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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
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1 Mar 15 08:32:18
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1 Mar 15 03:49:19
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1 Mar 15 03:40:58
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1 Mar 15 03:38:08
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LeSmoke
1 Mar 15 03:38:05
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1 Mar 15 02:20:17
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TheCoinWatcher
1 Mar 15 01:39:48
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JBosh Wiz
28 Feb 15 19:54:54
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28 Feb 15 19:53:22
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Victor Riesco
28 Feb 15 09:18:09
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Cryptonator
27 Feb 15 23:46:11
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Market Parse
27 Feb 15 15:00:29
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児玉
27 Feb 15 12:41:11
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Sam
27 Feb 15 10:11:56
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Sam
27 Feb 15 10:11:24
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Sam
27 Feb 15 10:10:50
RT @IO_Coin: #iocoin $ioc We are working on I/OCoin Community HUB. What? Well, still working on it. Launch soon... #bitcoin http://t.co/ekK…
Sam
27 Feb 15 10:10:36
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Sam
27 Feb 15 10:09:57
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evolution
27 Feb 15 09:51:40
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27 Feb 15 07:28:30
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Richard
27 Feb 15 07:24:10
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evolution
27 Feb 15 06:52:35
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Marco Porretto
27 Feb 15 05:31:53
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JBosh Wiz
27 Feb 15 04:44:46
RT @CryptoCoinNL: The cap of #iocoin $ioc has tripled in 5 wks. DIONS is in full progress and we have I/OCoin Community Hub coming soon. #b…
JBosh Wiz
27 Feb 15 04:44:05
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Market Parse
27 Feb 15 04:00:25
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Major Crypt
27 Feb 15 03:23:30
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NASDAQ
27 Feb 15 03:17:04
$IOC - Report of Foreign Issuer (6-k) http://t.co/Y20H4a12F6
StockNewsWires
27 Feb 15 03:15:02
$IOC: New SEC Filing for IOC: Form 6-K (No. 0001144204-15-012382): http://t.co/S1m7YSq4Ys
Company SEC Filings
27 Feb 15 03:14:25
NEW SEC Filing for $IOC filed a moment ago: http://t.co/ZdbAHo3ERb http://t.co/oMfmJDBqDQ
Wolf of Altstreet
27 Feb 15 03:09:37
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I/O Digital Currency
27 Feb 15 03:04:03
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27 Feb 15 03:04:03
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ProTradersNews
27 Feb 15 01:32:05
$IOC: Total Appointed Operator of PRL 15 Joint Venture: http://t.co/47W4au6tS9
BreakingStocksNews
27 Feb 15 01:31:10
$IOC: Total Appointed Operator of PRL 15 Joint Venture: http://t.co/itG9qzE9Er
ProVesting
27 Feb 15 01:21:11
$IOC: Total Appointed Operator of PRL 15 Joint Venture: http://t.co/On33CISvK0
ProTradersNews
26 Feb 15 23:16:03
$IOC: Total Appointed Operator of PRL 15 Joint Venture: http://t.co/Ua9RafuXjQ
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26 Feb 15 23:11:03
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ProVesting
26 Feb 15 23:06:02
$IOC: Total Appointed Operator of PRL 15 Joint Venture: http://t.co/ftyrnaW3mA
NASDAQ
26 Feb 15 23:04:30
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NASDAQ
26 Feb 15 23:04:30
$IOC - Total Appointed Operator of PRL 15 Joint Venture http://t.co/9TjCEK7BbF
4-traders.com
26 Feb 15 23:03:04
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児玉
26 Feb 15 17:21:18
RT @CRInvestor: $IOC/BTC #Altcoins #trading One of our site members is interested in this one & I for one can see technically why http://t.…
児玉
26 Feb 15 17:21:13
RT @kashel44: $IOC no the move , cup and handle formation played nicely http://t.co/cWhnyig2Hd
Breaking News Now
26 Feb 15 14:42:02
$XOM $CVX $IOC $IHS: Oil Slump Makes Poor Pacific Nation Winner in Global Gas Race: http://t.co/rKmt2VYz0P
Thomas Collins
26 Feb 15 14:31:45
$IOC Brokerage Firm Price Target on InterOil Corporation (USA) http://t.co/wQZg5bNrfy
evolution
26 Feb 15 09:45:08
RT @CRInvestor: $IOC/BTC #Altcoins #trading One of our site members is interested in this one & I for one can see technically why http://t.…
				
				
By  +Follow December 6, 2013 8:35AM
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