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InterOil Corporation net loss $21.9 million

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Staff writer ▼ | May 13, 2015
InterOil Corporation
InterOil Corporation   InterOil had $328 million in cash

InterOil Corporation promising appraisal results of the Elk-Antelope gas field in Papua New Guinea underpin a multi-train LNG project.

The net loss for the first quarter of 2015 was $21.9 million compared to a net profit of $318.6 million for the first quarter of 2014.

Most of this loss resulted from expensing $19.3 million of seismic that the company acquired over its extensive exploration portfolio during the quarter.

InterOil had $328 million in cash and receivables plus $300 million in undrawn credit as at March 31, 2015. The credit facility has been extended to December 31, 2016.

In announcing financial results for the first quarter to March 31, 2015, InterOil chief executive Michael Hession said well results from Antelope-5 had been very encouraging.

"Drilling results from Antelope-5 identify this well as having the best reservoir thickness, quality and fracture density of all wells drilled on the Elk-Antelope field. In particular, the thickness and quality of the dolomite zone with porosity readings of up to 25% is superior to other wells, signifying a high-quality reservoir.

"Antelope-5 has a 680 meter (2,231 feet) gross gas column and appears to have even better reservoir quality than we initially thought. Evaluation of seismic and new high-definition gravity data indicates that the field could extend further west than originally modeled. This data, combined with the top reservoir being higher than expected, suggests potential for significant upside."

Under the initial clean-up flow, the flow rate at Antelope-5 has been constrained to a maximum rate of about 74 million standard cubic feet a day. Testing will be extended to include pressure measurements on other wells in the field to determine reservoir connectivity. Initial results at Antelope-4 have provided strong indications of a high-quality reservoir with a gross gas column of at least 300 meters (984 feet).

May 1, 2015 EasyJet reported that total revenue per seat increased by 2.6% year-on-year on a constant currency basis, and by 0.2% per seat on a reported basis, to £54.91.[break]


That was driven, in part, by the disciplined allocation of capacity, improvement in load factor, strong October trading, timing of Easter and performance of allocated seating.

Average load factors increased by 0.7 percentage points to 89.7% whilst capacity grew by 3.6% to 32.2 million seats.

Cost per seat excluding fuel grew by 2.9% on a constant currency basis and decreased by 1.4% on a reported basis to £38.66.

The increase in cost per seat was driven by anticipated increases in charges at regulated airports mainly in Germany and Italy, increased disruption costs in the second quarter and costs associated with building a resilient operation ahead of new crew base openings.

easyJet lean delivered £21 million of sustainable savings in the six months to 31 March 2015.

In the six months to 31 March 2015, easyJet returned £180 million or 45.4 pence per share to shareholders through the payment of an ordinary dividend at an increased payout ratio of 40% of profit after tax for the year ended 30 September 2014.

EasyJet ended the first half of the financial year with cash and money market deposits of £976 million, a decrease of £93 million against last year. Net cash as at 31 March 2015 was £416 million compared to £449 million at 31 March 2014.


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