Interoil (IOC) is under pressure for a second day and is down $6.29 to $39.53. IOC is on a two-day 28 percent losing skid and falling to new 52-week lows today on reports the Papau New Guinea government wants the company to revise plans for an LNG project there (Reuters – link). Options on the Australian oil and gas refiner are actively traded as well. 8,630 puts and 6,650 calls traded in IOC so far today. Jan 22.5 puts, which are now 43.1 percent OTM, are the most actives. 942 traded (79 percent Ask) against 85 in open interest. Oct 30 puts, Oct 35 puts, Oct 40 calls, Jan 70 calls are seeing interest. Meanwhile, implied volatility in IOC is up another 30 percent to new highs around 130, up about 50 percent since Monday.