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InterOil’s quarter loss soars to K43m

Staff Reporter | 9:22 PM | ||
 INTEROIL’s loss for the third quarter soared to US$16.9 million (K43.2m) compared with the US$6.3 million (K16.1) loss for the same period last year.
Despite that, its total profit for the nine months ending Sept 30 was US$353.9 million (K906m), compared with a net loss of US$15.5 million (K39m) for the corresponding period last year.
The company said it saw an increase for the past nine months, driven primarily by the sale of an interest in PRL15 to Total and the sale of the refinery and downstream businesses to Puma Energy.
At Sept 30, total liquidity available to the company was about US$754.3 million (K1.9b), which included cash, cash equivalents and net receivables of US$454.3 million (K1.1b).
Further, the company has access to an undrawn US$300 million (K768m) credit facility led by Credit Suisse and repayable in December 2015.
In the three months to Sept 30, its total expenditure was US$130.3 million (K333m).
This included US$55.9 million (K143m) for net exploration costs, US$41.7 (K106m) million for the company’s share buyback and US$32.7 million (K87m) 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 was US$55.9 million (K143m), of which US$27.3 million (K69m) was for Raptor-1, US$7.0 million (K17m) for Wahoo-1 and US$21.6 million (K55m) for Bobcat 1.