LOCAL STOCKS
Yesterday, saw the market close quiet with light volumes being traded. BSP continued its downward trend to close at K0.93; NBPO in London ended higher at GBP2.51 while IOC in AMEX finished at US$23.98 with reasonable volumes.
Today will see the market open slightly lower, with uncertainty still prevalent on the markets. NBO bids are lined up at K9.90 and OSH selling at a low K10.00.
PNG NEWS
LGL: Lihir Gold limited intends to raise US$325m through a share placement to fund expansion of its Lihir Mines and also fund growth opportunities in Western Africa.
MOVERS
Wednesday’s movers on the local bourse 04/03/09:
BSP: -1.06%
NBO: 0.71%
Thursday, March 5, 2009
Wednesday, March 4, 2009
InterOil News Release
Source: Interoil website
INTEROIL ANTELOPE-1 WELL FLOWS AT RECORD GAS RATE OF 382 MMCFD WITH 5,000 BBLS PER DAY OF CONDENSATE
March 2, 2009 -- InterOil Corporation (IOC:NYSE Alternext US) (IOC:POMSoX) today announced that its Antelope-1 well flowed at 382 million cubic feet of natural gas per day (MMcfd) with 5,000 barrels of condensate per day (BCPD) for a total 68,700 barrels of oil equivalent per day (BOEPD), setting a new record rate for the country of Papua New Guinea. The flow test recorded a maximum calculated rate at 545 MMcfd for a dry gas reading through a 6 inch capacity choke that was only opened to 3 ½ inches or about 30% of capacity. Conservatively adjusting the dry gas flow rate of 545 MMcfd to compensate for 13 Bbls of condensate per MMcf results in the 382 MMcf
effective gas flow rate reported above.
As far as we are aware, the world record breaking gas flow rate from a vertical well confirms other records recently established by the well, such as the largest vertical hydrocarbon column height in a single onshore carbonate reef structure and the largest calculated absolute open flow (CAOF) at 17.7 Billion cubic feet of atural gas per day. The well results establish the country of Papua New Guinea as a world class gas resource base in close proximity to the largest and most well developed LNG market in the world.
InterOil believes the Antelope-1 well clearly confirms the gas resource potential sufficient to proceed with plans to build a liquefied natural gas (LNG) plant on company land next to the InterOil refinery. Antelope-1 and previous wells, have onfirmed over 120% of full capacity, estimated at 500 MMcfd, for the first proposed LNG train. Third party resource estimates are underway and will be released when completed in the next few weeks. Recent settlement agreement with Merrill Lynch niquely positions InterOil to enter direct negotiations with industry partners on an ownership stake in the Elk/Antelope structure, an ownership stake in the proposed LNG plant and long-term LNG offtake contracts.
INTEROIL ANTELOPE-1 WELL FLOWS AT RECORD GAS RATE OF 382 MMCFD WITH 5,000 BBLS PER DAY OF CONDENSATE
March 2, 2009 -- InterOil Corporation (IOC:NYSE Alternext US) (IOC:POMSoX) today announced that its Antelope-1 well flowed at 382 million cubic feet of natural gas per day (MMcfd) with 5,000 barrels of condensate per day (BCPD) for a total 68,700 barrels of oil equivalent per day (BOEPD), setting a new record rate for the country of Papua New Guinea. The flow test recorded a maximum calculated rate at 545 MMcfd for a dry gas reading through a 6 inch capacity choke that was only opened to 3 ½ inches or about 30% of capacity. Conservatively adjusting the dry gas flow rate of 545 MMcfd to compensate for 13 Bbls of condensate per MMcf results in the 382 MMcf
effective gas flow rate reported above.
As far as we are aware, the world record breaking gas flow rate from a vertical well confirms other records recently established by the well, such as the largest vertical hydrocarbon column height in a single onshore carbonate reef structure and the largest calculated absolute open flow (CAOF) at 17.7 Billion cubic feet of atural gas per day. The well results establish the country of Papua New Guinea as a world class gas resource base in close proximity to the largest and most well developed LNG market in the world.
InterOil believes the Antelope-1 well clearly confirms the gas resource potential sufficient to proceed with plans to build a liquefied natural gas (LNG) plant on company land next to the InterOil refinery. Antelope-1 and previous wells, have onfirmed over 120% of full capacity, estimated at 500 MMcfd, for the first proposed LNG train. Third party resource estimates are underway and will be released when completed in the next few weeks. Recent settlement agreement with Merrill Lynch niquely positions InterOil to enter direct negotiations with industry partners on an ownership stake in the Elk/Antelope structure, an ownership stake in the proposed LNG plant and long-term LNG offtake contracts.
Tuesday, March 3, 2009
POMSoX UPDATE
LOCAL STOCKS
The local market closed on a calm note yesterday, with CCP seeing reasonable volumes being traded at K2.35, as MSC finished 6 toeas. Last night on the AMEX saw IOC climbed 13 percent to conclude the day at US$22.50 while NBPO in London registered trades at GBP2.43.
In the pre-open phase of the market today has offers for BSP as low as K0.96 and bids for NBO are as high as K9.83, trading activity should slowly pick up as the day develops.
PNG NEWS
IOC: InterOil Corporation today reported on their gas discovery in the Antelope structure that the gas flow in PNG is a “world record natural gas discovery” and should place PNG as a co-leader with Australia in supplying Asian markets.
MOVERS
Yesterday’s movers on the local bourse 02/03/09:
BSP: 1.05%
The local market closed on a calm note yesterday, with CCP seeing reasonable volumes being traded at K2.35, as MSC finished 6 toeas. Last night on the AMEX saw IOC climbed 13 percent to conclude the day at US$22.50 while NBPO in London registered trades at GBP2.43.
In the pre-open phase of the market today has offers for BSP as low as K0.96 and bids for NBO are as high as K9.83, trading activity should slowly pick up as the day develops.
PNG NEWS
IOC: InterOil Corporation today reported on their gas discovery in the Antelope structure that the gas flow in PNG is a “world record natural gas discovery” and should place PNG as a co-leader with Australia in supplying Asian markets.
MOVERS
Yesterday’s movers on the local bourse 02/03/09:
BSP: 1.05%
Monday, March 2, 2009
POMSoX UPDATE
LOCAL STOCKS
Last week Friday, saw the market closed relatively calm with only light volumes changing hands for the trading companies. CGA ended with a reasonable selling pressure resulting in CGA loosing 7 percent. NBPO in London finished at GBP2.49 while IOC advanced 6 percent on the back of positive results released from the company.
The local bourse is expected to open lower today with bids for BSP lined up at K0.95 and offers for OSH as low as K10.00.
PNG NEWS
IOC: InterOil Corporation a Canadian company with PNG interest in the Elk structure will flow its Antelope 1 well in Gulf Province in front of a senior PNG Government delegation including Prime Minister Grand Chief Sir Michael Somare today.
MOVERS
Friday’s movers on the local bourse 27/02/09;
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
Last week Friday, saw the market closed relatively calm with only light volumes changing hands for the trading companies. CGA ended with a reasonable selling pressure resulting in CGA loosing 7 percent. NBPO in London finished at GBP2.49 while IOC advanced 6 percent on the back of positive results released from the company.
The local bourse is expected to open lower today with bids for BSP lined up at K0.95 and offers for OSH as low as K10.00.
PNG NEWS
IOC: InterOil Corporation a Canadian company with PNG interest in the Elk structure will flow its Antelope 1 well in Gulf Province in front of a senior PNG Government delegation including Prime Minister Grand Chief Sir Michael Somare today.
MOVERS
Friday’s movers on the local bourse 27/02/09;
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
Friday, February 27, 2009
POMSoX UPDATE
LOCAL STOCKS
The local bourse ended flat yesterday with BSP traded at an average price of K0.98, as CGA declined 7 percent from previous; On the upside was OSH closing at K8.70. Overseas last night, IOC on AMEX finished stronger at US$18.54 while NBPO in London registered trades at GBP2.46.
The local market is expected to open flat today with bids for HIG at a high of K0.14 and sellers for CPL willing to sell their stocks at K2.50.
PNG NEWS
On the corporate front, Steamships Trading (SST), one of the oldest diversified trading companies in PNG recorded a K16m rise in its net profit to K90.2m.
MOVERS
Yesterday’s movers on the local bourse 26/02/09:
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
The local bourse ended flat yesterday with BSP traded at an average price of K0.98, as CGA declined 7 percent from previous; On the upside was OSH closing at K8.70. Overseas last night, IOC on AMEX finished stronger at US$18.54 while NBPO in London registered trades at GBP2.46.
The local market is expected to open flat today with bids for HIG at a high of K0.14 and sellers for CPL willing to sell their stocks at K2.50.
PNG NEWS
On the corporate front, Steamships Trading (SST), one of the oldest diversified trading companies in PNG recorded a K16m rise in its net profit to K90.2m.
MOVERS
Yesterday’s movers on the local bourse 26/02/09:
BSP: -1.02%
CGA: -7.14%
OSH: 5.45%
Monday, February 23, 2009
Lihir Gold Research
Record gold production and rising gold prices have enabled LGL to report a net after tax profit of $109.3 million for the year to December 2008. The Company reported its third successive year of record production, at 882,000 ounces, which was up 26% from 702,000 ounces in 2007. The increase was due to significantly higher output at the cornerstone Lihir Island operation in PNG, and because of the inclusion of production from the Bonikro mine in Ivory Coast and the Mt Rawdon mine in Queensland. These mines were acquired by LGL as part of its acquisition of Equigold NL in June 2008. Revenues increased by 52% to a record US$756 million, driven by a 23% increase in gold sales volume and a 29% rise in the gold price. For the full year 868,927 ounces of gold were sold at an average cash price of US$850 an ounce, up from US$666 an ounce in 2007.
Source: Lihir Gold Limited Website (23 February 2009)
Total cash costs were US$400 per ounce in 2008, which continues to position the company at the lower end of the global gold production cost curve. Unit costs trended lower over the course of 2008, with total cash costs reducing to $353 per ounce in the December quarter. Aggregate operating costs for the year totalled $463 million, up from $306 million in 2007, as a result of continuing cost pressures across the mining sector, higher oil prices for most of the year and because of higher throughput at Lihir Island.
LGL Managing Director Arthur Hood said the solid 2008 result reflected an outstanding performance from the cornerstone Lihir Island operation and the benefits of the merger with Equigold NL. "Going into 2009 LGL's financial position is very secure. We have healthy operating cashflows and widely diversified revenue and production sources. The company has a strong foundation to enable future investment in growth opportunities and to deliver maximum value for shareholders."
In 2009 group-wide gold production is forecast to increase by more than 10 percent to in excess of one million ounces. Falling oil prices and favourage exchange rate movements are expected to drive a reduction in total cash costs in 2009 to less than US$400 per ounce.
2009 Outlook
Total gold production is forecast to increase to another record of more than one million ounces. Production at Lihir is forecasted to be between 770,000 and 840,000 oz for the year. Bonikro is expected to contribute approximately 130,000 – 160,000 oz in its full year of production. Mt. Rawdon is expected to continue its reliable and consistent performance to deliver around 90,000 – 100,000 oz for the year. At Ballarat, production is forecast to be between 50,000 – 100,000 oz in 2009.
Falling oil prices and favourable exchange rate movements in the final quarter of 2008 are expected to have a beneficial impact on costs in the current year. Total cash costs for the group are expected to be less than $400 per ounce for the full year, excluding Ballarat.
If you want a copy of the research document send your request through to clee@bsp.com.pg
Source: Lihir Gold Limited Website (23 February 2009)
Total cash costs were US$400 per ounce in 2008, which continues to position the company at the lower end of the global gold production cost curve. Unit costs trended lower over the course of 2008, with total cash costs reducing to $353 per ounce in the December quarter. Aggregate operating costs for the year totalled $463 million, up from $306 million in 2007, as a result of continuing cost pressures across the mining sector, higher oil prices for most of the year and because of higher throughput at Lihir Island.
LGL Managing Director Arthur Hood said the solid 2008 result reflected an outstanding performance from the cornerstone Lihir Island operation and the benefits of the merger with Equigold NL. "Going into 2009 LGL's financial position is very secure. We have healthy operating cashflows and widely diversified revenue and production sources. The company has a strong foundation to enable future investment in growth opportunities and to deliver maximum value for shareholders."
In 2009 group-wide gold production is forecast to increase by more than 10 percent to in excess of one million ounces. Falling oil prices and favourage exchange rate movements are expected to drive a reduction in total cash costs in 2009 to less than US$400 per ounce.
2009 Outlook
Total gold production is forecast to increase to another record of more than one million ounces. Production at Lihir is forecasted to be between 770,000 and 840,000 oz for the year. Bonikro is expected to contribute approximately 130,000 – 160,000 oz in its full year of production. Mt. Rawdon is expected to continue its reliable and consistent performance to deliver around 90,000 – 100,000 oz for the year. At Ballarat, production is forecast to be between 50,000 – 100,000 oz in 2009.
Falling oil prices and favourable exchange rate movements in the final quarter of 2008 are expected to have a beneficial impact on costs in the current year. Total cash costs for the group are expected to be less than $400 per ounce for the full year, excluding Ballarat.
If you want a copy of the research document send your request through to clee@bsp.com.pg
POMSoX UPDATE
LOCAL STOCKS
On Friday, the local market ended relatively quiet with only a few trades going through for CPL at K2.50, while CCP closed unchanged at K2.43. In the overseas markets, LGL finished at AUD3.40 with a high of AUD3.52 while on the local market it closed with bids as high as K5.20. And NBO concluded the week at GBP2.52.
The market is expected to open flat today, with offers for OSH as low as K8.50 and BSP bids still steady at K0.98.
PNG NEWS
On the corporate front, LGL released its annual report announcing a 54 percent increase in their net earnings on the back of a strong gold price and an increase in the production output.
MOVERS
Last Friday’s movers on the bourse 23/02/09:
BSP: -1.01%
CPL: 0.80%
On Friday, the local market ended relatively quiet with only a few trades going through for CPL at K2.50, while CCP closed unchanged at K2.43. In the overseas markets, LGL finished at AUD3.40 with a high of AUD3.52 while on the local market it closed with bids as high as K5.20. And NBO concluded the week at GBP2.52.
The market is expected to open flat today, with offers for OSH as low as K8.50 and BSP bids still steady at K0.98.
PNG NEWS
On the corporate front, LGL released its annual report announcing a 54 percent increase in their net earnings on the back of a strong gold price and an increase in the production output.
MOVERS
Last Friday’s movers on the bourse 23/02/09:
BSP: -1.01%
CPL: 0.80%
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