Wednesday, January 14, 2009

Antelope-1 latest results

InterOil has announced a series of impressive findings following the latest results from its Antelope-1 exploratory well in the Gulf Province.

The Company says it has discovered what is apparently the largest vertical section of continuous reservoir of gas and gas liquids ever discovered in Papua New Guinea.

InterOil Chief Executive Officer Phil Mulacek has described the results as “far better than expected”.

“The well logs reflected the largest vertical section of net reservoir I have seen in my career”, he said.

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

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

In simple terms the figures indicate the existence of an extremely large quantity of gas that is expected to be technically able to be effectively harvested.

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 will be conducted before the full flow tests are performed”, Mr. Mulacek said.

On the evidence to date, InterOil is very encouraged by the results and believes the potential of the Antelope-1 well to be significant.

This discovery adds to those already made at InterOil’s Elk-Antelope prospecting site.

Previous test results from the Elk-1 and Elk-4 sites have shown the existence of what appears to be a major gas reservoir of “potentially substantial deliverability”.

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) should it proceed.

For further in formation please contact

Susuve Laumaea

Senior Manager Media Relations InterOil Corporation

Ph: + (675) 321 7040

Mobile: + (675) 684 5168


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