InterOil Corporation posted a net profit of $353.9 million for the nine months ended September 30.
This compares to the net loss of $15.5 million for the nine months in 2013. The company did post a net loss of $16.9 million in the third quarter of 2014, compared to a net loss of $6.3 for the same period in 2013.
This increase in profit by $369.5 million was driven primarily by the sale of an interest in PRL15 to Total S.A. and the sale of the refinery and downstream businesses to Puma Energy.
InterOil’s Chief Executive, Michael Hession, said the company continued its focus on developing the Elk-Antelope gas field and executing its drilling program.
“Papua New Guinea is emerging as one of the world’s most exciting new energy plays with Elk-Antelope having the potential to be one of the lowest-cost, most profitable LNG projects in the world,” Hession said.
Press Release; Image: InterOil