InterOil (IOC) Ramps On Partner Speculation

April 26, 2012 10:24 AM EDT
The move higher in InterOil Corporation (NYSE: IOC) is being attributed to reports from The National that the company has an "internationally-recognized" LNG operator for its Gulf LNG project. However, the company can't disclose the partner due to confidentiality agreements.

"We expect our partner to work with us to complete remaining FEED (front end engineering and design) on the liquefaction plant by the June 2013 date specified in the 2009 project agreement," the company vice-president of capital markets and investor relations, Wayne Andrews, was quoted as saying.

While not disclosing the partners name, Andrews stated, "we will announce the partner once negotiations are completed and that partner satisfies the state's requirements."

"We can, however, reiterate that we are pleased with the number of bidders involved in the process and we expect a positive conclusion shortly."

IOC last traded at $58.73, up 5.9 percent.

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