InterOil Corporation (NYSE: IOC; POMSoX: IOC) yesterday notified the Papua New Guinea Depart ment of Petroleum and Energy of a discovery at the Bobcat-1 exploration well in PPL476.
The well was tested over an interval of about 320 metres of Kapau limestone, the upper section of the target reservoir, and flowed and flared hydrocarbons at surface.
Seismic mapping, wireline logging and testing resul ts indicate the well is close to the gas-water contact in the transition zone.
Recently acquired seismic indicates the crest of the structure lies several kilometres west of the current well location and is several hundred metres higher than the current well depth.
Following these results, InterOil has notified the department that it has declared a total depth for the exploration well at 3,207 metres.
Future appraisal will include additional seismic and drilling.
As the first part of the appraisal programme, the company now intends to deepen the well to appraise reservoir quality.
Bobcat-1 is about 30km north-west of Elk-Antelope.
InterOil holds a 78.1114% interest in the well and is operator.
The remaining 21.8886% interest is held by minority interests.
InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea.
InterOil’s assets include one of Asia’s lar gest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licences covering ab out 16,000sqkm.
The company employs more than 2,000 staff and contractors.
Its main offices are in Singapore and Port Moresby.
InterOil is listed on the New York and Port Moresby stock exchanges