpretation and judgment. Other factors in the classification as a resource include a requirement for more delineation wells, detailed design estimates and near term development plans. The size of the resource estimate could be positively impacted, potentially in a material amount, if additional delineation wells determined that the aerial extent, reservoir quality and/or the thickness of the reservoir is larger than what is currently estimated based on the interpretation of the seismic and well data. The size of the resource estimate could be negatively impacted, potentially in a material amount, if additional delineation wells determined that the aerial extent, reservoir quality and/or the thickness of the reservoir are less than what is currently estimated based on the interpretation of the seismic and well data.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ration of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Forward-Looking Statements
This press release may include "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 statements concerning drilling and testing of the Antelope-2 well and the drilling and testing of an associated horizontal well. 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. 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 described in the company's filings with the Securities and Exchange Commission and SEDAR, including but not limited to those in the Company's Annual Report for the year ended December 31, 2009 on Form 40-F and its Annual Information Form for the year ended December 31, 2009. In particular, there is no guarantee that further issues will not be encountered or that the Company will be able to complete the horizontal well within the time anticipated or at all.
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 and its Annual Information Form available on SEDAR at www.sedar.com, including in particular the risk factors discussed in the Company's filings.
We currently have no reserves as defined in Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. All information contained herein regarding resources are references to undiscovered resources under Canadian National Instrument 51-101, whether stated or not.
SOURCE InterOil Corporation
InterOil announces year-end 2009 gross best case resource estimate of 1.52 billion barrels of oil equivalent (IOC) 66.97 : Co announces the details of the independent engineering evaluations prepared by GLJ Petroleum Consultants, which evaluated the resources at the Elk/Antelope field in Papua New Guinea effective as at December 31, 2009, and was prepared in accordance with the definitions and guidelines in the COGE Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (NI 51-101). The GLJ Report provides a best case estimate of 8.2 trillion cubic feet of natural gas and 156.5 million barrels of condensate. This compares to the year-end 2008 best case contingent resources estimate of 3.4 Tcf of natural gas and 59.3 MMBbls. This amounts to a 141% percent increase from 631 million barrels of oil equivalent to 1.52 billion barrels of oil equivalent.
Posted by: Ries
In reply to: None Date:2/9/2010 10:35:24 AM
Post #128 of 128
http://www.streetinsider.com/Corporate+News/InterOil+(IOC)+Announces+$4.5M+Purchase+of+Second+Rig/5321121.html
February 9, 2010 7:53 AM EST
InterOil Corporation (NYSE: IOC) today announced it has purchased a second drilling rig. The 1,500 horsepower heliportable "triple" rig with top drive was originally built by Parker Drilling. Total cash consideration for the rig and an extensive inventory of drilling and oil field service equipment, currently located in New Zealand, is NZD $6.5 million (approximately US$4.5 million).
Rig specifications:
OIME SL-1500 horsepower heliportable "triple" rig.
Tesco 500 ton top drive.
Two 1,300 hp mud pumps, both 5 inch and 3 1/2 inch drill pipe.
60 ton crane and 40 ton all terrain crane.
The new rig is capable of drilling to 16,500 vertical feet and of drilling longer horizontal sections than our current rig. The added depth capacity of this rig, in addition to the top drive system, is expected to add flexibility and efficiency to our drilling operations. The additional rig is not only suitable for development of the Elk/Antelope field, but also adds increased depth capacity and well design versatility to our exploration program. The rig is capable of tripping drill pipe in "triples," which InterOil believes will lead to significantly shorter drilling times. Two rigs in the field are expected to add efficiency to our overall drilling operations as many of the services and equipment can be shared across both rigs.
The Company anticipates moving the rig to PNG in the 2nd quarter, following completion of the transaction and refurbishment of tubular and other rotating equipment.
Phil Mulacek stated, "We are very satisfied with the acquisition of the InterOil's second rig which is outstanding in terms of design and capabilities and is particularly well suited for operations in the area in which our development and exploration activities are being conducted."
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http://www.streetinsider.com/Corporate+News/InterOil+(IOC)+Announces+$4.5M+Purchase+of+Second+Rig/5321121.html
February 9, 2010 7:53 AM EST
InterOil Corporation (NYSE: IOC) today announced it has purchased a second drilling rig. The 1,500 horsepower heliportable "triple" rig with top drive was originally built by Parker Drilling. Total cash consideration for the rig and an extensive inventory of drilling and oil field service equipment, currently located in New Zealand, is NZD $6.5 million (approximately US$4.5 million).
Rig specifications:
OIME SL-1500 horsepower heliportable "triple" rig.
Tesco 500 ton top drive.
Two 1,300 hp mud pumps, both 5 inch and 3 1/2 inch drill pipe.
60 ton crane and 40 ton all terrain crane.
The new rig is capable of drilling to 16,500 vertical feet and of drilling longer horizontal sections than our current rig. The added depth capacity of this rig, in addition to the top drive system, is expected to add flexibility and efficiency to our drilling operations. The additional rig is not only suitable for development of the Elk/Antelope field, but also adds increased depth capacity and well design versatility to our exploration program. The rig is capable of tripping drill pipe in "triples," which InterOil believes will lead to significantly shorter drilling times. Two rigs in the field are expected to add efficiency to our overall drilling operations as many of the services and equipment can be shared across both rigs.
The Company anticipates moving the rig to PNG in the 2nd quarter, following completion of the transaction and refurbishment of tubular and other rotating equipment.
Phil Mulacek stated, "We are very satisfied with the acquisition of the InterOil's second rig which is outstanding in terms of design and capabilities and is particularly well suited for operations in the area in which our development and exploration activities are being conducted."
Interesting...
"Be kinder than necessary, for everyone you meet is fighting some kind of battle."
InterOil to Participate in Presentation Hosted by Morgan Stanley
Date : 02/01/2010 @ 7:28PM
Source : MarketWire
Stock : InterOil Corporation (IOC)
Quote : 66.65 3.97 (6.33%) @ 5:17PM
InterOil to Participate in Presentation Hosted by Morgan Stanley
CAIRNS, AUSTRALIA AND HOUSTON, TEXAS -- (Marketwire) -- 02/01/10 --
InterOil Corporation (NYSE: IOC) (POMSoX: IOC) today announced that it will participate in a presentation hosted by Morgan Stanley on Tuesday, February 2, 2010 at 10:30 am ET. Presenters will include Phil Mulacek, Chief Executive Officer of InterOil, Wayne Andrews, Vice President, Capital Markets of InterOil, and Henry Aldorf, President of Pacific LNG and a Director of Liquid Niugini Gas Ltd
The presentation can be monitored by dialing +1-877-415-3180 in the U.S. and +1-857-244-7323 outside of the U.S. The conference ID is 30525805
An audio replay of the presentation can be accessed beginning February 2, through February 16, 2010 by dialing +1-888-286-8010 in the U.S. and +1-617-801-6888 outside of the U.S. The access code is 71771683
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 on a site adjacent to InterOil's refinery in Port Moresby, Papua New Guinea
InterOil's common shares trade on the NYSE in US dollars
Contacts: InterOil Corporation Wayne Andrews V. P. Capital Markets, The Woodlands, TX USA (281) 292-1800 Wayne.Andrews@InterOil.com
InterOil Corporation Anesti Dermedgoglou V.P. Investor Relations, Cairns Qld, Australia +61 7 4046 4600 Anesti@InterOil.com www.interoil.com
Media Contact for InterOil: Ed Trissel/Andrea Priest Joele Frank, Wilkinson Brimmer Katcher (212) 355-4449
I sent a question to you and I guess you didnt recieve it !
- Report of Foreign Issuer (6-K)
Date : 01/11/2010 @ 9:46AM
Source : Edgar (US Regulatory)
Stock : (IOC)
Quote : 60.9475 1.8375 (3.11%) @ 6:33PM
- Report of Foreign Issuer (6-K)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2010
Commission File Number: 001-32179
INTEROIL CORPORATION
(Exact name of registrant as specified in its charter)
THE YUKON TERRITORY, CANADA
(State or other jurisdiction of incorporation or organization)
60-92 COOK STREET
PORTSMITH, QLD 4870, AUSTRALIA
(Address of principal executive offices)
Registrant’s telephone number, including area code: (61) 7 4046 4600
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F o Form 40-F þ
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
INTEROIL CORPORATION
By: Anesti Dermedgoglou
Vice President Investor Relations
Date: January 11, 2010
--------------------------------------------------------------------------------
INTEROIL CORPORATION
FORM 6-K FOR THE MONTH OF JANUARY 2010
Exhibit Index
1) NEWS RELEASE - ANTELOPE-2 DRILL STEM TEST #2 CONFIRMS HIGHER
STABILIZED CONDENSATE TO GAS RATIO RATE IN EARLY TESTS
Amended Statement of Ownership (SC 13G/A)
Date : 01/22/2010 @ 2:26PM
Source : Edgar (US Regulatory)
Stock : (IOC)
Quote : 60.9475 1.8375 (3.11%) @ 6:33PM
- Amended Statement of Ownership (SC 13G/A)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 4)
INTEROIL CORP
--------------------------------------------------------------------------------
(Name of Issuer)
COM
--------------------------------------------------------------------------------
(Title of Class of Securities)
460951106
--------------------------------------------------------------------------------
(CUSIP Number)
December 31, 2009
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X] Rule 13d-1(b)
[] Rule 13d-1(c)
[] Rule 13d-1(d)
The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be 'filed' for the purpose of Section 18 of the Securities Exchange Act of 1934 ('Act') or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 460951106
--------------------------------------------------------------------------------
Person 1
1. (a) Names of Reporting Persons.
Wells Fargo and Company
(b) Tax ID
41-0449260
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) []
(b) []
--------------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
--------------------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power 4,141,800
--------------------------------------------------------------------------------
6. Shared Voting Power 825
--------------------------------------------------------------------------------
7. Sole Dispositive Power 4,175,092
--------------------------------------------------------------------------------
8. Shared Dispositive Power 650
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 4,177,520
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 9.75 %
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
--------------------------------------------------------------------------------
HC
--------------------------------------------------------------------------------
Item 1.
(a) Name of Issuer
INTEROIL CORP
(b) Address of Issuer's Principal Executive Offices
25025 I-45 North, Suite 420, The Woodlands, TX 77380
Item 2.
(a) Name of Person Filing
Wells Fargo and Company
(b) Address of Principal Business Office or, if none, Residence
420 Montgomery Street, San Francisco, CA 94104
(c) Citizenship
Delaware
(d) Title of Class of Securities
COM
(e) CUSIP Number
460951106
Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c)
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940
(15 U.S.C 80a-8).
(e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F);
(g) [X ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act
(12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment company under section
3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 4,177,520
(b) Percent of class: 9.75%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote 4,141,800
(ii) Shared power to vote or to direct the vote 825
(iii) Sole power to dispose or to direct the disposition of 4,175,092
(iv) Shared power to dispose or to direct the disposition of 650
--------------------------------------------------------------------------------
Person 2
1. (a) Names of Reporting Persons.
Wells Capital Management Incorporated
(b) Tax ID
95-3692822
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) []
(b) []
--------------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization California
--------------------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power 689,740
--------------------------------------------------------------------------------
6. Shared Voting Power 0
--------------------------------------------------------------------------------
7. Sole Dispositive Power 4,108,574
--------------------------------------------------------------------------------
8. Shared Dispositive Power 0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 4,108,574
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 9.59 %
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
--------------------------------------------------------------------------------
IA
--------------------------------------------------------------------------------
Item 1.
(a) Name of Issuer
INTEROIL CORP
(b) Address of Issuer's Principal Executive Offices
25025 I-45 North, Suite 420, The Woodlands, TX 77380
Item 2.
(a) Name of Person Filing
Wells Capital Management Incorporated
(b) Address of Principal Business Office or, if none, Residence
525 Market St, 10th Floor, San Francisco, CA 94105
(c) Citizenship
California
(d) Title of Class of Securities
COM
(e) CUSIP Number
460951106
Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c)
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940
(15 U.S.C 80a-8).
(e) [X ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act
(12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment company under section
3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 4,108,574
(b) Percent of class: 9.59%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote 689,740
(ii) Shared power to vote or to direct the vote 0
(iii) Sole power to dispose or to direct the disposition of 4,108,574
(iv) Shared power to dispose or to direct the disposition of 0
--------------------------------------------------------------------------------
Person 3
1. (a) Names of Reporting Persons.
Wells Fargo Funds Management, LLC
(b) Tax ID
94-3382001
--------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) []
(b) []
--------------------------------------------------------------------------------
3. SEC Use Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
--------------------------------------------------------------------------------
4. Citizenship or Place of Organization Delaware
--------------------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by
Each Reporting
Person With
5. Sole Voting Power 3,426,364
--------------------------------------------------------------------------------
6. Shared Voting Power 0
--------------------------------------------------------------------------------
7. Sole Dispositive Power 41,211
--------------------------------------------------------------------------------
8. Shared Dispositive Power 0
--------------------------------------------------------------------------------
9. Aggregate Amount Beneficially Owned by Each Reporting Person 3,426,364
--------------------------------------------------------------------------------
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)
--------------------------------------------------------------------------------
11. Percent of Class Represented by Amount in Row (9) 8 %
--------------------------------------------------------------------------------
12. Type of Reporting Person (See Instructions)
--------------------------------------------------------------------------------
IA
--------------------------------------------------------------------------------
Item 1.
(a) Name of Issuer
INTEROIL CORP
(b) Address of Issuer's Principal Executive Offices
25025 I-45 North, Suite 420, The Woodlands, TX 77380
Item 2.
(a) Name of Person Filing
Wells Fargo Funds Management, LLC
(b) Address of Principal Business Office or, if none, Residence
525 Market Street, San Francisco, CA 94105
(c) Citizenship
Delaware
(d) Title of Class of Securities
COM
(e) CUSIP Number
460951106
Item 3. If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c)
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940
(15 U.S.C 80a-8).
(e) [X ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act
(12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment company under section
3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J).
Item 4. Ownership.
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 3,426,364
(b) Percent of class: 8%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote 3,426,364
(ii) Shared power to vote or to direct the vote 0
(iii) Sole power to dispose or to direct the disposition of 41,211
(iv) Shared power to dispose or to direct the disposition of 0
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.[ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.
See Exhibit B
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
January 21, 2010
Date
/s/ Jane E. Washington
Signature
Jane E. Washington, VP Trust Operations
Name/Title
Exhibit A
EXPLANATORY NOTE
This Schedule 13G is filed by Wells Fargo & Company on its own behalf and on behalf of any subsidiaries listed in Exhibit B. Aggregate beneficial ownership reported by Wells Fargo & Company under Item 9 on page 2 is on a consolidated basis and includes any beneficial ownership separately reported herein by a subsidiary.
Exhibit B
The Schedule 13G to which this attachment is appended is filed by Wells Fargo & Company on behalf of the following subsidiaries:
Wells Capital Management Incorporated (1)
Wells Fargo Advisors Financial Network, LLC. (2)
Wells Fargo Advisors, LLC. (2)
Wells Fargo Investments, LLC (2)
Wells Fargo Funds Management, LLC (1)
Wachovia Bank, National Association (3)
(1) Classified as a registered investment advisor in accordance with Regulation 13d-1(b)(1)(ii)(E).
(2) Classified as a broker dealer in accordance with Regulation 13d-1(b)(1)(ii)(A).
(3) Classified as a bank in accordance with Regulation 13d-1(b)(1)(ii)(B).
Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations
(See 18 U.S.C. 1001)
- Report of Foreign Issuer (6-K)
Date : 01/20/2010 @ 9:16AM
Source : Edgar (US Regulatory)
Stock : (IOC)
Quote : 60.9475 1.8375 (3.11%) @ 6:33PM
- Report of Foreign Issuer (6-K)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of January 2010
Commission File Number: 001-32179
INTEROIL CORPORATION
(Exact name of registrant as specified in its charter)
THE YUKON TERRITORY, CANADA
(State or other jurisdiction of incorporation or organization)
60-92 COOK STREET
PORTSMITH, QLD 4870, AUSTRALIA
(Address of principal executive offices)
Registrant’s telephone number, including area code: (61) 7 4046 4600
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F Form 40-F v
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No v
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
INTEROIL CORPORATION
By: Anesti Dermedgoglou
Vice President Investor Relations
Date: January 20, 2010
--------------------------------------------------------------------------------
INTEROIL CORPORATION
FORM 6-K FOR THE MONTH OF JANUARY 2010
Exhibit Index
1) NEWS RELEASE - INTEROIL CONFIRMS INDICATIONS OF OIL AT ANTELOPE-2
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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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