Details are sketchy, but the next couple of days are going to be quite interesting…
Turns out we were right.. We argued oil flowed, and so it did. We assume we’re going to hear much more about this in the cc tomorrow morning.
This quote from InterOil’s Q109 filing:
- Subsequent to quarter end, on April 6, 2009, oil and oil emulsion was recovered from the Antelope-1 side track from an interval of 7,809 feet (2,380 meters) to the current total depth (TD) at 7,930 feet (2,416 meters).
As it happens, the refinery did quite well:
- Net income was $10.3 million for the quarter compared with $0.2 million for the same quarter of 2008 as a result of better refining margins and derivative gains.
- Refining operations achieved a gross margin of $24.1 million and Earnings before interest taxes, depreciation and amortization (“EBITDA”), a non-GAAP financial measure, of $14.7 million for the quarter.
Cashflow from operations is also quite nice:
- As at March 31, 2009, we had cash, cash equivalents and cash restricted of $60.0 million (March 2008 – $37.5 million), of which $17.4 million (March 2008 – $20.4 million) was restricted as governed by the BNP Paribas working capital facility utilization requirements.
- Our cash inflows from operations for the quarter were $18.6 million compared with an inflow of $10.1 million for the quarter ended March 31, 2008. The improved cash flows from operations were mainly due to improved refining margins, cash received on close out of long term hedges and reduced working capital requirements due to decreased feedstock price environment.
Leading to an overall profit:
- The net profit for the quarter ended March 31, 2009 was $2.6 million compared with a loss of $2.4 million for the same quarter of 2008, an increase of $5.0 million. EBITDA for the quarter ended March 31, 2009 was $10.9 million, compared with $7.1 million in the 2008 March quarter, an increase of $3.8 million.