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InterOil Q2 earnings

August 17th, 2010 · No Comments

Soros adding, Tilson going long?? Well..

Some of the highlights (for the whole report, click the link):

Second Quarter 2010 Highlights and Recent Developments

  • Balance sheet and liquidity remain strong with cash, cash equivalents and cash restricted of $50.9 million as at June 30, 2010
  • The refinery and distribution operating businesses generated EBITDA, a non-GAAP measure, of $24.0 million during the quarter, more than offsetting expenditures from the developing upstream and liquefaction businesses, resulting in a net $14.9 million in EBITDA on a consolidated basis.
  • The Antelope 2 horizontal well confirmed a higher condensate-to-natural gas ratio of 20.4 barrels per million cubic feet of natural gas, 27% higher than observed at the top of the reservoir.  The horizontal well also demonstrated dolomitization and higher porosity deeper in the reservoir than previously modeled.
  • Subsequent to the quarter, on August 4, 2010, the Joint Venture Operating Agreement (“JVOA”) for the proposed Condensate Stripping Plant (CSP) was finalized with Mitsui & Co. Ltd., along with an option deed to acquire up to 5% of the Elk and Antelope fields at the same price as an industry partner.
  • On August 11, 2010, the Company closed on a $25 million secured term loan bearing a 10% interest rate with Clarion Finanz AG to maintain financial flexibility and further develop the Elk and Antelope fields while negotiating with potential industry partners.

At first sight, we couldn’t find anything shocking. 18 cents per share (17c per diluted shares) is not the reason why one is invested in InterOil, although it helps and it has improved from a couple of years ago. One should add the $25M of the financing to the cash position.

The OPIC loan has been further paid off ($9M) and is now down to $49M (due December 2015).

As of yet unconfirmed, Soros increasing his stake in IOC to 14.5% (3.39M shares) and, quite improbable we have to say, Tilson going long. We’re trying to locate the filings and keep you posted.

Here is the link, and the page is below. You’ll have to realize that he might very well own numerous shares short, which he doesn’t have to disclose, and at the end of Q2, he still had $7M in put options...

Description | Show Summary
Click on the column header links to resort ascending (ar_bk_up.gif (64 bytes)) or descending (ar_bk_dn.gif (64 bytes)).

Company
Select a company below for more information.
Class Value
($1000)
Change
($1000)
% Change Shares
Held
HOT TOPIC INC COM $815 $815 New 170,930
GAMESTOP CORP NEW CL A $783 $673 614.29% 40,000
SUMMER INFANT INC COM $761 $0 0.00% 99,500
PFIZER INC COM $730 ($2,348) (76.29%) 45,387
OSTEOTECH INC COM $697 $133 23.65% 181,611
FIDELITY NATIONAL FINAN… CL A $678 ($251) (27.01%) 48,173
INTEROIL CORP COM $674 $674 New 10,400
MVC CAPITAL INC COM $646 $149 30.00% 52,000
EBAY INC COM $645 $206 47.06% 30,000
SAFETY INS GROUP INC COM $580 $257 79.49% 14,000
WINTHROP RLTY TR SH BEN INT NEW $548 ($1) (0.24%) 45,249
CAPITOL FED FINL COM $536 $536 New 18,100
MIND C T I LTD ORD $528 $45 9.34% 281,950
OCWEN FINL CORP COM NEW $525 ($18) (3.26%) 58,013
FIRST LONG IS CORP COM $505 $0 0.00% 20,000
HUNTSMAN CORP COM $495 ($1,277) (72.07%) 53,081
HIMAX TECHNOLOGIES INC SPONSORED ADR $484 $484 New 200,000
AMERICAN EAGLE OUTFITTE… COM $482 $482 New 40,000
DREAMWORKS ANIMATION SK… CL A $465 $465 New 15,000
TWO HBRS INVT CORP WT EXP 110713 $462 $109 30.78% 1,775,755
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Tags: IOC