InterOil (1,570 boepd) hits New Highs & US$71 mil (EV) In a previous post, I wrote about heavily-indebted InterOil Exploration and Production (IOX.OL, IROIF), a Norwegian oil producer in Colombia. It exited Peru in 2014. The primary listing is in Oslo.
IOX.OL rises 22% today in Oslo and stands at 0.39 NOK now.
1 NOK = 0.13 USD.
So it has market cap US$13 million now, based on 252 million outstanding shares and Net Debt at US$58 million. See Bloomberg.
IROIF is so heavily indebted that has negative stockholder equity. Despite this, InterOil currently has EV at US$71 million.
In Colombia, IROIF currently produces only 1,570 boepd (only 70% oil) and has 5.7 MMboe of 2P reserves (only 60% oil):
" IOX operates production and exploration oil and gas licences in Colombia and has 9 years of operating experience in the country. Previously IOX operated in Peru also but these operations were discontinued in November 2014. The Colombian licences currently produce 1,571 boe/d (1,040 bbl/day oil and 531 boe/day gas), and have approximately 5.7 MM boe of net 2P reserves* (3.5 MM bbls of oil and 11.8 BCF of gas).
*Source IOX 2013 IOX Annual Report. Reserves audited by Gaffney, Cline & Associates Inc. "
Now the company does not have any production in Peru but only in Colombia, and InterOil will make 2015 EBITDA at ~US$12 million, assuming Brent at $55 for 2015. So:
IROIF currently trades 6 times the annual 2015 EBITDA, assuming Brent at $55 for the entire 2015.
IROIF currently trades US$45,200/boepd of production with only 70% oil.
IROIF currently trades US$12.45/boe of 2P reserves with only 60% oil. ------------------------------------------------------------------------------------------------
PTA currently trades 1.1 times its EBITDA for 2015 assuming Brent at $55 for the entire 2015.
PTA currently trades US$14,500/bopd of production.
PTA currently trades US$7.5/bbl of 2P reserves.