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InterOil Q3 loss $16.9 million

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Staff writer ▼ | November 15, 2014
Not very good quarter   Loss grows for InterOil

InterOil Corporation announced results for the third quarter of 2014. The company's net loss for the quarter ended September 30, 2014 was $16.9 million, compared with a net loss of $6.3 million for the corresponding quarter in 2013.

Net profit for the nine months ended September 30, 2014, was $353.9 million, compared with a net loss of $15.5 million for the corresponding period in 2013.

This increase in profit by $369.5 million was driven primarily by the sale of an interest in PRL15 to Total S.A. and the sale of the refinery and downstream businesses to Puma Energy.

At September 30, 2014, total liquidity available to the company was approximately $754.3 million, which included cash, cash equivalents and net receivables of $454.3 million.

The company also has access to an undrawn $300 million credit facility led by Credit Suisse and repayable in December 2015.

In the three months to September 30, 2014, the company's total expenditure was $130.3 million.

This included $55.9 million for net exploration costs, $41.7 million for the company's share buyback and $32.7 million for other costs including preparation for appraisal wells, seismic activity, equipment purchases, drilling inventory and corporate costs.

InterOil's share of net capital expenditure for the company's three exploration wells in the quarter ended September 30, 2014, was $55.9 million, of which $27.3 million was for Raptor-1, $7.0 million for Wahoo-1 and $21.6 million for Bobcat-1.

InterOil's share of total net expenditure for the first nine months of 2014 for all three exploration wells was $150.9 million.

The company expects its capital expenditure on drilling to reduce significantly in 2015 as it moves from exploration to appraisal drilling.

InterOil has a carry from Total on drilling costs associated with Antelope appraisal wells.

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