Our main featured company, InterOil, is on a roll, and two big news items are around the corner. Since our latest update, there is nothing to add apart from the fact that a rumor site argued that Exxon will make a bid for IOC.
We’re not even entirely sure whether we would like that, even if it was true (we have no way to verify this). It apparently comes from a site called Jagnotes, you can see the rumor here.
We think, if the DST test will show that they have a second major natural gas discovery, that all InterOil needs is some friendly uncle with spare cash, so they can keep on drilling. We’re not sure any take-over price would reflect all the value, as it’s likely only a fraction has been discovered yet.
For instance, the next Antelope well is much more central in the Antelope resource, and will have better chance of finding oil, if there is any. But one has to consider that all oilfields in PNG have accompanying natural gas.
So for the meantime, I hope you’ll forgive us, we’re quite glued to the screen at the moment.