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

By  +Follow December 6, 2013 8:35AM
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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.

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Results for IOC
MyAllies Trading
31 Jul 15 12:14:48
$IOC Total assumes operatorship of PRL 15 http://t.co/AtQSqJMoox
Breaking News Now
31 Jul 15 03:25:02
$IOC: New SEC Filing for IOC: Form 6-K (No. 0001144204-15-045332): http://t.co/quHP6JwOl7
Latest SEC Filings
31 Jul 15 03:24:21
NEW SEC Filing for $IOC filed a moment ago: http://t.co/cB2E2LAJnm http://t.co/B1mRA5HnDv
Joel A. Bosh
30 Jul 15 14:05:08
RT @IO_Coin: NEW! I/O Digital HTML5 Wallet Teaser #messaging #fintech #sidechain #bitcoin #identity #iocoin $ioc #blockchain http://t.co/d…
TimeForGrowth
30 Jul 15 12:51:03
$IOC: Wall Street analysts bullish on IOC's earnings growth: http://t.co/3a9kQN84cs http://t.co/QX2owme1zw
CM
30 Jul 15 12:26:41
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CM
30 Jul 15 12:02:39
RT @wizrig: NEW! I/O Digital HTML5 Wallet Teaser #messaging #fintech #sidechain #bitcoin #identity #iocoin $ioc #blockchain http://t.co/8R…
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30 Jul 15 10:32:40
RT @wizrig: NEW! I/O Digital HTML5 Wallet Teaser #messaging #fintech #sidechain #bitcoin #identity #iocoin $ioc #blockchain http://t.co/8R…
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30 Jul 15 10:20:06
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DOGE
30 Jul 15 10:19:12
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iheartfintech
30 Jul 15 10:13:56
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CM
30 Jul 15 10:09:51
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Constantinos
30 Jul 15 10:08:01
RT @wizrig: NEW! I/O Digital HTML5 Wallet Teaser #messaging #fintech #sidechain #bitcoin #identity #iocoin $ioc #blockchain http://t.co/8R…
Marco Porretto
30 Jul 15 10:02:34
RT @IO_Coin: NEW! I/O Digital HTML5 Wallet Teaser #messaging #fintech #sidechain #bitcoin #identity #iocoin $ioc #blockchain http://t.co/d…
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30 Jul 15 10:02:11
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DOGE
30 Jul 15 09:54:38
RT @IO_Coin: NEW! I/O Digital HTML5 Wallet Teaser #messaging #fintech #sidechain #bitcoin #identity #iocoin $ioc #blockchain http://t.co/d…
I/O Coin
30 Jul 15 09:53:44
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CM
30 Jul 15 09:50:28
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CM
30 Jul 15 09:48:36
#iocoin $ioc Brand new HTML 5 Wallet teaser. messaging, avatars, client to buildboff of #sidechains #fintech #dapp http://t.co/wV801kwhge
Joel A. Bosh
30 Jul 15 09:15:35
RT @IO_Coin: I/O Digital Wallet Teaser is out Now! First Preview https://t.co/WfoA1aIZcg #iocoin #ioc $ioc #bitcoin #btc
Richard
30 Jul 15 09:15:12
RT @IO_Coin: I/O Digital Wallet Teaser is out Now! First Preview https://t.co/WfoA1aIZcg #iocoin #ioc $ioc #bitcoin #btc
DOGE
30 Jul 15 08:59:52
RT @IO_Coin: I/O Digital Wallet Teaser is out Now! First Preview https://t.co/WfoA1aIZcg #iocoin #ioc $ioc #bitcoin #btc
I/O Coin
30 Jul 15 08:52:03
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Marco Porretto
30 Jul 15 08:40:49
RT @IO_Coin: Is a special day our wallet preview will be out shortly, Next tweet will have the link for you all to see our progress #iocoin…
Crypto Kyu
30 Jul 15 08:39:37
New! I/O DIGITAL HTML5 Wallet Teaser & Update RoadMap !! https://t.co/WQ5VBpsot4 $IOC #IOC #Update
Cryto.Revolution
30 Jul 15 08:31:51
RT @IO_Coin: Is a special day our wallet preview will be out shortly, Next tweet will have the link for you all to see our progress #iocoin…
Wolf of Altstreet
30 Jul 15 08:02:18
RT @IO_Coin: Is a special day our wallet preview will be out shortly, Next tweet will have the link for you all to see our progress #iocoin…
DOGE
30 Jul 15 07:56:18
RT @IO_Coin: Is a special day our wallet preview will be out shortly, Next tweet will have the link for you all to see our progress #iocoin…
I/O Coin
30 Jul 15 07:55:05
Is a special day our wallet preview will be out shortly, Next tweet will have the link for you all to see our progress #iocoin $ioc #bitcoin
Alex Sazonov
30 Jul 15 00:30:50
RT @BBGBillionaires: New Zealand-born billionaire Richard Chandler sells InterOil as fellow billionaire Steve Cohen’s Point72 buys http://t…
J P Gold
30 Jul 15 00:07:36
When no one wants to give up their precious coins its a very good indicator. $VNL $IOC Hard to buy = Strong holders = Stable rise.
TimeForGrowth
29 Jul 15 21:07:02
$IOC: Wall Street analysts bullish on IOC's earnings growth: http://t.co/3a9kQN84cs http://t.co/VwjDNmfHQm
privateclientadvisor
29 Jul 15 20:11:58
RT @BBGBillionaires: New Zealand-born billionaire Richard Chandler sells InterOil as fellow billionaire Steve Cohen’s Point72 buys http://t…
Emmanuel Escobar 8@
29 Jul 15 19:55:45
RT @BBGBillionaires: New Zealand-born billionaire Richard Chandler sells InterOil as fellow billionaire Steve Cohen’s Point72 buys http://t…
Mit Sengupta
29 Jul 15 19:55:45
RT @BBGBillionaires: New Zealand-born billionaire Richard Chandler sells InterOil as fellow billionaire Steve Cohen’s Point72 buys http://t…
BBG Billionaires
29 Jul 15 19:55:17
New Zealand-born billionaire Richard Chandler sells InterOil as fellow billionaire Steve Cohen’s Point72 buys http://t.co/opU28cNdOC $IOC
Harry Walkman
29 Jul 15 13:05:07
$IOC Steve Cohen's Point72 Asset Management Just Reported Giant Interoil Corp Stake http://t.co/P4sp74kYkH
Ali
29 Jul 15 10:52:39
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DailyStockPicks
29 Jul 15 09:21:19
$OCLS $OCLSW break out up 10% today. Price target of $5 $IOC $ARNA $ENTA $STBA $IX $MIG investors read http://t.co/rWpJvFmAFr
Richard
29 Jul 15 06:55:43
RT @wizrig: @blythemasters check out our project #identity #sidechain #bitcoin #iocoin $ioc http://t.co/dxKvv5WT0O
DOGE
29 Jul 15 06:38:14
RT @wizrig: @blythemasters check out our project #identity #sidechain #bitcoin #iocoin $ioc http://t.co/dxKvv5WT0O
Harry Walkman
29 Jul 15 06:33:25
$IOC Steve Cohen's Point72 Asset Management Just Reported Giant Interoil Corp Stake http://t.co/mSkcpNXMuc
John Ablemann
29 Jul 15 06:33:21
$IOC InterOil Appoints BG Group's Former CEO As New Chairman http://t.co/Iqm3w3JMOK
DOGE
29 Jul 15 04:50:18
RT @IO_Coin: Check Out our latest News! https://t.co/YlFBvhvnv2 #bitcoin #iocoin #ioc $ioc #ripple #xrp #Fintech #blockchain #identity #mon…
Crypto Kyu
29 Jul 15 04:20:28
RT @marcoporretto: $IOC on YahooFinance! My investment looks good,be sure to not take profit too early #blockchain #bitcoin #IOC https:/…
Marco Porretto
29 Jul 15 04:16:08
$IOC on YahooFinance! My investment looks good,be sure to not take profit too early #blockchain #bitcoin #IOC https://t.co/MfAYeqzJiR
Marco Porretto
29 Jul 15 01:07:30
RT @IO_Coin: Check Out our latest News! https://t.co/YlFBvhvnv2 #bitcoin #iocoin #ioc $ioc #ripple #xrp #Fintech #blockchain #identity #mon…
J P Gold
29 Jul 15 00:41:33
@_hightek Vanillacoin uses random ports at startup. This is a very good feature i must admit, along with very low CPU usage. $IOC needs this
casual classics
28 Jul 15 23:04:53
RT @IO_Coin: Check Out our latest News! https://t.co/YlFBvhvnv2 #bitcoin #iocoin #ioc $ioc #ripple #xrp #Fintech #blockchain #identity #mon…
Breaking News
28 Jul 15 20:42:02
$IOC: Billionaire Chandler Sells InterOil as Cohen's Point72 Firm Buys: http://t.co/c3qjdZ53ua
				
				
By  +Follow December 6, 2013 8:35AM
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