SINGAPORE and PORT MORESBY, Papua
New Guinea, March 3, 2016
/PRNewswire/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC)
provided an update on the appraisal drilling on the Antelope field
in Petroleum Retention License 15 ("PRL15") in the Gulf Province of
Papua New Guinea.
Antelope-5
During February, the second extended well test on Antelope-5 was
completed. The well flowed at an average of 53.3 million standard
cubic feet gas per day (mmcfd) measured through a 48/64" choke for
14 days and then shut-in for over 14 days to record the subsequent
pressure build-up. The majority of the stabilized flow occurred on
a 48/64" choke at a rate of approximately 57 mmcfd.
Downhole pressure gauges have been successfully retrieved from
both Antelope-5 and Antelope-1 (observation well) and data has been
extracted for analysis.
Preliminary analysis has confirmed the excellent reservoir
quality and connectivity seen in the initial Antelope-5 production
test conducted in mid-2015. The forward plan is to undertake
further analysis to quantify nearby reservoir properties.
Antelope-6
During the month of February, 9-5/8" liner was run to the top
reservoir, four cores were cut from the upper section of the
reservoir and intermediate logs were run.
The four cores were cut over an interval of 2,268 to 2,330
meters measured depth from rotary table (MDRT) and the well reached
a depth within the reservoir section of 2,330 meters (MDRT).
Preliminary interpretation shows approximately 12 meters of
dolomite is present in the drilled section.
It was decided to conduct an intermediate, multi-rate flow test
over an interval from 2,264 to 2,330 meters MDRT in the target
interval. A final stabilized flow rate of approximately 13 mmcfd
was obtained over a 24 hour period, measured through a 40/64"
choke. The well is currently shut-in for pressure build-up.
Once testing is complete it is planned to drill through the
gas-water-contact to a proposed total depth of approximately 2,650
meters MDRT and then run a full suite of wireline logs. Once logs
have been obtained, a decision will be made regarding the need for
further testing.
The Antelope-6 appraisal well is located 2km east-south-east of
the Antelope-3 well and is designed to provide structural control
and reservoir definition on the eastern flank of the Antelope
field. Antelope-6 spudded in December
2015 and intersected the top of the reservoir at
approximately 2,264 meters MDRT.
****
About InterOil
InterOil Corporation is an independent oil and gas business with
a sole focus on Papua New Guinea.
InterOil's assets include one of Asia's largest undeveloped gas fields,
Elk-Antelope, in the Gulf Province, and exploration licenses
covering about 16,000sqkm. Its main offices are in Singapore and Port
Moresby. InterOil is listed on the New York and Port
Moresby stock exchanges.
Investor Contacts
Singapore
|
Singapore
|
United
States
|
Michael
Lynn
Senior Vice
President
Investor
Relations
|
David Wu
Vice
President
Investor
Relations
|
Cynthia
Black
Investor
Relations
North
America
|
T: +65 6507
0222
E:
michael.lynn@interoil.com
|
T: +65 6507
0222
E:
david.wu@interoil.com
|
T: +1 212 653
9778
E:
cynthia.black@interoil.com
|
Media Contact
Singapore
|
|
|
Ann Lee
Communications
Specialist
|
|
|
T: +65 6507
0222
E:
ann.lee@interoil.com
|
|
|
Forward Looking Statements
This media release includes "forward-looking statements" as
defined in United States federal
and Canadian securities laws. All statements, other than statements
of historical facts, included in this release that address
activities, events or developments that InterOil expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Well test results should be considered as preliminary
and test results are not necessarily indicative of long term
performance or of ultimate recovery. There is no assurance that
reserves will be assigned to such fields. With undiscovered
resources (including prospective resources), there is no certainty
that any portion of the resources will be discovered. If
discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources. Readers should
refer to our Annual Information Form for additional information
about and cautionary language regarding resources. The Estimates of
the company's natural gas and condensate resources provided are
estimates only and there is no guarantee that the estimated
resources will be recovered. Actual natural gas and condensate
resources may be greater or less than the estimates provided, and
the difference may be material. These statements are based on our
current beliefs as well as assumptions made by, and information
currently available to, us. No assurances can be given that these
events will occur. Actual results could differ, and the difference
may be material and adverse to the company and its shareholders.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the company,
which may cause our actual results to differ materially from those
implied or expressed by the forward-looking statements. Some of
these factors include the risk factors discussed in the company's
filings with the Securities and Exchange Commission and on SEDAR,
including but not limited to those in the company's annual report
for the year ended December 31, 2014
on Form 40-F and its Annual Information Form for the year ended
December 31, 2014. In particular,
there is no established market for natural gas or gas condensate in
Papua New Guinea and no guarantee
that gas or gas condensate will ultimately be able to be extracted
and sold commercially. Investors are urged to consider closely the
disclosure in the company's Form 40-F, available from us at
www.interoil.com or from the SEC at www.sec.gov and its Annual
Information Form available on SEDAR at www.sedar.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/antelope-appraisal-drilling-update-300230232.html
SOURCE InterOil Corporation