InterOil Announces Seismic and Gravity Acquisition Program in PNG
PORT MORESBY, Papua New Guinea, Oct. 5 /PRNewswire-FirstCall/ -- InterOil
Corporation (TSX-V: IOL) (AMEX:IOC) (ASX: IOC; POMSoX), a Canadian company with
operations in Papua New Guinea announced today the commencement of a seismic
and gravity acquisition program in its exploration acreage located in Petroleum
Prospecting License (PPL) 238, in the Eastern Papuan Basin in PNG.
This activity follows the drilling on the Moose-1 exploration well and the
Moose-2 appraisal well where oil shows were found in the limestone section of
both wells. The seismic and gravity acquisition program will extend across the
Moose and Elk structures and link to existing seismic data on the Puri
structure where the Puri-1 well flowed 1,610 bopd.
The data obtained will be used to provide a better understanding of the
geological sequence of the Eastern Papuan Basin as well as providing
information on depths and optimal locations for future Moose and Elk drilling.
"We demonstrated earlier this year that good quality data can be obtained in
our license area. This seismic line, together with the data obtained from the
drilling on the Moose structure, will help us assess the potential of the Moose
and Elk structures and improve our understanding of the geology within our
exploration acreage," said Mr. Phil Mulacek, CEO of InterOil.
InterOil is a vertically integrated energy company whose primary focus is Papua
New Guinea and the surrounding region. Its assets comprise an oil refinery,
upstream petroleum exploration licenses, and retail and commercial distribution
assets. The majority of the refined products from InterOil's refinery are
secured by off-take contracts with Shell and InterOil's wholly- owned
subsidiary, InterOil Products Limited. BP Singapore is InterOil's agent for
crude oil supplied to the refinery. InterOil is also undertaking an extensive
petroleum exploration program within its eight million acre license area
located in Papua New Guinea.
InterOil's common shares trade on the Toronto Stock Exchange under the symbol
IOL in Canadian dollars; on the American Stock Exchange under the symbol IOC in
US dollars; and on the Australian Stock Exchange in CHESS Depositary Interests
in Australian dollars under the symbol IOC which trade on a 10:1 basis to
common shares. For more information please see the InterOil website at:
http://www.interoil.com/ .
FOR FURTHER INFORMATION: Gary M Duvall Anesti Dermedgoglou
V.P., Corporate Development V.P., Investor Relations
InterOil Corporation InterOil Corporation
Houston, TX USA Cairns, Qld Australia
Phone: +1 281 292 1800 Phone: +617 4046 4600 Cautionary Statements
This press release contains forward-looking statements. All statements, other
than statements of historical facts, included in this release, including
without limitation, statements regarding our drilling plans, business strategy,
plans and objectives of management for future operations and those statements
preceded by, followed by or that otherwise include the words "believe",
"expects", "anticipates", "intends", "estimates" or similar expressions or
variations on such expressions are forward-looking statements. The Company can
give no assurances that such forward-looking statements will prove to be
correct. Risks and uncertainties include, but are not limited to, the
existence of underground deposits of commercial quantities of oil and gas;
fluctuations in prices for oil and gas production; curtailments or delays in
development due to mechanical, operating, marketing or other problems; capital
expenditures that are either significantly higher or lower than anticipated
because the actual cost of identified projects varied from original estimates;
and from the number of exploration and development opportunities being greater
or fewer than currently anticipated.
The Company currently has no reserves as defined under Canadian National
Instrument 51-101 reserve definitions. See the Company's filings with the
Canadian securities regulators for additional risks and information about the
Company's business. DATASOURCE: InterOil Corporation CONTACT: Gary M Duvall, V.P., Corporate Development, +1-281-292-1800, or , or Anesti Dermedgoglou, V.P., Investor Relations, +617-4046-4600, or , both of InterOil Corporation Web site: http://www.interoil.com/
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