Tuesday, May 25, 2010

InterOil Hits Six-Month Lows: Must Be Time for a Press Release! (IOC)

With the stock down almost 50% since the Jan. 5 closing high of $83.70 and trading at prices last seen in October '09 here goes:

InterOil's Operations Continue to Make Progress

CAIRNS, Australia and HOUSTON, May 25 /PRNewswire-FirstCall/ -- InterOil Corporation (NYSE: IOC) (POMSoX: IOC) today provided an update on its operations.

Current Operations Highlights

  • InterOil has received the first payment from Mitsui to fund the Front End-Engineering and Design (FEED) of its proposed joint venture condensate stripping plant.
  • The Antelope-2 horizontal well has achieved its 1,000-foot (305 meter) objective.

InterOil Chief Executive Officer Mr. Phil Mulacek commented, "InterOil has made substantial progress on multiple fronts and we continue to demonstrate a track record of success as we move toward monetizing our significant natural gas resources in Papua New Guinea. Our joint venture with Mitsui & Co. Limited is proceeding as anticipated, we have achieved our objective on the length of the Antelope-2 horizontal well, and the profitability of our refining business is off to a great start in the second quarter.">>>MORE

That's Hongcouver behavior, ca. 1985.