InterOil posts USD 289.8 mln profit in 2014

InterOil posted a $289.8 million profit for the full year ending December 31, 2014.

This net profit compares to a loss of $40.4 million in 2013, primarily due to completing of the Elk-Antelope transaction with Total and the sale of the company’s refinery and downstream businesses to Puma Energy, it said in a statement.

The company said it is well placed for development of the Elk-Antelope gas field in Papua New Guinea, potentially the lowest cost new-build LNG project in the world.

In addition, the company has identified five targets, outside of Elk-Antelope, with a potential of 17 trillion cubic feet of gas equivalent of gross contingent and prospective resource, the company said in a statement.

InterOil Chief Executive Michael Hession said the past year has enabled the company to focus on developing Elk-Antelope and on maintaining its exploration effort in the Eastern Papuan Basin, one of the world’s most exciting emerging hydrocarbon provinces.

“Independent analysis suggests Elk-Antelope is the most competitive new-build LNG project globally, with the potential for superior returns even at low commodity prices,” Hession said. “We are well placed with liquidity of $715 million and an anticipated certification payment, to meet our commitments and pursue the LNG project timetable.”

Hession said the company made five consecutive discoveries in the Eastern Papuan Basin where it holds a premier license position.

“We are now planning five wells outside of Elk-Antelope to target about 17 Tcfe of gross contingent and prospective resource; 8 Tcfe of which could be targeted by appraisal wells at Bobcat, Raptor, and Triceratops-3 plus 9 Tcfe by exploration wells at Antelope-South and Wahoo,” he added.

[mappress mapid=”16322″]

Image: InterOil