Past year: ▲ 85%(26.13 – 50.92 USD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2017drilling progress report▼ BadMajor
The Antelope-7 sidetrack passed its planned total depth, reaching 2,383 metres against about 2,300 planned, still without evidence of the Antelope reservoir, and the operator drilled on toward a deeper exploration target. Two days before the takeover closed, the well meant to size the contingent resource payment had not found the field.
22 Dec 2016drilling progress report▼ BadMajor
Antelope-7 - the well whose result feeds the certification that sets the contingent payment - had reached 2,127 metres against a planned total depth of about 2,300 metres without intersecting the Antelope reservoir. It sits on the western flank, 1.45 km from Antelope-5. InterOil now holds 36.5% of it.
30 Mar 2016drilling progress report▲ GoodMajor
Full-year 2015 with the appraisal picture: Antelope-6 found 42 metres of dolomite connected to the rest of the field, and GLJ's first independent assessment of the exploration discoveries put gross unrisked 2C contingent resources at 3.6 Tcfe for Raptor and 2.4 Tcfe for Bobcat. Elk-Antelope data was to go to two independent auditors for certification, a four-to-six-month process. Liquidity US$252 million against 2016 spending guided down to US$155-170 million, with talks under way to increase and extend the credit facility.
24 Dec 2015drilling spud● NeutralMajor
Total spudded Antelope-6 on the field's eastern flank, 2 km from Antelope-3, to a planned 2,464 metres below sea level. InterOil now holds only 36.5% of the well against Total's 40.1% and Oil Search's 22.8%.
18 Nov 2015drilling result▲ GoodMajor
Wireline logs on the Antelope-4 sidetrack measured 182 vertical metres of gas-bearing dolomite and a gross gas column of about 339 metres, confirming the high-quality reservoir extends south. InterOil also said Antelope-4 and -5 data suggest the field-wide gas-water contact is deeper than previously interpreted.
13 Nov 2015drilling progress report▲ GoodMajor
Antelope-4 sidetrack-1 reached total depth and Antelope-6 was to spud in December as the last joint-venture-approved appraisal well. InterOil said Total's certification payment could be expected four to six months after that well, and that a further well on the western flank could add 1-3 Tcfe and US$400 million to US$1.2 billion to what it is paid. Liquidity US$473 million; 2016 spending guided to US$175-195 million.
19 Oct 2015drilling progress report▼ Bad
InterOil handed one of its contracted High Arctic rigs to Total for the Antelope-6 appraisal and deferred its own discretionary drilling, including appraisal of the Raptor discovery, until Elk-Antelope appraisal was complete, while continuing to cut costs after giving up operatorship. The Antelope-4 sidetrack was cementing above the reservoir.
31 Aug 2015drilling progress report● Neutral
Total re-entered the suspended Antelope-4 well and kicked off a sidetrack from 862 metres. The original hole had been stopped in May 2015 at 2,056 metres below sea level, about 158 metres above the field's gas-water contact.
12 Aug 2015drilling result▼ BadMajor
The Wahoo-1 sidetrack never intersected a carbonate reservoir and the well was plugged and abandoned at 1,589 metres, closing out a wildcat that had already cost a suspended first attempt in 2014. It proved a working source rock and an effective seal in a frontier area 170 km from Elk-Antelope, but no field.
15 June 2015drilling spud● Neutral
Triceratops-3 spudded in PRL 39, 5.6 km north-west of Triceratops-1 and 35 km from Elk-Antelope, chasing additional volumes that could be tied back to the bigger field. InterOil holds 69.1% and operates; Pacific Rubiales holds 12.9%.
10 June 2015drilling spud● Neutral
InterOil went back to Wahoo with a sidetrack of the well suspended in July 2014, testing whether the trend that works around Elk-Antelope extends 170 km to the south-east.
17 Feb 2015drilling result▲ GoodMajor
Antelope-5 intersected the top of the reservoir at 1,534 metres below sea level, 230 metres higher than the operator's reference case. An extended well test was planned with pressure gauges in the other appraisal wells to measure how well the field is connected - the question that decides whether it supports one LNG train or two.
23 Dec 2014drilling spud● NeutralMajor
Antelope-5 spudded 1.8 km from Antelope-3 to appraise the western edge of the Elk-Antelope field.
11 Dec 2014drilling result▲ GoodMajor
InterOil declared a discovery at Bobcat-1 after the well flowed and flared hydrocarbons from about 320 metres of Kapau limestone. The same release says the well sits close to the gas-water contact in the transition zone and that new seismic puts the crest of the structure several kilometres west and several hundred metres higher - a real discovery, drilled off the top of the structure, which InterOil now plans to deepen and appraise.
14 Nov 2014drilling result▲ Good
Third-quarter results, and the release in which InterOil formally notified the PNG regulator of a discovery at Raptor-1 following the November flare test. A US$16.9 million quarterly loss sat inside a US$353.9 million nine-month profit created almost entirely by the Total and Puma sales; liquidity was US$754.3 million plus an undrawn US$300 million facility. Wahoo-1 was to be re-entered in 2015 and Bobcat-1 had reached 3,208 metres and was being logged.
21 Oct 2014drilling progress report▲ GoodMajor
Raptor-1 intersected 200 metres of the Kapau Limestone with wireline logs indicating hydrocarbons, and InterOil moved to well testing to establish fluid type, column height, flow rate and reservoir quality. Bobcat-1 drilled through the seal into the same limestone and was preparing to drill on.
30 Sept 2014drilling progress report● Neutral
Raptor-1 was setting seven-inch casing just above the Kapau Limestone target, with calcimetry, temperature and background gas readings similar to those seen before entering the Antelope reservoir - InterOil said only further drilling and logging could show whether that means anything. Bobcat-1 was still drilling through the Orubadi shale toward the same target.
16 Sept 2014drilling spud● NeutralMajor
Antelope-5 spudded, the first of at least two appraisal wells on the Antelope field and the most southerly on it, about 1 km south of Antelope-2. Appraisal drilling is what sets the certified resource, and under the March agreement the certified resource is what sets Total's remaining payments to InterOil.
14 July 2014drilling progress report▼ BadMajor
Wahoo-1 was suspended short of its target after hitting pressures nearly 50% above those at Antelope, 170 km away, with methane through butane entering the well bore from permeable zones above the objective. InterOil pointed to a proven seal and thermogenic gas, but stated plainly that the reservoir had not been penetrated and Wahoo cannot be called a discovery until it is.
31 Mar 2014drilling progress report● Neutral
Full-year 2013: record revenue of US$1,400 million against US$1,321 million, on record sales of 9.4 million barrels and refinery throughput of 27,999 barrels a day. The substance of the year was elsewhere - a new chief executive in Michael Hession, the Total agreement, and the US$401 million from its closing that funds the drilling programme now under way.
28 Mar 2014drilling spud● Neutral
Raptor-1 spudded, InterOil's third exploration well started in March, about 12 km west of Elk-Antelope and planned to 4,500 metres.
10 Mar 2014drilling spud● Neutral
Wahoo-1 spudded five days after Bobcat-1, the second of four exploration wells and up to four appraisal wells in a US$300 million programme. PNG had just granted replacement licences PPLs 474-477 over the same ground as the expiring PPLs 236, 237 and 238, valid six years.
5 Mar 2014drilling spud● Neutral
Bobcat-1 spudded in PPL 238 after the PNG regulator approved the drilling plan, a vertical exploration well to 10,282 feet testing the carbonates of the Bobcat structure, expected to take about 90 days to drill, log and test.
25 Mar 2013farm in farm out completion▲ GoodMajor
Pacific Rubiales funded the final US$55 million on 23 March, completing the full US$116 million cash payment and closing the farm-in signed in July 2012. Reimbursement of its share of Triceratops-2 drilling costs was still to follow.
24 Jan 2013drilling result▲ GoodMajor
Logging of Antelope-3 finished: 10.2% average porosity over 1,810 feet of net pay at 66% net-to-gross, sitting between Antelope-1's 8.8% and Antelope-2's 13.1%. Reservoir quality consistent with the existing model rather than better than it. Separately, binding bids in the LNG partnering process were set to close on 28 February 2013.
2 Jan 2013drilling progress report▲ GoodMajor
Antelope-3 reached total depth on 25 December and Schlumberger's preliminary logs showed the same reefal limestone and dolomite as Antelope-1 and -2, sharing a water contact at 7,310 feet below sea level for a hydrocarbon column of about 2,301 feet - the tallest yet measured in the Antelope field. The Mitsui and Energy World deadlines were extended again in the same release to leave room for partner selection.
30 Nov 2012drilling progress report▲ GoodMajor
Antelope-3 hit the top of the reservoir at 5,328 feet measured depth, 217 feet above the pre-drill estimate and 92 feet higher than Antelope-1. The well flowed and was shut in at surface, the gas kick circulated out and flared, before casing went in. A drill-stem test was planned once about 300 feet of reservoir had been drilled.
1 Oct 2012drilling spud● NeutralMajor
Antelope-3 spudded, an appraisal well about 1 km south of Antelope-1 planned to roughly 8,366 feet and intended to be completed as a future producer. InterOil's Rig 3 was to move on to Elk-3, the last well needed to satisfy the first two-year work commitment on PRL 15.
30 July 2012farm in farm out agreement▲ GoodMajor
The Pacific Rubiales farm-in was executed on materially the same terms as April's heads of agreement, but completion remained up to 18 months away and conditional on joint venture operating agreements and PNG government approval. Pacific Rubiales kept the right to terminate at stages of the work programme and recover up to US$96 million of its US$116 million cash out of future production proceeds. Pacific LNG took 25% of the Triceratops payments by cutting its own indirect interest.
30 Apr 2012farm in farm out agreement▲ GoodMajor
Pacific Rubiales agreed to farm in for a 10% net (12.9% gross) interest in PPL 237, which contains the Triceratops structure, for US$116 million of staged cash plus a carry on an agreed work programme and a final resource payment. Explicitly separate from the Elk-Antelope partnering process running in parallel.
