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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.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for IOC
Financial Updates
2 Sep 14 11:27:03
$IOC: InterOil Suspends Drilling at PNG Well on Rig Safety Concerns http://t.co/isQxYI6tg6 http://t.co/zOM9KxuAH0
AlertCo.in
2 Sep 14 11:10:00
@qunity3d #Bittrex: $IOC / BTC Alert price: <= 0.00004 Current price: 0.00004 http://t.co/kCIAc5H46A
AlertCo.in
2 Sep 14 11:09:58
@qunity3d #Bittrex: $IOC / BTC Alert price: <= 0.000041 Current price: 0.00004 http://t.co/eTewXCLTG1
AlertCo.in
2 Sep 14 11:09:58
@qunity3d #Bittrex: $IOC / BTC Alert price: <= 0.000042 Current price: 0.00004 http://t.co/kCIAc5H46A
Major Crypt
2 Sep 14 09:50:48
RT @wizrig: Go check out I/O Coins Mobile wallet. Really cool username support #iocoin #ioc #ioc $ioc https://t.co/0sYiUBdtcB http://t.co/j…
AllThingsBitcoin
2 Sep 14 09:40:20
RT @IO_Coin: Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.c…
Fullhdpixel
2 Sep 14 09:25:44
RT @RNR_0: So nobody actually retweeted my $DRK chart.. It makes me feel safe. It's under the radar just like $IOC a week ago. Could go bo…
Ktopss
2 Sep 14 09:19:33
RT @IO_Coin: Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.c…
Vitali
2 Sep 14 09:18:21
RT @wizrig: Go check out I/O Coins Mobile wallet. Really cool username support #iocoin #ioc #ioc $ioc https://t.co/0sYiUBdtcB http://t.co/j…
Major Crypt
2 Sep 14 09:07:55
RT @IO_Coin: Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.c…
ALTerWhite
2 Sep 14 09:07:20
RT @wizrig: Go check out I/O Coins Mobile wallet. Really cool username support #iocoin #ioc #ioc $ioc https://t.co/0sYiUBdtcB http://t.co/j…
Forex Focus
2 Sep 14 09:05:18
RT @wizrig: Go check out I/O Coins Mobile wallet. Really cool username support #iocoin #ioc #ioc $ioc https://t.co/0sYiUBdtcB http://t.co/j…
J.Bosch
2 Sep 14 09:04:00
Go check out I/O Coins Mobile wallet. Really cool username support #iocoin #ioc #ioc $ioc https://t.co/0sYiUBdtcB http://t.co/jMeOYGdqIv
Surestrike
2 Sep 14 08:51:38
RT @IO_Coin: Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.c…
Vitali
2 Sep 14 08:46:53
RT @IO_Coin: Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.c…
Mohammed Shomam
2 Sep 14 08:42:38
RT @IO_Coin: Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.c…
Spartacoin
2 Sep 14 08:42:11
RT @IO_Coin: Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.c…
I/O Coin Official
2 Sep 14 08:41:22
Ok guys our Mobile Wallet is out with send to username support Enjoy! #iocoi #ioc $ioc #bitcoin #btc #vrc #bc #ltc https://t.co/sDFbOqlfbU
Business Updates
2 Sep 14 08:26:56
$IOC: [video] Crude just above $97 http://t.co/GwN05JDSLP http://t.co/sS01gtqBhO
ALTerWhite
2 Sep 14 08:19:44
RT @crazy_crypto: Just registered my IONS name. $IOC :D http://t.co/CwyiayKyX3
Martina Z
2 Sep 14 08:15:44
RT @crazy_crypto: Just registered my IONS name. $IOC :D http://t.co/CwyiayKyX3
Surestrike
2 Sep 14 08:15:27
RT @crazy_crypto: Just registered my IONS name. $IOC :D http://t.co/CwyiayKyX3
Vitali
2 Sep 14 08:14:10
RT @crazy_crypto: Just registered my IONS name. $IOC :D http://t.co/CwyiayKyX3
Sherlock Crypto
2 Sep 14 08:13:16
Just registered my IONS name. $IOC :D http://t.co/CwyiayKyX3
Forex Focus
2 Sep 14 08:11:03
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
cryp7oc4m3l
2 Sep 14 08:00:48
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
Surestrike
2 Sep 14 07:59:17
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
Major Crypt
2 Sep 14 07:53:14
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
#Altcoin Devvie
2 Sep 14 07:53:07
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
IstariBTC
2 Sep 14 07:53:04
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
J.Bosch
2 Sep 14 07:52:23
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
Vitali
2 Sep 14 07:51:58
RT @IO_Coin: We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #ioco…
I/O Coin Official
2 Sep 14 07:51:11
We are getting close to our mobile wallet release with username support, We have submitted our wallet to the play store. #iocoin #ioc $ioc
[Romano]
2 Sep 14 04:29:44
So nobody actually retweeted my $DRK chart.. It makes me feel safe. It's under the radar just like $IOC a week ago. Could go both ways
Spartacoin
1 Sep 14 19:02:23
@tipioc tip @CryptRadio 50 IOC $IOC #IOC Good show!
Spartacoin
1 Sep 14 17:49:23
@crazy_crypto check out this video that @Pixie_Z made. It's super easy. http://t.co/Ty2fOczjPg $IOC
Market News
1 Sep 14 17:27:19
$IOC: InterOil Sets Second Quarter 2014 Results Conference Call Date http://t.co/AJlh9XHFtf http://t.co/5jiI4trRe4
Wall Street News
1 Sep 14 16:26:55
$IOC: Drilling update - Wahoo-1 http://t.co/3wKN39CPBg http://t.co/AHT8tl9hnp
[Romano]
1 Sep 14 15:27:50
$IOC 6k Finally a 100% profit call. Damn, that Shit took a week to take off
Spartacoin
1 Sep 14 14:56:36
@crazy_crypto You're welcome. :) Download an I/O Coin wallet, register an IONS name for 200 IOC, and I will send you 300 IOC. $IOC #IOC
Virtfund Crypto News
1 Sep 14 14:55:40
RT @IO_Coin: Hey guys we have a twitter TipBot... Go ahead and check out #iocoin #ioc $ioc https://t.co/CqrHLmIiGz
Bob Watkins
1 Sep 14 14:43:29
RT @IO_Coin: Hey guys we have a twitter TipBot... Go ahead and check out #iocoin #ioc $ioc https://t.co/CqrHLmIiGz
J.Bosch
1 Sep 14 14:36:56
RT @IO_Coin: Hey guys we have a twitter TipBot... Go ahead and check out #iocoin #ioc $ioc https://t.co/CqrHLmIiGz
#Altcoin Devvie
1 Sep 14 14:36:29
RT @IO_Coin: Hey guys we have a twitter TipBot... Go ahead and check out #iocoin #ioc $ioc https://t.co/CqrHLmIiGz
I/O Coin Official
1 Sep 14 14:35:50
Hey guys we have a twitter TipBot... Go ahead and check out #iocoin #ioc $ioc https://t.co/CqrHLmIiGz
Fullhdpixel
1 Sep 14 14:24:17
RT @AlterWhite1: Who wants some $IOC and is new to the coin? Mobile wallets come out tmro :) #ioc #iocoin #bigdevelopments
Spartacoin
1 Sep 14 14:13:51
RT @AlterWhite1: Who wants some $IOC and is new to the coin? Mobile wallets come out tmro :) #ioc #iocoin #bigdevelopments
ALTerWhite
1 Sep 14 14:12:58
Who wants some $IOC and is new to the coin? Mobile wallets come out tmro :) #ioc #iocoin #bigdevelopments
AllThingsBitcoin
1 Sep 14 13:31:31
RT @IO_Coin: Ease of use is our goal, we want our businesses and users to have a simple interface to pay. #iocoin $ioc #btc #ltc http://t.c…
Surestrike
1 Sep 14 13:08:41
RT @IO_Coin: Ease of use is our goal, we want our businesses and users to have a simple interface to pay. #iocoin $ioc #btc #ltc http://t.c…
				
				
By  +Follow December 6, 2013 8:35AM
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