The next nugget of information the market is waiting for from controversial energy exploration company InterOil (IOC) is the result of a horizontal drilling test at the company’s Antelope 2 site in Papua New Guinea.The results of this test, which should shed additional light on the size of the Antelope 2 resource, were initially due in mid-March. In mid-March, however, the company announced that it had encountered “mechanical issues” and that the drilling would be completed in “late April.”
This announcement was pounced on by the company’s sceptics, who took it as evidence that the company was stalling. (InterOil’s sceptics believe the Antelope resource is not nearly as large or extractable as the company says it is).
Well, “late April” has now come and gone. And InterOil (IOC) has put out a new release saying that the results will be delayed another 21 days.
The company takes pains to point out that these sort of things happen occasionally. And it also uses the release to mention that it has begun the initial design planning for its new condensate joint venture with Mitsui.
The market appears to be focusing on the “additional delay” part of the release. The stock is down $2.
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