InterOil Q3 results mixed, says Mulacek

THE third quarter results for InterOil Corp have shown both gains and losses in its financial and operational costs.
The operational highlights included the production of higher condensate-to-gas at the Antelope 2 well, approximately 60% higher than previously marked.
InterOil also signed a binding heads of agreement with Energy World Corp Ltd to construct a two-million tonne/annum land-based LNG plant in the Gulf of Papua New Guinea.
InterOil chief executive officer Phil Mulacek said all these were steps forward in their strategy to monetise the company’s liquid resources at the Elk and Antelope fields.
“These achievements, combined with our strong balance sheet and the recently completed public offering, should support our continued growth and operational success,” he said.
Financial results, however, show a net loss in this quarter of over US$14.4 million, compared with a net loss of US$25.3 million of the same period last year.
The improvement of US$10.9 million was primarily due to a smaller loss on extinguishment of indirect participating interest (IPI) liability which was partially offset by a US$12 million settlement expense.
Inclusive of US$18.7 million in non-operating expenses, InterOil’s earnings before interest, taxes, depreciation and amortisation (Ebitda) was a loss of US$8.6 million compared to last year’s same period loss of US$18.6 million.