Wednesday, July 29, 2009


PORT MORESBY: INTEROIL Corporation has commenced the drilling phase (“spudding”) of a new appraisal well in the Gulf Province.

The well, Antelope-2, is situated in the same region as the company’s three previous gas strikes, Antelope-1, Elk-1 and Elk-4.

All three wells are on InterOil’s Petroleum Prospecting License 238 site and have each returned gas flow rates of more than 100-million cubic feet per day.

In fact, Antelope 1 flowed at a record 380 million cubic feet per day on test.

The planned depth of this latest well is 2,550 metres and it is expected to take approximately 3 months to drill and evaluate.

The aim of the new well is to evaluate the southern extent of the field, to develop an increased understanding of hydrocarbon fluid contacts in the structure and further evaluate the potential for commercial quantities of oil.

InterOil Chief Executive Officer Phil Mulacek said the well will also confirm whether the extent of the structure is in keeping with the interpretation of the seismic data.

“It should enhance our understanding of the structure and its possible potential”.

“We anticipate working with our independent resource evaluator to review our resource estimates at the conclusion of drilling and testing of this well”, he said.

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 multi-billion Kina 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 and to arrange media interviews contact:

Susuve Laumaea

Senior Manager Media Relations InterOil Corporation

Ph: (675) 311 2796

Mobile: (675) 7201 3870


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