Thursday, January 29, 2009

Antelope-1 confirmed deepest yet

Vertical section almost 960 metres.


The latest testing has confirmed InterOil's Antelope-1 exploration well has tapped into the deepest subterranean gas reservoir discovered in Papua New Guinea to date.

 It is now confirmed the reservoir has a vertical section of 962 metres (3,156 feet) in the onshore reef.

 InterOil Chief Executive Officer, Phil Mulacek has described the results of the latest testing as "The signs are very encouraging and supports a third reservoir type on the onshore trend with the Elk-Antelope structures".

 Porosity averages more than 8.4% across the entire vertical section, with some sections exceeding 20%.

 The cumulative net or productive reservoir has a net to gross ratio of 90%.

 Further tests are to be carried out at Antelope-1 to better ascertain gas volume and the pressure at which it can be delivered.

 "Additional drilling and testing activity may be conducted before the full flow tests are performed", Mr. Mulacek said.

 Antelope-1 is the third major gas strike InterOil has made in its prospecting site in the Gulf Province and the first confirming gas from an on-shore reef.

 Two nearby wells, Elk-1 and Elk-4 both returned the highest gas flow rates of any gas discovery ever made in the country.

 Both were evaluated at more than 100 million cubic feet of gas per day, with cumulative flow rate capacity of 207 million cubic feet of gas per day.

 The company now intends to run a vertical seismic profile with the well under pressure.

 This will be followed by a series of drill stem tests on the lower sections of the well bore and other zones of interest.

 These tests will

  • Tie the wellbore directly to seismic data,
  • Evaluate the newly drilled section, and
  • Determine the level of the lowest known hydrocarbons, if not yet encountered by the extended drilling program.

It is expected that gas from the Elk-Antelope structures would feed the proposed Liquid Niugini Gas project (of which InterOil is a foundation partner).

 The proposed project would be a major windfall for the PNG economy and make a significant contribution to the nation's GDP in years to come.

 For further information please contact

 Susuve Laumaea

Senior Manager Media Relations InterOil Corporation

Ph: 321 7040

Mobile: + (675) 684 5168


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