Tuesday, November 11, 2008

InterOil's September Report Card

PORT MORESBY: InterOil has announced a “modest but highly encouraging” financial outcome for the third quarter of 2008.

The company recorded a pre-tax profit of $US9.3-million for the period.

This compares to a net loss of $US17.9-million for the third quarter of last year – an improvement of $US27.2 million.

The latest figures represent an annual return of less than one percent on InterOil’s major investment in Papua New Guinea.

However, Company President Bill Jasper said he was pleased with the result.

“Despite the volatile nature of the international marketplace and the current financial crisis, we have kept our head above water”.

“It’s a tribute to our dedicated and skilled workforce and our overall business strategy that we are weathering this initial stage of the storm.”

“The September quarter results follow a series of business strategies pursued during the past two years”.

“We have also adopted a number of hedging strategies to help mitigate the risks associated with the international crude oil market”.

Other key aspects of the company’s September report card are:


  • A 39% increase in sales and operating revenues (when compared to the third quarter 2007) to $US262-million.
  • An improved refinery run rate of about 19,000 barrels per day
  • Securing a $US57.5-million (K150-million) working capital facility through Westpac PNG and Bank of South Pacific Limited.


InterOil also says that its total assets have increased by 31% while total liabilities have decreased by 1% when compared to September 2007.

The latest financial figures follow the recent announcement that drilling has commenced at its Antelope-1 exploration site in the Gulf Province.

Mr. Jasper said the company is continuing its investment position in PNG.

“These latest figures have given us a strong base from which to launch our future activities”.

   “We look forward to continued growth and a strong and vibrant future serving the people and nation of Papua New Guinea”.

For further in formation please contact

Susuve Laumaea

Senior Manager Media Relations InterOil Corporation

Ph: 321 7040

Mobile: 684 5168

Email: susuve.laumaea@interoil.com



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