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InterOil (IOC) Tanks After Signing LNG Deal with Total S.A.

By  +Follow December 6, 2013 8:35AM
Tickers Mentioned:

Downstream oil and gas firm InterOil Corporation (IOC) saw shares getting annihilated on Friday, after it was announced that French super-major Total S.A. (TOT) would be buying a substantial share of the company’s liquid natural gas operations in Papua New Guinea.

Total Getting Over Half of IOC's Total Elk and Antelope Fields

From the details that are currently available, Total will be grabbing up over 60 percent of InterOil’s Elk and Antelope gas fields, and will retain the option to invest in more exploration in the future.

The small refiner and marketer has been searching for some time for a larger company to assist in its natgas projects in Papua New Guinea, and has held talks with ExxonMobil (XOM) to this end.

IOC Can't Find Partner for Elk-Antelope Fields

The Elk-Antelope fields are known as one of the largest discoveries in Asia in recent decades, but InterOil has spent a number of years looking for a partner, with little luck. The deal announced Friday is expected to be concluded in early 2014, and could, over the next two years, lead to the development of more fields, and perhaps even the construction of a liquefaction plant in the country.

According to InterOil, Total will pay anywhere between $1.5 billion to $3.6 billion, depending on the size of the reserves. IOC’s estimates put the size between 5.4 trillion and 9 trillion cubic feet of gas. This could lead to contingent payments of between $675 million and $2.78 billion, but Total has been a bit tighter on its own estimates of the reserves, and has said that it expects to pay something more in the range of $590 million.

Stock Price for Total Inches Up

The price movement for Total showed that US investors at least were not terribly impressed at the prospect, with shares up 0.86 percent to $59. InterOil’s shares were another story entirely, down nearly 40 percent at one point, to a low of $51, just $0.05 more than its 52-week low. It’s a drastic move for a stock that, up until today, had added almost 60 percent in 2013. Shares were trading on 5 times average volume, with a massive 27.5 percent short-float.

Results for IOC
Investment Sage
17 Apr 14 07:26:01
$IOC [$$] 3 Stocks With Short Squeeze http://t.co/oHZJ4QuIRc
Colin Kuberski
16 Apr 14 23:27:11
$IOC Bank South Pacific aims to expand http://t.co/DQsYoK5Ixm
Hermina Ochoark
16 Apr 14 14:30:34
$IOC [$$] 3 Stocks With Shor http://t.co/jnEjvc2XiR
Will Keifer
16 Apr 14 08:03:52
$IOC [$$] 3 Stocks With Shor http://t.co/tFYgZLdQL0
Market Int Center
16 Apr 14 07:17:04
Interoil $IOC Showing Support Near $59.79 ( http://t.co/LPkEUB7P0V )
Charts 123
16 Apr 14 03:52:02
Sell Signal: $ACTG $ACW $BRLI $CYNI $DXM $GFI $HHS $IKGH $IOC $PBR $PBR-A http://t.co/Mh3lEEtFgO #stocks
15 Apr 14 05:11:53
http://t.co/ircRPWhS2P Today's Trade Ideas! $SPY $FSLR $IOC $MAT $UNH $WLP
Mike Mustafoglu
14 Apr 14 21:37:57
$IOC Bullish Stochastic Cross
Darryl Kendall
14 Apr 14 16:59:13
$IOC [$$] 3 Stocks With Short Sq http://t.co/ef0axJ8io9
Market Int Center
14 Apr 14 11:26:28
Interoil $IOC Trading Near $60.23 Support Level ( http://t.co/3cfDivEVq8 )
New Constructs
14 Apr 14 10:52:48
Commented on: "Shorts Forum" http://t.co/kCSkCXd7ij $LULU $SODA $UNXL $IOC $IPO
Cecily Humphrey
14 Apr 14 07:30:17
$IOC [$$] 3 Stocks With Short Sq http://t.co/riZKOVo9zR
Samuel Farrow
14 Apr 14 02:32:18
$IOC [$$] 3 Stocks With Short Sq http://t.co/OU8Sen2He5
Enoch Cohen
13 Apr 14 11:28:00
$IOC [$$] 3 Stocks With Shor http://t.co/h30R1WUvR0
Braylin McQuillen
13 Apr 14 06:35:42
$IOC [$$] 3 Stocks With Short Sq http://t.co/rzc9ob3mc6
Ali Garrot
13 Apr 14 05:24:06
$IOC [$$] 3 Stocks With Shor http://t.co/cRee0KeaXx
11 Apr 14 16:58:34
$IOC [$$] 3 Stocks With Short Sq http://t.co/nNLQFG8vwV
Peter Doyle
11 Apr 14 16:36:03
@SEC_Enforcement Seeking Alpha continues to mislead honest investors - see Monday's erroneous headlines in $IOC. Shut down site
Market Int Center
11 Apr 14 12:58:55
Interoil $IOC Showing Bullish Technicals With Support At $63.03 ( http://t.co/sMBcg58EqG )
Dulce Carvertsc
11 Apr 14 11:21:38
$IOC [$$] 3 Stocks With Short Sq http://t.co/qPP1wAIgPm
Day Trade Alerts
11 Apr 14 10:50:05
via #AlertTrade SHORT Seller Alert $IOC - INTEROIL CORP #ShortSeller #Stocks http://t.co/VS8RO0UwVJ
Gigi Rhoads
11 Apr 14 09:01:05
$IOC [$$] 3 Stocks With Short Sq http://t.co/umz7p7hUrm
Walden Gretzky
11 Apr 14 03:17:46
$IOC [$$] 3 Stocks With Shor http://t.co/7anJ1E6Lwv
Clinton Clark
11 Apr 14 02:34:51
$IOC [$$] 3 Stocks With Short Sq http://t.co/lxNW73DBUW
Raoul Inmanzu
10 Apr 14 18:49:18
$IOC [$$] 3 Stocks With Short Sq http://t.co/5OZUUdFCuX
10 Apr 14 11:42:07
$IOC - [$$] 3 Stocks With Short Squeeze Potential -> http://t.co/3u0KoHy0Sb #stock #stocks #stockaction
Van Macher
10 Apr 14 10:36:21
$IOC [$$] 3 Stocks With Short Squeeze Potential http://t.co/PNr3YuRl9K
Van Macher
9 Apr 14 08:15:06
$IOC High Arctic Signs a 2 Year Drilling Services Contract with InterOil and ... http://t.co/j3sBcCrTuS
By  +Follow December 6, 2013 8:35AM



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