InterOil USA : Q3 2016 Financial Report

As at

September 30,

December 31,

Septem ber 30,

2016

2015

2015

$

$

$

Assets

Current assets:

Cash and cash equivalents

8,916,506

33,069,122

118,077,110

Cash restricted

10,187,832

7,966,601

7,964,702

Trade and other receivables (note 4)

556,333,322

608,838,604

602,817,890

Other current assets

1,934,919

2,222,952

2,235,366

Assets classif ied as held for sale (note 6)

567,085

6,701,472

-

Prepaid expenses

591,616

1,627,003

865,177

Total current assets

578,531,280

660,425,754

731,960,245

Non-current assets:

Cash restricted

150,136

228,286

235,538

Plant and equipment

8,265,619

4,223,335

9,843,500

Exploration and evaluation assets (note 5)

565,266,175

501,724,126

460,183,610

Other non-current receivables

26,185,489

24,793,218

29,700,534

Total non-current assets

599,867,419

530,968,965

499,963,182

Total assets

1,178,398,699

1,191,394,719

1,231,923,427

Liabilities and shareholders' equity

Current liabilities:

Trade and other payables (note 7)

72,900,212

172,119,677

179,881,533

Income tax payable

1,602,553

2,014,414

1,890,166

Secured loans (note 8)

290,000,000

130,000,000

-

Indirect participation interest

- - 7,449,409

2.75% convertible notes liability

- - 69,535,121

Total current liabilitie s

364,502,765 304,134,091 258,756,229

Non-current liabilities:

Indirect participation interest

7,449,409 7,449,409 -

Other non-current liabilities

84,638,446 80,138,254 96,000,000

Total non-current liabilitie s

92,087,855 87,587,663 96,000,000

Contributed surplus

35,691,739

36,880,264

16,903,110

Accumulated def icit

(337,771,761)

(237,565,619)

(153,735,337)

Total equity attributable to ow ners of Inte rOil Corporation

721,808,079

799,672,965

877,167,198

Total liabilitie s and equity

1,178,398,699

1,191,394,719

1,231,923,427

September 30, 2016

$

September 30, 2015

$

September 30, 2016

$

September 30, 2015

$

Revenue

Interest revenue (note 10)

7,066,636

11,243,704

(3,189,492)

8,379,741

Other revenue

97,333

578,070

578,316

3,013,423

7,163,969

11,821,774

(2,611,176)

11,393,164

Administrative and general expenses (note 12)

(14,301,551)

(6,102,878)

(54,959,876)

(19,761,872)

Legal and professional fees

(2,120,830)

414,534

(9,074,244)

(2,345,224)

Exploration costs (note 5)

(2,988,366)

(27,172,202)

(3,047,040)

(54,143,596)

Exploration impairment (note 5)

-

(78,235,581)

-

(78,235,581)

Finance costs (note 11)

(5,588,730)

(3,430,019)

(21,630,587)

(14,996,751)

Depreciation and amortization

(234,538)

(118,359)

(978,154)

(373,171)

Legal settlement expense (note 14)

(7,500,000)

-

(7,500,000)

-

Foreign exchange gains/(losses)

11,984

(645,996)

136,619

871,586

(32,722,031)

(115,290,501)

(97,053,282)

(168,984,609)

Loss before incom e taxes

(25,558,062)

(103,468,727)

(99,664,458)

(157,591,445)

Income taxes

Current tax expense

(123,929)

(256,498)

(541,684)

(534,288)

(123,929)

(256,498)

(541,684)

(534,288)

Loss for the period

(25,681,991)

(103,725,225)

(100,206,142)

(158,125,733)

Loss is attributable to:

Ow ners of InterOil Corporation

(25,681,991)

(103,725,225)

(100,206,142)

(158,125,733)

(25,681,991)

(103,725,225)

(100,206,142)

(158,125,733)

Loss per share attributable to owners of InterOil Corporation during the period

Basic loss per share from loss for the period

(0.51)

(2.09)

(2.01)

(3.19)

Diluted loss per share from loss for the period

(0.51)

(2.09)

(2.01)

(3.19)

Weighted average number of common shares outstanding

Basic (Expressed in number of common shares)

50,042,013

49,549,590

49,809,149

49,501,962

Diluted (Expressed in number of common shares)

50,042,013

49,549,590

49,809,149

49,501,962