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InterOil Corporation Message Board

  • kencooksam kencooksam Jan 22, 2013 6:13 PM Flag

    IOC a $10 Billion Market Cap WHY,

    Why IOC should have a 10 Billion Market Cap

    Oil Search has less than 1 Billion Barrels of Oil Equivalent.

    Market Capitalization is $ 9 Billion ...

    Oil Search

    • Established in Papua New Guinea (PNG) in 1929
    • Operates all of PNG’s producing oil and gas fields. Current gross production ~33,500 boepd, net share ~18,500 boepd
    • At December 2011, proven reserves were 330 mmboe, proven and probable 553 mmboe plus 318 mmboe 2C resources, taking 2P reserves and 2C resources to 870 mmboe
    • PNG Government is largest shareholder with 15%. In early 2009, Govt issued exchangeable bonds over shares to IPIC of Abu Dhabi
    • 29% interest in PNG LNG Project, world scale LNG project operated by ExxonMobil. Project in construction, first LNG sales expected 2014
    • Exploration interests in PNG and Middle East/North Africa
    • Market capitalisation ~US$9 billion. Listed on ASX (Share Code OSH) and POMSOX, plus ADR programme (Share Code OISHY)

    By comparison, Interoil believes they have more than 1 Billion Barrels of Oil Equivalent in Elk/ Antelope alone ... Interoil converts gas to BOE as follows (ie 6 TCF = 1 Billion BOE):

    All calculations converting natural gas to barrels of oil equivalent (BOE) have been made using a ratio of six mscf of natural gas to one barrel of barrel of oil equivalent. BOE’s may be misleading, particularly if used in isolation. A BOE conversion ratio of six mscf of natural gas to one barrel of crude oil equivalent is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

    So IOC should have Market cap well over $10 Billion if you include Triceratops and other acreage.

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