Thursday, October 16, 2008

InterOil begins latest exploration phase

PORT MORESBY: InterOil has begun the latest phase of its Gulf Province exploration program.

Drilling at a new site called Antelope-1 commenced Wednesday this week.

The rig, support equipment and buildings have been air lifted into the area during the past month.

The site is now fully operational as a drilling project to appraise the Antelope Field. .

A team of about a hundred personnel including drilling specialists and geologists will carry out the complex drilling operation in the weeks ahead.

It is intended the drill bore will penetrate more than two thousand metres beneath the earth’s surface.

Antelope-1 is located just two-and-a-half kilometres from the successful Elk-4 discovery well where a major gas strike was made three months ago.

During tests, Elk-4 returned a gas flow rate of 105-million cubic feet per day, the largest gas flow rate of all time in Papua New Guinea.

InterOil President Bill Jasper says the company also has high hopes for Antelope-1.

“We believe the Elk and the Antelope structures form part of the same subterranean gas reservoir”. 

“Based on recent testing we believe the overall structure to be 15 kilometres long, five kilometres wide and more than 600 metres in thickness”, he said.

“So far the test results on Elk-4 have been in line with our high expectations.”

“We believe our discovery is one of significant potential”, Mr. Jasper said.

Mr. Jasper said recent appraisals provided “a strong positive” for InterOil’s planned Liquid Niugini Gas Project.

The proposed multi billion Kina construction project would be one of the largest investments ever made in Papua New Guinea.

The plans involve the construction of a new LNG processing plant on land adjacent InterOil’s Port Moresby refinery and a pipeline to transport the gas from the Gulf Province.

For further in formation please contact

Susuve Laumaea

Senior Manager Media Relations InterOil Corporation

Ph: 321 7040

Mobile: + (675) 684 5168




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