SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO
RULE 13a-16 OR 15d-16 OF THE SECURITIES
EXCHANGE ACT OF 1934
For the month of November 2014
Commission File Number: 001-32179
INTEROIL CORPORATION
(Exact name of registrant as specified in
its charter)
YUKON, CANADA
(Province or other jurisdiction of incorporation
or organization)
163 PENANG ROAD
#06-02 WINSLAND HOUSE II
SINGAPORE 238463
(Address of principal
executive offices)
Registrant’s telephone number, including
area code: +65 6507-0222
Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ¨ Form
40-F þ
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____
Indicate by check mark if the registrant
is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____
Indicate by check mark whether by furnishing
the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to
Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No
þ
If “Yes” is marked, indicate
below the file number assigned to the registrant in connection with Rule 12g3-2(b):
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
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INTEROIL CORPORATION |
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By: |
/s/ Michael Hession |
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Michael Hession |
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Chief Executive Officer |
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Date: November 14, 2014 |
INTEROIL CORPORATION
FORM 6-K FOR THE MONTH OF NOVEMBER 2014
Exhibit Index
| 99.1 | InterOil
Announces Positive Q3 Results
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Exhibit 99.1
|
MEDIA RELEASE
FOR IMMEDIATE RELEASE |
InterOil Announces Positive
Q3 Results
Well-positioned for company’s
most active year
| · | Elk-Antelope appraisal progresses |
| · | Notified DPE of discovery at Raptor-1 |
| · | Bobcat-1 logging under way |
| · | $754 million in liquidity |
Singapore
and Port Moresby, November 14, 2014: InterOil Corporation (NYSE: IOC; POMSoX: IOC) today announced financial results
for the third quarter of 2014.
InterOil’s Chief
Executive, Dr Michael Hession, said the company continued its focus on developing the Elk-Antelope gas field and executing its
drilling program.
“Papua New Guinea
is emerging as one of the world’s most exciting new energy plays with Elk-Antelope having the potential to be one of the
lowest-cost, most profitable LNG projects in the world,” Dr Hession said.
“Our focus continues
to be on creating value from Elk-Antelope.
“With our drilling
program, the biggest in Papua New Guinea’s history, we are adding value through exploration success and we continue our disciplined
and methodical approach to high-grading our exploration portfolio.
“As we move into
the most active year in our history, we are funded and focused to extract maximum value from our first-class assets.”
Operational Update
On July 14, 2014, InterOil
announced the suspension of drilling at Wahoo-1 in PPL474 after encountering gas and higher-than-expected pressures that could
compromise rig safety.
Significant concentrations
of methane, ethane, propane and butane had been recorded, and were believed to be entering the well bore from permeable zones above
the predicted reservoir zone.
InterOil plans to resume
operations in 2015 after a detailed review of well engineering, equipment and options, and after regulatory approval of its revised
plans.
On September 16, 2014,
the Antelope-4 appraisal well was spudded in PRL15, marking the commencement of the final phase of Elk-Antelope appraisal.
In addition to acquiring
new seismic over the southern portion of Elk-Antelope, the company has re-processed seismic data over Elk-Antelope and is using
the combined data set to revise resources modelling in preparation for development work on the field.
InterOil Corporation
Winsland House II, 163
Penang Road #06-02, Singapore 238463
T: +65 6507 0200 F: +65
6507 0201 W: www.interoil.com
This work is complementing
studies by the PRL15 joint venture for development options for Elk-Antelope ahead of concept selection.
On November 6, 2014, gas
and condensate were flared during testing at Raptor-1, an exploration well in PPL475.
Consequently, the company
today notified the PNG Department of Petroleum and Energy of a discovery at Raptor-1.
The company is now planning
to appraise the accumulation through additional seismic, followed by appraisal drilling and comprehensive long-term testing in
2015.
In the week of November
10, 2014, Bobcat-1 in PPL476 was drilled to a final total depth of 3,208 meters after intersecting an interval of about 320 meters
of Kapau limestone.
Wireline logging operations
are currently underway to determine the presence of hydrocarbons.
Financial Update
The company’s net
loss for the quarter ended September 30, 2014 was $16.9 million, compared with a net loss of $6.3 million for the corresponding
quarter in 2013.
Net profit for the nine
months ended September 30, 2014, was $353.9 million, compared with a net loss of $15.5 million for the corresponding period in
2013.
This increase in profit
by $369.5 million was driven primarily by the sale of an interest in PRL15 to Total S.A. and the sale of the refinery and downstream
businesses to Puma Energy.
At September 30, 2014,
total liquidity available to the company was approximately $754.3 million, which included cash, cash equivalents and net receivables
of $454.3 million.
The company also has access
to an undrawn $300 million credit facility led by Credit Suisse and repayable in December 2015.
In the three months to
September 30, 2014, the company’s total expenditure was $130.3 million.
This included $55.9 million
for net exploration costs, $41.7 million for the company’s share buyback and $32.7 million for other costs including preparation
for appraisal wells, seismic activity, equipment purchases, drilling inventory and corporate costs.
InterOil’s share
of net capital expenditure for the company’s three exploration wells in the quarter ended September 30, 2014, was $55.9 million,
of which $27.3 million was for Raptor-1, $7.0 million for Wahoo-1 and $21.6 million for Bobcat-1.
InterOil’s share
of total net expenditure for the first nine months of 2014 for all three exploration wells was $150.9 million.
The company expects its
capital expenditure on drilling to reduce significantly in 2015 as it moves from exploration to appraisal drilling.
InterOil has a carry from
Total on drilling costs associated with Antelope appraisal wells.
Conference Call Information
The full text of the media
release and accompanying financials are available on the company’s website at www.interoil.com.
A conference call will
be held on November 14, 2014 at 8am US Eastern time (9pm Singapore) to discuss the results and the company’s outlook.
The conference call can
be heard through a live audio web cast on the company’s website at www.interoil.com or accessed by dialing (800) 230-1074
in the US, or +1 (612) 288-0340 from outside the US.
A replay of the broadcast
will be available soon afterwards on the website.
Summary of Consolidated
Quarterly Financial Results for Past Eight Quarters Financial Statements
Quarters ended
($ thousands except per share data) |
2014 |
2013 |
2012 |
Sep-30 |
Jun-30 |
Mar-31 |
Dec-31 |
Sep-30 |
Jun-30 |
Mar-31 |
Dec-31 |
Total revenues |
10,749 |
13,689 |
1,903 |
712 |
617 |
831 |
602 |
8,188 |
EBITDA (1) |
(12,135) |
(10,252) |
316,949 |
(27,272) |
(99) |
(11,293) |
(5,138) |
(22,452) |
Net (loss)/profit |
(16,931) |
52,266 |
318,637 |
(24,812) |
(6,318) |
(13,230) |
4,003 |
(3,732) |
From continuing operations |
(14,622) |
(15,764) |
310,825 |
(32,024) |
(3,555) |
(15,240) |
(8,096) |
(27,512) |
From discontinued operations |
(2,309) |
68,030 |
7,812 |
7,212 |
(2,763) |
2,010 |
12,099 |
23,780 |
Basic (loss)/earnings per share |
(0.34) |
1.05 |
6.46 |
(0.50) |
(0.13) |
(0.27) |
0.08 |
(0.08) |
From continuing operations |
(0.29) |
(0.31) |
6.30 |
(0.65) |
(0.07) |
(0.31) |
(0.17) |
(0.57) |
From discontinued operations |
(0.05) |
1.36 |
0.16 |
0.15 |
(0.06) |
0.04 |
0.25 |
0.49 |
Diluted (loss)/earnings per share |
(0.34) |
1.05 |
6.38 |
(0.50) |
(0.13) |
(0.27) |
0.08 |
(0.09) |
From continuing operations |
(0.29) |
(0.31) |
6.22 |
(0.65) |
(0.07) |
(0.31) |
(0.17) |
(0.57) |
From discontinued operations |
(0.05) |
1.36 |
0.16 |
0.15 |
(0.06) |
0.04 |
0.25 |
0.48 |
(1) EBITDA is a non-GAAP
measure and is reconciled to IFRS under the heading “Non-GAAP Measures and Reconciliation”.
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About InterOil
InterOil Corporation is
an independent oil and gas business with a primary focus on Papua New Guinea. InterOil’s assets include one of Asia’s
largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licences covering about 16,000sqkm. The company
employs more than 2000 staff and contractors. Its main offices are in Singapore and Port Moresby. InterOil is listed on the New
York and Port Moresby stock exchanges.
Investor Contacts
Singapore |
Singapore |
United States |
Michael Lynn
Senior Vice President
Investor Relations |
David Wu
Vice President
Investor Relations |
Meg LaSalle
Investor Relations
Coordinator |
T: +65 6507 0222
E: michael.lynn@interoil.com |
T: +65 6507 0222
E: david.wu@interoil.com |
T: +1 281 292 1800
E: meg.lasalle@interoil.com |
Media Contacts
Singapore |
Australia |
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Robert Millhouse
Vice President
Corporate Affairs |
John Hurst
Cannings Corporate Communications |
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T: +65 6507 0222
E: robert.millhouse@interoil.com |
T: +61 418 708 663
E: jhurst@cannings.net.au |
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Forward Looking Statements
This media release includes
“forward-looking statements” as defined in United States federal and Canadian securities laws. All statements, other
than statements of historical facts, included in this release that address activities, events or developments that InterOil expects,
believes or anticipates will or may occur are forward-looking statements. These statements, which include statements as to planning
for or the timing of the proposed LNG project and future exploration, are based on our current beliefs as well as assumptions made
by, and information currently available to us. No assurances can be given, however, that these events will occur. Actual results
could differ, and the difference may be material and adverse to the company and its shareholders. Such statements are subject to
several assumptions, risks and uncertainties, many of which are beyond the company’s control, which may cause our actual
results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include risks
discussed in the company’s filings with the Securities and Exchange Commission and on SEDAR, including but not limited to
those in the company’s Annual Report for the year ended 31 December 2013 on Form 40-F and its Annual Information Form for
the year ended 31 December 2013. In particular, Papua New Guinea has no established market for natural gas or gas condensate and
the company can make no guarantee that gas or gas condensate from the Elk-Antelope field will ultimately be able to be extracted
and sold commercially. Investors are urged to consider closely the disclosure in the company’s Form 40-F, available from
us at www.interoil.com or from the SEC at www.sec.gov and its Annual Information Form available on SEDAR at www.sedar.com.
– ENDS –
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