IOC -- looks like it could be a monster bounce play from what I'm hearing from some posters at thelion.com. Plus there was Reuters article/interview after hours and It looks there were a lot of false rumors , and possibly hedge funds involved...
CALGARY, Alberta, June 29 (Reuters) - A spokesman for Interoil Corp. (IOL.TO: Quote, Profile , Research), whose shares have dropped by more than half since Tuesday, called the plunge "an overreaction" to drilling results at a highly anticipated well.
Shares of Interoil dropped 21 percent on Friday, extending a slide that has seen the stock shed more than half its value since Tuesday.
Interoil, which explores for oil and gas in Papua New Guinea, fell C$5.39 to C$20.47 on volume of 561,588 shares on the Toronto Stock Exchange. That was more than 12 times the average volume over the past 90 days.
The stock had closed Monday at a record peak of C$47.06.
David Larson, a spokesman for the Houston-based company said on Friday the stock's retreat on concerns about drilling results from a highly anticipated natural gas well, was overdone, given that the company has yet to complete work on the well.
"I believe that, like a lot of things on Wall Street, there's a tendency for things to go too high then fall too low," he said. "I think this is a bit of an overreaction on Interoil given that the well has not been finalized."
At a presentation held on Wednesday, Interoil Chief Executive Phil Mulacek said the shares began dropping the day after a meeting with investors following Interoil's annual meeting on Monday.
That meeting may have also have spawned a rumor that the company was poised to issue shares to raise funds to pay a for liquefied natural gas (LNG) facility it is planning in the South Pacific nation, Mulacek said on a recording of the presentation.
"We're not out here issuing stock," he said. "The meeting was a follow-up to our (annual meeting), not that we are doing a placement. We've heard those rumors as well."
On Wednesday Interoil issued an update on its Elk-2 well in Papua New Guinea being drilled to firm up the size of what it said was a massive natural-gas find last year.
The Elk-1 find was said to contain trillions of cubic feet of gas, enough to backstop an LNG facility.
Interoil said Elk-2, about 5 km (3 miles) northwest of the Elk-1 well, has produced some gas, but the company did not detail the quantity that flowed to the surface.
The firm said in its statement that the drilling so far does not confirm a commercial discovery and more definitive results will be available when drilling reaches the planned total depth of 10,000 feet.
Media reports earlier this week said regulators were considering launching an investigation into the trading of Interoil shares following Tuesday's 27 percent fall, given the company didn't issue a press release to explain the drop.
However, Larson said he has not been officially notified of any investigation into the stock trading.
Regulators "haven't officially contacted me," he said. "I had been in contact with them on Tuesday and Wednesday. They were thinking about having their stock watch group take a look... We would appreciate something like that and fully cooperate."
Posted by jon clogger on :
You read my mind Ace. I have been debating this whole weekend whether or not to take a big position on this for Monday.
It bounced back a little in after hours Friday.
It dropping so hard in the last week of the quarter can't be coincidental with the fund managers dumping the underperformers and picking up performing stocks to make themselves look good for the upcoming quarter.
Posted by Wildbill on :
Ace, I think you "hit the nail on the head" with this one....In for a nice Bounce and possible run on Monday.....
Took a large Position late Friday afternoon....
Posted by Ace of Spades on :
I also think JSDA , ENCY , and HSOA could be ready to change directions soon. I think ENCY recently hit like a 4-5 year low!
Posted by Ace of Spades on :
Here is some news ! ! ! Hopefully this will start the "Monster Bounce"
InterOil Announces Extension of Preferential Interest Rate on Credit Facility
Sunday July 1, 6:30 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Jul 1, 2007 -- InterOil Corporation (Toronto:IOL.TO - News) (AMEX:IOC - News) (POMSoX:IOC) today announced that its $130 million secured credit facility with lenders Merrill Lynch Capital Corporation (Merrill) and Clarion Finanz AG acting through an affiliate, Pacific LNG Operations Ltd (Pacific LNG) was amended to extend the existing 4% interest rate from June 30, 2007 to July 31, 2007. With execution of a shareholder agreement covering the Papua New Guinea liquid natural gas (LNG) project by the company and these lenders on or before July 31, 2007, the interest rate will continue to be 4% for the full term of the loan, which ends May 2008. If an agreement is not finalized, the interest rate will increase to 10% unless the lower rate is further extended by the parties.
"We have made major progress on the negotiations covering the LNG project and are close to finalizing the documentation on a definitive shareholder agreement," InterOil Chairman and CEO Phil Mulacek said. "Both Merrill Lynch and Pacific LNG have reiterated their commitment to the LNG project, following the confirmation of a large gas column in the Elk structure. All parties are encouraged with the interim results of Elk-2, and the overall resource potential in the structure, which can underpin the joint LNG project."
Drilling and evaluation operations continue on Elk-2 with several important outcomes already achieved:
- Drilled to nearly 8,700 feet (2,650 meters) and confirmed over 3,400 feet (1,040 meters) of total limestone formation from the top of Elk-1 to the current depth of Elk-2.
- Confirmed that the natural gas column in the structure extends to over 2,300 feet (700 meters) while not encountering a gas water contact.
- Gas was produced to surface and downhole pressures were recorded leading to a calculated reservoir pressure in excess of 3,800 pounds per square inch.
- Heavy gas and gas liquid compositions were reported on mudlogs data indicating that the natural gas is becoming richer with depth, information critical to the design features of the LNG plant.
"These well results strengthen our ability to secure the natural gas supply to support and maintain the project on track for delivery of LNG in 2012. We are positive about the progress of Elk-2 and continue with our plans to drill, core and test the entire limestone formation, which may demonstrate expanded natural gas resources for future growth of the LNG project," Mulacek said.
COMPANY DESCRIPTION
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. During 2006, the company announced a gas and condensate discovery, completed an optimization program at the refinery, and doubled the downstream business by acquiring Shell's distribution assets in Papua New Guinea. In addition, InterOil initiated development activity related to a liquefied natural gas (LNG) project.
CAUTIONARY STATEMENTS
This news release contains projections and other forward-looking statements within the meaning of United States and Canadian securities laws. These projections and statements reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. Some of the factors which could affect our future results and could cause results to differ materially from those expressed in our forward-looking statements include: the ability of our refinery to operate at full capacity and to operate profitability; the success of our exploration activities; political, legal and economic risks related to our operations in Papua New Guinea; our ability to market refinery output; our dependence on exclusive relationships with our suppliers and customers; our ability to obtain necessary licenses; our ability to renew our petroleum licenses with the Papua New Guinea government; adverse weather, explosions, fires, natural disasters and other operating hazards, some of which may not be insured; the impact of competition; the enforceability of legal rights; the volatility of prices for crude oil and the volatility of the difference between our purchase price of oil feedstock and the sales price of our refined products; the uncertainty of our ability to attract capital; uninsured operations; covenants in our financing and other agreements that may limit our ability to engage in business activities, raise additional financing or respond to changes in markets or competition; and the risk factors discussed in our filings with the Securities and Exchange Commission, including but not limited to those in our Annual Report for the year ended December 31, 2006 on Form 40-F.
Any forward-looking statement speaks only as of the date on which such statement is made and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
InterOil currently has no reserves as defined in Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Any information contained herein regarding resources are references to undiscovered resources under NI 51-101, whether stated or not.
Contact: Contacts: InterOil Corporation North America David Larson (281) 292-1800 Email: david.larson*interoil.com
InterOil Corporation Australasia Anesti Dermedgoglou +61 7 4046 4600 Email: anesti*interoil.com
Posted by Ace of Spades on :
WoW it's up Big so far Pre-Market
Posted by Ace of Spades on :
Reached new HOD !
Posted by Ace of Spades on :
WoW it hit $23.85 ! ! ! Posted by stocktrader22 on :
Got in this morning at $22.25
holding for $40+
Posted by Ace of Spades on :
Nice stocktrader....$40 would be great but I'd settle for $30 Posted by stocktrader22 on :
well raymond james upgrade to $45
if you read recent news, company is in better shape now IMO then when they were ast $40
Posted by Ace of Spades on :
Now $24.25 The Shorts are getting bent the f#ck over Posted by stocktrader22 on :
funds played with this one, brought it down with the shorts for super cheap shares, watch this head back to $40
Posted by TimW on :
Got a couple hundred moments ago for the ride. Filled before it even showed me the order status page. Nice activity.
Posted by Ace of Spades on :
I say it breaks $25 Today....
Posted by stocktrader22 on :
Ace..may break $25 i dont see it closing above that today though
Posted by Ace of Spades on :
You never know...It's not even Lunch Time yet
Posted by stocktrader22 on :
would like to see $30 by end of the week.
Posted by Ace of Spades on :
Another HOD .... $24.75 Posted by Ace of Spades on :
I wish I could afford a few thousand shares...instead of just a few hundered Posted by toothpick on :
what are your suggestions of when to hold to? any guess's how long it will take?
regards
Posted by TimW on :
Nipping at the heels of $25.
Toothpick, its all in personal taste. Some say they are holding for $40. I personally look for gains around 20%, so when it gets around 28, if its not still moving up good ill look for an exit.
All personal preference.
Posted by toothpick on :
thanks for the advice tim, i understand your point of view.
Alot of the better investors are on this one so i thought i'll see at what price they'll pull out at rather than a the % that i like to pull out at normally.
good luck mate Posted by stocktrader22 on :
My opinion is this stock will see $40 again. Whether it be next week or in 6 months I don't know. If I had more free cash I'd be loading up big.
Posted by Ace of Spades on :
I personly think Im out at $30..cant be greedy
Posted by Ace of Spades on :
Close above $24 aint bad at all...I'll take it!
Posted by stocktrader22 on :
yup, should get to $30 in the next week or two...
Posted by jon clogger on :
I see-sawed all day on this, finally picked up a thousand shares at $24. Hope it keeps going.
Posted by jon clogger on :
Some folks on the google finance board are calling this a "boom or bust" play. If they actually find oil in the ELK2 well, it should go to $60 pps overnight. If not, a lot of shorts are calling it around $8-10 since they are out of money and are far from being profitable.
Makes me nervous...
Posted by stocktrader22 on :
quote:Originally posted by jon clogger: Some folks on the google finance board are calling this a "boom or bust" play. If they actually find oil in the ELK2 well, it should go to $60 pps overnight. If not, a lot of shorts are calling it around $8-10 since they are out of money and are far from being profitable.
Makes me nervous...
$8-$10 wont happen...watch
Posted by TimW on :
quote:Originally posted by jon clogger: Some folks on the google finance board are calling this a "boom or bust" play. If they actually find oil in the ELK2 well, it should go to $60 pps overnight. If not, a lot of shorts are calling it around $8-10 since they are out of money and are far from being profitable.
Makes me nervous...
Someone correct me here, but i thought they were drilling for gas not oil?
Sounds like a stock lemon comment from Andrew Left.
Posted by stocktrader22 on :
natural gas as far as I know. I'm not worried about a thing, shorts got trapped here, this is a short squeeze play.
Posted by jon clogger on :
You bring up a good point TimW. I'm hoping those people are full of it. Got a lot riding on this.
Posted by stocktrader22 on :
quote:Originally posted by jon clogger: You bring up a good point TimW. I'm hoping those people are full of it. Got a lot riding on this.
I suggest you pull out...seems you are buying into the hype, do your own DD then invest in it.
Posted by TimW on :
IMO this looks like they shorted it bad because they hoped they failed to meet the deadline on the loan to keep the 4%... not so much the discovery of gas/oil.. not yet anyways.
Extension of that 4% on the loan should show strength in the operations and/or progress.
Just so happens to be around the same time they provided an update on "no significant" findings in the well yet which hasnt even hit target depth.. PR's confirm all of this.
Shorters shorted in anticipation of that loan being bumped to 10% to drop investor confidence and the exact opposite happened.
As always, proceed with caution.
Posted by jon clogger on :
Thanks for the advice ST22 and TimW. We'll see how the next couple of days go, maybe I'll reduce my load with this one.
Posted by Ace of Spades on :
Good Morning ! ! ! IOC looks good so far...
Posted by jon clogger on :
Nice PM trading
Posted by stocktrader22 on :
gapper this morning.
Posted by jon clogger on :
A bit choppy, but wants to climb past yesterdays' daytraders taking their morning "dump".
Posted by stocktrader22 on :
going to be a normal day here...slow move up from here on IMO
Posted by stocktrader22 on :
Nice 2.5% gain today close at $24.70 I'll take it for a short day
Posted by jon clogger on :
I couldn't take it, sold for a .30 gain.
Posted by stocktrader22 on :
Hahah
Posted by stocktrader22 on :
Huge up day in Canada today, equivalent of around a $28 US close...
tomorrow shorts will be fried.
Posted by Ace of Spades on :
Can you say........Booya! ! ! ! !
Thanks to IOC I'm gonna win the stock picking contest at IHUB....Hopefully any way.
Right now I'm in second, but IOC will go higher and the guy in first's main pick LOCM will tank
The penny contest is first than the Big Board Contest...
Posted by T e x on :
that would be cool...
would like to see that, lol
Posted by stocktrader22 on :
quote:Originally posted by T e x: that would be cool...
would like to see that, lol
I would like to see $30+ IOC close by friday. Thats all I care about hhaa
Posted by T e x on :
egomaniac Posted by Ace of Spades on :
quote:Originally posted by T e x: egomaniac
........A little ego never killed anyone Posted by T e x on :
ya...
a little Posted by Ace of Spades on :
quote:Originally posted by stocktrader22: Huge up day in Canada today, equivalent of around a $28 US close...
tomorrow shorts will be fried.
I agree.....It looks like the "REAL" fireworks will go off on the "5TH" of JULY Posted by stocktrader22 on :
Short % of Float 36.98 %
Posted by jon clogger on :
I'm soooo friggin happy I sold at $24.50....
MOTHERF^CKNPEESOSH!T!!!
Posted by stocktrader22 on :
quote:Originally posted by jon clogger: I'm soooo friggin happy I sold at $24.50....
MOTHERF^CKNPEESOSH!T!!!
You'll be eating those words tomorrow sir.
Posted by stocktrader22 on :
gapping up huge this morning
Posted by jon clogger on :
Sarcasm St22, Sarcasm
Posted by toothpick on :
are we all sceptic of it reaching 30 now?
Posted by toothpick on :
$26!!!
Posted by Ace of Spades on :
IOC looking very strong....still holding for $30
Posted by jon clogger on :
I jumped back in this morning. Missed a $2.00 gain though....
Posted by Ace of Spades on :
WoW!!! $27.25 Posted by Ace of Spades on :
....might GET A new HOD soon....
Posted by Ace of Spades on :
$27.32 newe HOD
Posted by Ace of Spades on :
$27.70.......Holy Batman has this been Awesome!!!! Posted by jon clogger on :
It's puking, I'm out.
Probably will gap up again tomorrow since I'm out.
Posted by toothpick on :
does this look like it will make it to $30 then? will it climb again today?
Posted by stocktrader22 on :
Out for the whole day, don't worry guys it cant stay at its top all the time...things are fine here at $26.75
Next week this sees 30 IMO
Looking for $28 tomorrow.
Posted by jon clogger on :
Puke puke puke, bargain prices at 26.00, I hope that was just emotional impulse, cause I'm back on board.
Posted by stocktrader22 on :
taking a breather today...holding.
Posted by owenbv on :
out at 26... been keeping a tight stop loss on this one. will scan for a good price to buy back today.
Posted by toothpick on :
so fellow's 26.xx is a time to top up?
Posted by toothpick on :
oooo its at $26.07 right now!!! dont think it will make it to 28 today, just high 27's at best, which i hope for!
Posted by jon clogger on :
Next week should be better.
Posted by Schopenhauers Dog on :
quote:Originally posted by jon clogger: Some folks on the google finance board are calling this a "boom or bust" play. If they actually find oil in the ELK2 well, it should go to $60 pps overnight. If not, a lot of shorts are calling it around $8-10 since they are out of money and are far from being profitable.
Makes me nervous...
Exactly my thoughts. That's why I'm staying out of this one.
Posted by jon clogger on :
Yeah SD, I've been doing just fine daytrading this. I won't hold it overnight.
At this point, the potential gap DOWN is a lot more scary than the appeal of missing the gap UP.
Posted by TimW on :
The company has been turning around, even with the added expenses of Elk-2.
1st qtr 2007 fin's.
add http onto front of this link allstocks wont accept ( ) in the link.
Net loss for the quarter ended March 31, 2007 was $5.7 million, an improvement of $8.6 million over the same quarter in 2006. EBITDA for the quarter ended March 31, 2007 was $2.7 million, an improvement of $11.8 million over same quarter in 2006.
Even if they run out of cash obtaining further financing should not be difficult with their financials.
Elk-2 or not, IOC is growing and turning more and more towards profitability..
No clue what the "shorters" are looking at. Elk-2 is costing them money contributing to holding back the rest of their financials.. it is not the death of them, however, if elk-2 fails. With the added costs of Elk-2 they are still pushing more towards profitability.
The price has been inflated though on hopes. Give em that much.
Posted by TimW on :
Im looking for my 28/30 by end of week, but will continue to hold. Volume is showing distribution. And the price/book is outstanding right now at 7.66 compared to the rest of the industry at well over 20.
Posted by TimW on :
Oh, BTW, feeling nice gap on monday.
Just a hunch. all opinion of course.
Posted by toothpick on :
i hope the magical $30 mark hits soon
Posted by stocktrader22 on :
I exited the other day looking for one more down day tomorrow for an entry back in Posted by jon clogger on :
My thoughts EXACTLY ST22!! I was looking to Tuesday with a nice ramp up to Friday.
Posted by stocktrader22 on :
Just wait if the drilling reports are solid, $40 would be the next stop IMO
Posted by Ace of Spades on :
Heres a post from Yahoo BOARD
IOC's Put-Call Ratio is at historical highs.
The put-call ratio is primarily used by traders as a CONTRARIAN INDICATOR when the values reach relatively extreme levels. This means that many traders will consider a large ratio a sign of a buying opportunity because they believe that the market holds an unjustly bearish outlook and that it will soon adjust, when those with short positions start looking for places to cover. There is no magic number that indicates that the market has created a bottom or a top, but generally traders will anticipate this by looking for spikes in the ratio or for when the ratio reaches levels that are outside of the normal trading range.
Current Put-Call Ratio for IOC is 1.49. Historically, when IOC's P/C ration exceeded 1, the stock made substantial gains.
Short interest also presently stand at approx. 7,400,000 shares. Another very bullish sign.
Finally, I believe the high put activity may only be longs hedging against other short attacks, while protecting their upside positions. For example, a long with 5000 shares can protect that position by buying puts with a $20 strike price for about $5,000. Any increase in the stock price by a $1, pays for the protection, and if another short attack occurs, the long is fully protected, while maintain his long position with all the upside potential.
The best way to play IOC at this time is to be long, with some downside protection. Insurance is cheap, and is a small price to pay for sleeping well at night.
Just as those who are naked shorts are unwise, so would any long be unwise without some downside protection. Hence, the put activity.
We're going up past 30 this coming week.
Posted by toothpick on :
hey guys,
what would you protect/insure IOC with then?
thanks in advance and good luck
toothy
Posted by toothpick on :
omg i just checked and IOC is down to 23.50.
any news?
Posted by TimW on :
Alot of reports came out today...all three short term were BUY, undervalued and bullish.
Going to have shorts trying to cover as low as possible but as week progresses the rise will occur.
Posted by toothpick on :
saaawwwwwwwwweeeeeeeeeeeeeeeeeeeeetttt
Posted by jon clogger on :
No touchy touchy for me today. Playing with fire.
Posted by stocktrader22 on :
still waiting.
Posted by TimW on :
quote:Originally posted by jon clogger: No touchy touchy for me today. Playing with fire.
Some of us know how the beast eats, sleeps, and breathes. Fire is our friend. We dont play with fire, fire plays with us.
Posted by Ace of Spades on :
IOC is up a little Pre-market
Posted by toothpick on :
back into the 24's WHEN ARE THEY GONNA FIND OIL!?!??!
Posted by jon clogger on :
OIL? I thought this company was diggin' fer gold. I've been trading the wrong stock.
Posted by TimW on :
quote:Originally posted by toothpick: back into the 24's WHEN ARE THEY GONNA FIND OIL!?!??!
Sooner than later. Sooner than you think. Before you can say, Jack Robinson!
Expecting "A" PR today.
Posted by toothpick on :
cheers for the info mate.
good luck and have a good day!
Posted by TimW on :
Activity shows we're all just waiting for something to come out.. and waiting.. and waiting.
Posted by jon clogger on :
...and waiting...and waiting...zzzzzzzzz
(shhhhh, the beast is sleeping)
Posted by TimW on :
movin up steadily.
Posted by toothpick on :
yesssss 25.99.
why the sad purple face mate?
Posted by TimW on :
Oh mustve clicked on accident, just saw that.
Looking for an update on the well soon.
Posted by toothpick on :
oh **** whats happened? have people given up? the vol., is 295,000. last time i check it was near 1 mil.
whats the news?
Posted by TimW on :
Expecting huge dip today on low volume.
Manip to buy.
Posted by jon clogger on :
That was a HHUUGGEE DDIPP.
Been waiting on the sidelines, may pass on this entirely.
Posted by TimW on :
L2's show great strength. Im holding unless it hits $18.
This feels alot like someone knows something and is trying to get cheap shares. The price is definetly not dropping on bad news otherwise it would keep going south instead of fighting to come back up.
Nobody constantly raisies back over the bid on bad news.. you want out fast on bad news.
Posted by toothpick on :
o snap...21..22..my heart rate just went crazy
Posted by TimW on :
Back to 23.30.. you can somewhat relax Posted by jon clogger on :
This sucks, I feel bad for you guys. I hope it gets a nice bounce tomorrow, and then they burn the shorts with a blazing PR.
Posted by owenbv on :
wow to think i was bummed that i got stopped out at 26!
anybody buying back in?
Posted by TimW on :
Im still in and adding more right before close..
The way the price is coming down, 100 or 200 share trades at a time.. is not dumping at all.. definetly the price is being forced down.
We got 1000's on the bid and 100's on the asks.. WAY WRONG.
Im still betting on a positive PR.. But im so close to bankrupt it doesnt matter anyway LoL
Posted by TimW on :
I just upped to about 800 shares. Wish i could get more but unfortunately im not rich like all of you
The real question here folks, is who would be buying this much at -18% for the day.
-18% for the day and we have an unlimited amount of buyers wanting to jump in.
Posted by toothpick on :
i'm glad some one experienced is positive! i woke up today and saw it closed at $20 and nearly cried!
at least theres good volume now, aroudn 3 mil.
i wish i sold at around 26.5! hasnt go further up than that really. and if i did....could have loaded up shed loads yesterday at $20!
but with hine site we'd all be buffet rich by now! good luck my friends!
Posted by jon clogger on :
After hours got back to $21.00.
Also, read an article over in Google Finance. The most pessimistic analyst puts this stock at $20.00 based on current drilling being a bust.
If he's right, this has already bottomed, and it's blue skies from here. Could be a nice ride to $40.00.
Posted by owenbv on :
nice day so far. wish i bought back in late yesterday.
Posted by TimW on :
Lots of good support in the 22's so far.
Once again tons more on the bid than on the ask.
Posted by jon clogger on :
If you bought at yesterdays close then you're up over $2.00/share today.
Posted by TimW on :
$120,000 order sitting on the bid.. someone has high hopes.
Posted by toothpick on :
any one get some at the open in the 20's?. nice $2 gain for you smarties right now!
Posted by toothpick on :
has IOC recevied some bad PR today or something?
Posted by toothpick on :
this is old news but
"InterOil Corporation (TSX: IOL) (AMEX: IOC) (POMSoX:IOC) today announced that its $130 million secured credit facility with lenders Merrill Lynch Capital Corporation (Merrill) and Clarion Finanz AG acting through an affiliate, Pacific LNG Operations Ltd (Pacific LNG) was amended to extend the existing 4% interest rate from June 30, 2007 to July 31, 2007. With execution of a shareholder agreement covering the Papua New Guinea liquid natural gas (LNG) project by the company and these lenders on or before July 31, 2007, the interest rate will continue to be 4% for the full term of the loan, which ends May 2008. If an agreement is not finalized, the interest rate will increase to 10% unless the lower rate is further extended by the parties."
what do you see the likely hood of IOC getting a argeement? if not, would it be wise to sell?
Posted by TimW on :
With all the support for LNG in PNG i dont see the interest rate rising.. The lenders and the government there WANT the project to move forward.. They do not want it to die.
And even if Elk-2 doesnt hit their needs, they move on to Antelope and drill some more.
Go back and look at past PR's and you'll really start to see the value of Interoil and this project:
China is in talks to buy Papua New Guinea gas (International Herald Tribune) Updated: 2005-12-05 22:09
China National Petroleum, the biggest Chinese oil company, is in talks with the Papua New Guinea government about buying natural gas, Petroleum and Energy Minister Moi Avei of Papua New Guinea said Monday.
An initial accord may be signed between the government and the Chinese company during a planned visit by Avei to China early next year, the minister said. China National Petroleum may import the fuel in the form of liquefied natural gas through a plant the company may build in northern Papua New Guinea, he said.
China and its state-controlled oil companies are seeking oil and gas supplies abroad as energy prices reach records. China National Offshore completed an agreement last year to buy a stake in Australia's North West Shelf gas reserves as part of a plan to buy LNG from the venture.
In June, the Australian Bureau of Agricultural and Resource Economics estimated that China's LNG demand might surge from zero to 18.3 million tons a year by 2015 as the government promotes the use of cleaner-burning fuels. China currently relies on coal and oil for 90 percent of its fuel needs.
Everyone knows the gas is there. Everyone wants the gas. Its just a matter of hitting a good column to start the project. Every country wants some of the gas. Once they hit a good gas column all hell is going to break loose (IMO!).
We even have more recent PR's of other companies trying to jump in! So to hell with all those that claim theres no support for LNG there!
Santos Limited Wednesday, April 11, 2007
Santos Limited on Wednesday announced that it has entered into an agreement with ExxonMobil, Oil Search and Nippon Oil to jointly progress a detailed pre-FEED study of a standalone LNG project based on the Hides gas field in Papua New Guinea. Under the terms of the Cost Sharing Agreement, the pre-FEED study will evaluate technical and commercial merits of developing a 5.0 to 6.5 million tonne per annum LNG facility, targeting first cargos in the 2012 to 2013 timeframe.
"This LNG evaluation phase is expected to be completed by the end of 2007, following which the participants will be in a position to decide whether to progress to Front End Engineering Design (FEED)."
Everyone keeps saying that everyone else but interoil abandonded the LNG... not! There are so many companies still trying.
- And this is on Exxon mobil's website:
Status of PNG Gas Project and PNG LNG Evaluations
Both the PNG Gas Project and Australian Pipeline Project had experienced significant cost growth, eroding economics of the PNG Gas Project which was to export sales gas via a pipeline from PNG to Australia.
The PNG Gas Project also suffered a serious setback when AGL-Petronas Consortium (APC) decided not to proceed with construction of the Australian pipeline in August 2006.
In response, the Gas Project participants recognized the desirability of evaluating alternate developments (including an alternate Australian Pipeline concept, various domestic gas opportunities in PNG and LNG) to ensure that the best development was identified for commercialization of PNG’s significant gas resources.
There is now an acknowledgement that an LNG development offers a better opportunity to capture the greatest value for the State, Landowners and the project proponents.
ExxonMobil is currently moving forward to continue to evaluate a potential LNG opportunity in PNG.
sorry so much in one post.. but ive done SOO much research on this stock before buyign its not even funny.. the LNG in PNG has been such a huge debate for many years that the chance of interoil hitting the gas is well worth the risk.. if the hit the gas that pretty much starts the whole countries LNG project full steam.
Posted by TimW on :
From another PR
"InterOil, Merrill Lynch and Clarion Finanz each have about 30 percent stake in the joint venture."
I highly doubt with a 30% stake merrill lynch would raise the loan rates to interoil and risk any financial hardship to kill the project.
Posted by TimW on :
Regained what was lost during the day in afterhours:
After Hours: 22.66 0.37 (1.66%)
Posted by TimW on :
Update on coming PR's... no fluff no filler just to the chase. Good relations.
We are targeting August 13th 2007. As soon as I have a definite date for the filing of our financials as well as details of the investor conference call that usually follows the filings, a news release announcing these details will be filed.
Best regards
Anesti Dermedgoglou
V.P. Investor Relations (Australasia)
Posted by toothpick on :
i'm considering to go to that hole their drilling in PNG and pouring some of my shell v-power down their to get some good PR.
anyone up for that?
Posted by TimW on :
Much rather have gas than oil.. hold the 10w-30 and gasolines.
Further pushed down on good news:
Merrill Lynch, Partners Set to Sign PNG LNG Venture Accord
By Angela Macdonald-Smith
July 24 (Bloomberg) -- Merrill Lynch & Co.'s commodities unit and partners in a proposed liquefied natural gas project in Papua New Guinea are set to sign an accord by the end of the month to formally set up the venture.
The shareholder agreement will formally incorporate Merrill Lynch Global Commodities and closely held Pacific LNG Operations Ltd. into Liquid Niugini Gas Ltd., Jack Hamilton, chief executive officer of Liquid Niugini Gas, said in a July 19 interview. The accord doesn't commit the partners to building a plant, he said.
The venture, which includes Canada's InterOil Corp., said in April it expects to commit as much as $300 million this year for the construction of an LNG plant in the Pacific nation, which may start production in 2012. The venture has yet to secure supplies for the project and drilling at InterOil's Elk field has so far failed to confirm enough gas.
The shareholder agreement ``is tracking to come together before the 31st,'' Hamilton said. ``It sets out their vision, the commercial terms between them and the governance structure. There are still the normal decision gates to enter front-end engineering and then subsequently the financial investment decision'' before the partners commit to the project, he said.
Shares in InterOil have dropped 41 percent since the beginning of June on investor concern that the Elk-2 appraisal well may be unsuccessful, leaving the proposed LNG project without gas supplies.
Results so far from the well are ``inconclusive,'' Hamilton said in the telephone interview from Sydney. He declined to comment on when the final results from the well may be released.
Engineering Contract
``There's more than enough in the current results that says you would not walk away from this resource,'' Hamilton said. The venture may be ready to award the initial engineering contract for the project in the fourth quarter, he said.
The proposed project may cost $4 billion to $6 billion, Hamilton said in an April interview. Merrill Lynch and InterOil may each hold about 35 percent of the LNG venture, while Pacific LNG may have about 30 percent, he said.
Rival ventures led by Exxon Mobil Corp. and BG Group Plc are also studying LNG projects in Papua New Guinea.
LNG is natural gas chilled to liquid form for transportation by tanker to destinations not connected by pipeline. Demand for LNG almost doubled in the past decade and may more than triple by 2020, Wood Mackenzie estimates.
To contact the reporter on this story: Angela Macdonald-Smith through the Sydney newsroom at amacdonaldsm*bloomberg.net .
Posted by TimW on :
3 more trading days left before the big news...
possible 4 depending on when they release it.
Posted by toothpick on :
I hope my patience’s pays off and this hits $30 at the least…
right now its...$19.90 -.-;
Posted by TimW on :
Ah hell its a gamble no need for hoping. Positive or negative news we cant control a damn thing.
Im curious to find out about that large volume spike yesterday. If it was all one block or a few blocks, but either way the price jumped at the same time so it was likely buying/chasing the price up for the short time.. that was $4million traded in a very very short time.
More good buying towards end of day as we close in on the news!
Posted by toothpick on :
oh my, IOC just wont pull up. i remember a few weeks i had a couple of different opportunites to sell at 26.5. why o why didnt i.
Posted by TimW on :
Hehe well they have alot of news next week.
Im liking these big volume spikes that pull the price slowly back up.
Shows that theres people eeither covering short positions or taking large stakes.
Next week will be an interesting one thats for sure!
Posted by toothpick on :
dont know how valid this is, but here it goes.
TradingMarkets.com Boeing, Northwest Natural Gas Upgraded, InterOil Downgraded Friday July 27, 8:30 am ET By TradingMarkets Research
"InterOil (AMEX:IOC - News) was downgraded to 2, from 3. The company is developing a fully-integrated oil and gas company in Papua New Guinea. IOC shares have lost 34.5% this year and the company has a market cap of $594 million."
on the upside, After Hours: 19.50 0.23 (1.19%) as of Jul 27 on 07/27/07
Posted by toothpick on :
InterOil Announces Extension of Preferential Interest Rate on Credit Facility
Drilling and evaluation operations continue on Elk-2 with several important outcomes already achieved:
- Drilled to nearly 8,700 feet (2,650 meters) and confirmed over 3,400 feet (1,040 meters) of total limestone formation from the top of Elk-1 to the current depth of Elk-2.
- Confirmed that the natural gas column in the structure extends to over 2,300 feet (700 meters) while not encountering a gas water contact.
- Gas was produced to surface and downhole pressures were recorded leading to a calculated reservoir pressure in excess of 3,800 pounds per square inch.
- Heavy gas and gas liquid compositions were reported on mudlogs data indicating that the natural gas is becoming richer with depth, information critical to the design features of the LNG plant.
"These well results strengthen our ability to secure the natural gas supply to support and maintain the project on track for delivery of LNG in 2012. We are positive about the progress of Elk-2 and continue with our plans to drill, core and test the entire limestone formation, which may demonstrate expanded natural gas resources for future growth of the LNG project," Mulacek said.
Finally good news! good predict. TimW!
Posted by TimW on :
That PR is just the one lining us up for what we are expecting today..
"With execution of a shareholder agreement covering the Papua New Guinea liquid natural gas (LNG) project by the company and these lenders on or before July 31, 2007"
We had good news about it back then.. and today is the day they said it would happen.. lets see!!
Posted by TimW on :
Merrill Lynch Commodities, Pacific LNG and InterOil Sign Shareholder Agreement for LNG Project Tuesday July 31, 4:31 pm ET
HOUSTON--(BUSINESS WIRE)--Merrill Lynch Commodities, Inc., a wholly-owned subsidiary of Merrill Lynch & Co., Inc. (NYSE:MER - News), Pacific LNG Operations Ltd, and InterOil Corporation (TSX:IOL, AMEX:IOC, POMSoX:IOC) have executed a shareholder agreement for the development of a liquefied natural gas (LNG) project in Papua New Guinea (PNG). ADVERTISEMENT
"This is a major step forward in developing the first LNG project in PNG and a result of the vision, determination and dedication of all involved," said David Sobotka, head of Merrill Lynch Commodities. "With the agreement now finalized, we have a platform to deliver on our goal to build a world-scale LNG facility."
The shareholders have agreed to establish PNG LNG Inc. as the holding company for Liquid Niugini Gas Ltd., the Papua New Guinea-based entity that will own and operate the LNG facility. The shareholders will each have a one-third beneficial ownership interest in PNG LNG Inc. with provisions for the entry of strategic partners to provide additional expertise and capital. An allowance has also been made for inclusion of the Government of Papua New Guinea as a partner in the LNG project.
InterOil Chairman and CEO Phil Mulacek commented, "We have the critical infrastructure in place today and the operating experience in PNG to provide support essential for the project's success. The project remains on track and we are ready to proceed with contractor selection and the final engineering and design work."
The current project design consists of a two-train liquefaction plant with processing capacity of nominal 1.6 bcf/d, condensate and gas liquid processing, handling and storage facilities, and a natural gas pipeline from supply sources. First production of LNG is targeted for 2012.
Pacific LNG's Director Carlo Civelli explained, "Our significant investment in InterOil's exploration program underpins our confidence in this venture. We are proud to be a party to this agreement, which will benefit both the shareholders and the people of Papua New Guinea."
InterOil is designated as the preferred natural gas supplier to the LNG project, with its Elk and Antelope structures identified as the key gas resources for the project. As a result, InterOil will continue its upstream activity focusing on adding resource potential, and establishing reserves and deliverability to expand the project.
Under the agreement, Merrill Lynch Commodities and Pacific LNG will fund cash outlays for front-end engineering and design. Merrill Lynch Commodities is designated as the preferred purchaser and marketer of the LNG output and an affiliate of Merrill Lynch Commodities is designated as the preferred provider of structuring advice for the project financing.
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. During 2006, the company announced a gas and condensate discovery, completed an optimization program at the refinery, and doubled the downstream business by acquiring Shell's distribution assets in Papua New Guinea.
Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 38 countries and territories and total client assets of approximately $1.7 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Merrill Lynch owns approximately half of BlackRock, one of the world's largest publicly traded investment management companies, with more than $1 trillion in assets under management. For more information on Merrill Lynch, please visit www.ml.com.
Pacific LNG is an investment vehicle, created and controlled by Clarion Finanz AG, to invest in emerging markets energy projects.
Posted by toothpick on :
i've still got to wait for a bit more increase to afford drinks!
Posted by TimW on :
My drinks involve whole milk so i can party all i want at these prices! LoL
Whats your entry point?
I got in before the dip i think im around $23/share.. definetly holding for awhile.. it hit 40$ on hype/speculation and now that the hype is real it should have no problem suprassing that!
Posted by TimW on :
My favorite part:
The project remains on track and we are ready to proceed with contractor selection and the final engineering and design work.
The plant and pipeline is a reality! MUAHAHAH!
Now we got about 2 weeks for quarterly financials.. and i think drilling report should be soon (and will definetly be positive if everyone is moving forward with the plant!)
Posted by Ace of Spades on :
This is gonna be fun tommorow!!!! Shorts Gotta Cover!!!
Posted by toothpick on :
sorry could you explain what "Shorts Gotta Cover" means please.
Posted by Ace of Spades on :
quote:Originally posted by TimW: That PR is just the one lining us up for what we are expecting today..
"With execution of a shareholder agreement covering the Papua New Guinea liquid natural gas (LNG) project by the company and these lenders on or before July 31, 2007"
We had good news about it back then.. and today is the day they said it would happen.. lets see!!
Good DD TimW...You and Toothpick have been keeping this thread alive
Posted by TimW on :
Shares Short (as of 10-Jul-07)3: 7.94M
After hours up was only on 100k shares..
We got 8 million more that still need to cover.
Oh boy.
Posted by TimW on :
quote:Good DD TimW...You and Toothpick have been keeping this thread alive [/QB]
Thank ya sir, this one was well worth keeping on life support through the downside!
Posted by toothpick on :
i just did a sex wee, $23!
Posted by toothpick on :
$24 keep on climbing son!
Posted by TimW on :
InterOil Sets Second Quarter 2007 Earnings Release and Conference Call Dates Wednesday August 1, 9:11 pm ET
TORONTO, ONTARIO--(MARKET WIRE)--Aug 1, 2007 -- InterOil Corporation (Toronto:IOL.TO - News)(AMEX:IOC - News)(POMSoX:IOC) announced that it will release second quarter 2007 earnings after the market closes on Monday, August 13, 2007 with full text of the news release and accompanying financials available on the company's website at www.interoil.com. A conference call will be held on Tuesday, August 14, 2007, at 7:30 a.m. Central (8:30 a.m. Eastern) to discuss the quarter's results, as well as the company's outlook for the remainder of 2007. ADVERTISEMENT
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 (612) 288-0329. A replay of the broadcast will be available afterwards on the website.
COMPANY DESCRIPTION
InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil's assets consist of petroleum licenses covering about 9 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. During 2006, the company announced a gas and condensate discovery, completed an optimization program at the refinery, and doubled the downstream business by acquiring Shell's distribution assets in Papua New Guinea. In addition, InterOil initiated development activity related to a liquefied natural gas (LNG) project.
Posted by toothpick on :
hahaha i had this on my clipboard and was just about to paste that!
Posted by toothpick on :
alright gentlemen, when should we let go?
Posted by toothpick on :
omg big sex wee $25
Posted by TimW on :
27.65
Im loving the L2.. finally switched around to more on the bid than the ask.
Looks like people finally got wind and comprehended the news! Less large asks and more large bids.
Posted by toothpick on :
yes i woke up and saw 27.65 yessssss finally. how long have i been waiting for lol. well done TimW our patients paid off! and stupid amount of reading hahahaha.
what price are u planning to hold to?
recon it will drop to the $20 level again like 4-5 weeks ago where it peaked at around $26.6 - $27 and droped back o the $19-20?
Posted by TimW on :
Not sure.
No idea what is up with the afterhours tonight.
After Hours: 24.65 -3.04 / -10.98% Vol. 67,200
Only 67,000 volume after a huge run to pull it back 10%.
Could be since most after hours is done between brokers that we will see the price get pulled down on those tiny blocks so they have a better chance to cover $ cheaper in the morning.., that is if the brokers were the ones that had it mostly shorted the 8 million.
Shorts gotta be close to covered within a few days so affter that im sure they wont interfere so much with the PPS.
Just a thought, no clue when ill be out.
Not really looking for an exit soon.
Posted by TimW on :
i sold at $30. happy with my $5 gain per share although looking back i think i should have only sold half and i didnt expect IOC to hit $30 last night (for me) so my settings auto sold at $30.
will look forward to a dip so i can pick some up again! haha
good luck TimW! what price did u by at?
Posted by TimW on :
23.80.
Still waiting for 40+, and definetly holding until elk-2 results are made public.
Unless of course, something drastic happens.
You might get a dip to rebuy, but i wouldnt count on it being large. If anything itd be the intraday dips that the stocks becoming accustomed to in the mornings.
Posted by jon clogger on :
Nice work you guys. Patience does pay. I must say that this bad boy was way too much of a roller coaster ride for my liking.
Here's to $40.00 plus!! (Although I think you will see $50.00 by end of year)
Posted by toothpick on :
hey TimW, i really want to get back in to IOC.
what do u recon i should set my autobuy at as i'm most likely not around a computer for the dip.
$25? $25.50? or what do you recommend?
Posted by TimW on :
Thats all up to you.. I wouldnt imagine itd dip down to $25 though.. seeing how its at $31 that would require a 15% drop. Usually its only been pulling back a a dollar or two before moving again.
Personally i wouldnt try to catch a dip and would buy at market at open.
You can either;
buy at a high open and it pulls back but climbs steadily again.. you get marginal gains if any for the day.
buy at any open and it steadily climbs, full days gains for you.
look for a gap and missit due to opening and climbing straight up
buy on a high gap and have it isntantly drop down and keep going.
buy at the dip only to realize its moving down and have it tumble from there
get 100% lucky and buy on a dip and have it climb from there.
All up to what you feel. Do you think you can guesstimate the low price for the day? Do you care if you lose a days gains?
All up to you. Like i said I would probably just put in an order to fill at market at whatever the going rate is first thing. Just because it hasnt been pulling back a whole lot lately.
Disclaimer: If you lose all your money, ill happily take your wife.
Posted by toothpick on :
damm man, i really regret selling all in one go now. really should have sold half.
i partly blame it on the time diff cause its not possible for me to be at the computer watching the movement for the whole trading day without looking like a zombie at work.
i'll set at $29.50.
good luck TimW!
Posted by toothpick on :
i'm changed my mind and decided to buy at market price when it open.
if you lose all your money could i have your wife? Posted by toothpick on :
oh **** it fell and my buy didnt go through. thank god!
Posted by TimW on :
Heh. Ya never know.
Id guess its stabilized for now. Guess.
Have you got back in yet?
Posted by TimW on :
Level 2 for the ASK has really dried up..
Feeling a little shorty squeeze coming perhaps?
ARCA Shows:
29.00 700 29.72 1500 31.25 200 48.00 100 50.00 110
Posted by TimW on :
bah short attack not squeeze.
Posted by toothpick on :
omg he's a good story for you.
initally i accepted to buy at market price.
then i cancelled. but it went through. some how i got it at $28. so i was well chuffed.
rose to $29 and i click sell by accident and it went though so i was like WTF is going on today?!
profit fare enough but i wanna get back in and the price drop'd from 29 so now i am in again at....*drum roll*
$28.75.
not bad considering i wanted be in at $29.50 last night hahaha.
mind taking a look at the other stocks i'm interested in?
Posted by TimW on :
In all honesty i suck at stocks. After hearing of this one dropping i spent a good week after work non stop researching PNG and IOC and decided to give it a go.
I said buy at open and its down today. See. I suck.
Glad you got to do some quick trades for some extra cash.
With how volatile it is now im not going to do any buying or selling.. just observing.
Posted by toothpick on :
we really are just anticipating for the news release now i guess.
what is the date for that again?
haha I guess I was right about the resistance at $30 -.- I wish I was wrong lol
Posted by TimW on :
two words..
oh crap!
Good call not buying back in yet.
Posted by TimW on :
8% drop on 200k volume is definetly not profit taking!
During the last run or two it passed its short squeeze trigger. $.
Posted by toothpick on :
Nah man i got a bit too excited and i'm back in a bit on IOC at 28.75. i think i'm pretty ****ed tbh.
waiting for the Q2 2007 Interoil Corp. Earnings Releaseon the 13th and i'm out for sure.
so stupid for jumping back in...argh.
Posted by toothpick on :
you know TimW. I told myself back when we were waiting for the bounce to the $30, once it hits $30 i'll sell then short. but instead...i sold and then rebought. now i'm kinda ****ed. if i shorted i would have doubled my money. i need more confidence in my own judgement
Posted by toothpick on :
hey TimW, what do you recon will happen in the next few days? will it dip from $26?
we really are waitig for the 13th for it to climb again aint we?
Posted by TimW on :
I dont know.
Posted by TimW on :
200 day moving average is mid 26's, where we have settled.
I would like to hope we stay above that.
The earnigns on the 13th may or may not be a big hit. They have been showing improvements in current operations every quarter lately.. but if these arent good then obviously room to be a bear.
What they need to do is PR something about Elk-2 as even though they are lead provider for the LNG plant, people want to know that ELK-1 has the capacity they said it does.
Posted by toothpick on :
i;m hoping i can break even and just pull out for good. if it doesnt climb today back in to the $28's i'm shorting
i've got CVX and BP and their doing well. IOC is being a **** again.
i'm convinced i need to short IOC
Posted by TimW on :
past your 28 mark to $29.
happy?
Posted by TimW on :
Have some patience.. If i had patience with my other main stock CERP i wouldnt have bought at .59 sold at .47 and rebought at .60.
Its at .90 now.
Patience.
Posted by toothpick on :
ah man. my patience ran out. i sold at 27.50. making a loss of 1.25 per share. o well. it was less in value that my last IOC trade which gave me a 5 profit per share.
cant beleieve this is being a good boy now. i never would have expected it to rise to 29.30 today.
the curve was flat, i thought it would rise, but not that much.
i swear not to buy IOC long for a while.
short at $30 every time hahahah what this dip at $30 range again.
good luck TimW, i'd cut when it hits $30 mate, you gain $7 per share already.
again, i totally argee,if you did your research before buying. all you need is patitence to win. all the best
Posted by TimW on :
If we all made perfect trades then the stock market wouldnt exist!
IOC regained today what it lost in the last two days... not too bad.
Posted by toothpick on :
damm man, i still cant believe i didnt wait till it returned to 28.75. o well. i will move on now!
sell soon man, $7 is very good.
Posted by toothpick on :
ok i'm a bad boy. i saw some flatness at 29.09 and shorted. heh-heh. got some at 28.91 and now i've recovered the loss heh-heh
Posted by toothpick on :
i recon i should sell my shares now. the pitch and vol. at the end of the day makes IOC look like it will go though the $30 mark today
Posted by TimW on :
IOC to break $60 by end of week.
Just kidding.
Posted by TimW on :
$35.80
+27%
Congratulations on the short. *SORRY!*
Posted by TimW on :
Have you covered?
Posted by Livinonklendathu on :
sweet run on the news, caught it just as it broke for a nice chunk.
Posted by TimW on :
Do you mean the Aug 2nd news or was there news today? I cant find any news today?
Posted by Livinonklendathu on :
Tomorrow and whatever time monday is about all the shorts have left to cover...
$$.
Posted by TimW on :
Good topics here brought up on the yahoo board ill summarize.
Float: 22.32M % Held by Insiders4: N/A % Held by Institutions4: 53.90% Shares Short (as of 10-Jul-07)3: 7.94M
Not sure how much shorting has been covered.. But if you gone Boone stating he now owns 10%.
You got 53.90 instituion, 9.9 Boone, youre looking at 63.8% shares that arent going anywhere for a little while.
7.94 million short divided by 22 mil is about 36%!!!
If about 64% of the shares are institution owned, and about 36% is short....
Man i wet myself thinking of the shorts covering.. Because the price is going to go through the roof!
Posted by Ace of Spades on :
WoW....This was pretty much a double from when it was around $18....Congrats to everyone!!!
Posted by Ace of Spades on :
IOC is on fire again today!!!
Posted by toothpick on :
hahaha every time the market takes a dip, IOC climbs. what a ******* of a stock lol
Posted by TimW on :
Can't wait for monday :-D
Posted by relaxed137 on :
I bought 2500 shares back between 18.50 and 20 and sold out a few days ago at $29-$31 in order to have enough money to play RAS and LEND. Sigh.
Posted by vichingo103 on :
Is it too late to get in???
Posted by TimW on :
All up to you. Im holding still. Monday should be killer. *should*
We shall see.
(killer can go both ways Posted by toothpick on :
should just wait to short IOC rather than ride it i think
Posted by TimW on :
Care to share why you would want to short a company that has one of the biggest financial institutions and the biggest oil investor behind it?
Posted by TimW on :
July 20th, 2007:
"The primary objective for Boone and Andrew was to better understand China's energy situation and evaluate the opportunity for investing in Chinese NGV fueling infrastructure."
No deals have been struck yet, however, may explain his interest in taking a 10% stake in interoil.
$40 in pre-market due to Major Hydrocarbon Column at Elk-2!
Congrats to those who held.
Posted by Ace of Spades on :
$40 became a reality today!!!
WoW....I wonder how high this can get this week???
Posted by TimW on :
Hoorah!
Posted by TimW on :
Doubled up at $36.70-37.. Feel thats going to be the bottom and this news should carry it from here.
Hope im right.
Posted by Ace of Spades on :
just to let you guys know...NEON is about to start trading any minute now...the SBEI merger was finalized and has new symbol NEON...
Posted by TimW on :
Oopsy bad guess. Loooks like itll dip a lil more.
Posted by Ace of Spades on :
WATCH NEON!!!
Posted by toothpick on :
well done TimW!!! did you sell???
ZOMG why did i sell at $30 lol!
well dont TimW, all came true! hope you sold and aint getting too greedy!
Posted by Ace of Spades on :
NEON up 40% since open...hope ya'll checked it out!!!!!
Posted by TimW on :
quote:Originally posted by toothpick: well done TimW!!! did you sell???
ZOMG why did i sell at $30 lol!
well dont TimW, all came true! hope you sold and aint getting too greedy!
LoL you cant make me sell toothpick.. with a float this small $36 per share is definetly undervalued.
Posted by TimW on :
I was going to Ace.. but the low volume and high spreads scare me! Im not good at quick plays like that.. so ill leave them to "aces" like you Posted by TimW on :
Momentum and rsi reversing back up.. hope for a decent end of day!
Just noticed Acuumulation is also building back up.
Posted by toothpick on :
ZOMGWTFBBQ 37.68!
i think the moral of this ride is patience pays off!
TimW better set a sell point and be happy with it man! i really dont want **** to happen and you'll have to sit and wait another 2-3 months (or whatever) for it to recover again!
all the best mate! sell soon!
Posted by TimW on :
I'll just smile Posted by TimW on :
ok ok.. it hit 38.30
Just so you stop freaking out, ill set my exit.
$115.08
Happy?
Posted by TimW on :
40.50... sigh. I wish this would just stop Posted by TimW on :
Ok 39.50 i take it back.. dont stop.
Posted by TimW on :
40.75 close.. not too shabby.
Tonight: Earnings.
Tomorrow: Conference + Technical drilling data.
Going to start the new holiday.. christmas in august!
Posted by TimW on :
Drilled 6 1/8” hole to 10,919 feet (3,328 meters) �� Gas to Surface confirmed (2,507 feet gas column), before drilling over 1,988 feet of more reservoir with gas, increasing gas column to over 4,452 feet �� Final build up pressure was 3,332 psi at gauges �� Preliminary results from Focal • Pressure was still building after the 12 hour shut in • P* at 7,773 feet (2,369 meters) = 3,853psi - next slide* • Skin is negative indicating limited formation damage • Limited flow to protect well bore integrity • Flow from fractures confirmed �� Multiple oil shows throughout a column of 594 feet (181 meters) (fluorescence, free oil in mud, and oil recovered in the core �� Multiple drilling breaks, in conjunction with losses, and hydrocarbon shows indicate porosity and permeability throughout the reservoir section drilled. �� Multiple gas zones, with continuous presence of gas in the mud logs. �� The target reservoirs (Puri and Mendi limestone) are significantly thicker ( 200%) than pre-drill estimates �� Running logs, sidewall cores, check shot and testing
Posted by TimW on :
Walk away for a few days and were down a few percentage points... isnt that great. :-/
Tick tock tick tock.
Posted by TimW on :
Steady climb up a couple percents. Tick tock tick tock.
Posted by TimW on :
And now, set back a few points.
Watching a game of ping pong now Posted by TimW on :
Latest update..
Down a few points, and back up a few points.
Posted by relaxed137 on :
I'm so mad at myself, saw this sitting at 34 late thursday and thought I'd buy some friday. I forgot and now look at it. Maybe it'll wander down a few bucks again so i can get back in for the run to 40.
Posted by toothpick on :
who's still in? TimW mate?
Posted by penny-trader0214 on :
Hi Guys just fyi, I bought this stock because got recommendation from my old friend and they have a website: www.undiscoveredequities.com check it out, it's a very good and informative website.
Posted by TimW on :
Hello dont venture here much anymore.
Yes i still hold all my IOC, original and ones ive bought along the way.
Probably hold until end of year.. big news due in the next month or so.. that might make me sell earlier. Depends on how it goes.
Posted by Livinonklendathu on :
Back is this morning for a bit, had a nice day.
Posted by TimW on :
Gained a fair amount last couple days... back up to 36.60 now.
Posted by Ace of Spades on :
IOC looks like it can go back to $30...
Posted by TimW on :
Yep.. they are drilling on another well, funding is all still gravy, and if they dont have already another rig for drilling is on its way.
Its had its moments the last couple weeks.. Huge block trades look like some people are covering but who knows.
I decided to hold this one until early next year.. Looks like they should have excellent news when they are done with this well. Posted by TimW on :
<= sold some at 34$ but kicking himself for not selling ALL at $34. LOL
Posted by TimW on :
Something good is brewing.. Posted by Ace of Spades on :
quote:Originally posted by TimW: Something good is brewing..
Yup it's trending nice right now It closed green yesterday, even thought the DOW tanked 300 points less than 2 hours after the rate cut news! that's pretty impressive
![[Razz]](tongue.gif)
![[Eek!]](eek.gif)
![[Big Grin]](biggrin.gif)
![[Smile]](smile.gif)
![[Frown]](frown.gif)
![[Wink]](wink.gif)
![[Roll Eyes]](rolleyes.gif)
LoL
![[Mad]](mad.gif)
![[Embarrassed]](redface.gif)