Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of InterOil (NYSE: IOC) jumped 10% today after the company announced early results from a new well.
So what: InterOil completed the logging program for its Antelope-3 well in Papua New Guinea and had fairly positive results. Average porosity in the pay interval was 10.2% and has a net-to-gross ratio of 0.66. This is similar to Antelope-1 and 2.
Now what: This is another good step forward for the company, and investors are obviously happy with the news today. The company is going through a partnering process and plans to sell down its interest in both the Elk and Antelope fields in the near future. Until that is done, I would be a little leery of jumping into this stock, especially considering the very volatile movements we've seen in the past year.
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