SINGAPORE and PORT
MORESBY, Papua New Guinea,
Dec. 11, 2014 /CNW/ -- InterOil
Corporation (NYSE: IOC; POMSoX: IOC) today has notified the Papua
New Guinea Department 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 meters of
Kapau limestone, the upper section of the target reservoir, and
flowed and flared hydrocarbons at surface.
Seismic mapping, wireline logging and testing results 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 kilometers west of the current well location and is
several hundred meters 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 meters.
Future appraisal will include additional seismic and drilling.
As the first part of the appraisal program, 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.
About InterOil
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 largest undeveloped gas fields,
Elk-Antelope, in the Gulf Province, and exploration licences
covering about 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.
Investor Contacts
Singapore
|
Singapore
|
United
States
|
Michael
Lynn
Senior Vice
President
Investor
Relations
|
David Wu
Vice
President
Investor
Relations
|
Meg
LaSalle
Investor
Relations
Coordinator
|
T: +65 6507
0222
E:
michael.lynn@interoil.com
|
T: +65 6507
0222
E:
david.wu@interoil.com
|
T: +1 281 292
1800
E:
meg.lasalle@interoil.com
|
Media Contacts
Singapore
|
Australia
|
|
Robert
Millhouse
Vice
President
Corporate
Affairs
|
John Hurst
Cannings Corporate
Communications
|
|
T: +65 6507
0222
E:
robert.millhouse@interoil.com
|
T: +61 418 708
663
E:
jhurst@cannings.net.au
|
|
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 are forward-looking statements.
These statements, which include statements as to planning for or
the timing of the proposed LNG project and future exploration, are
based on our current beliefs as well as assumptions made by, and
information currently available to us. No assurances can be given,
however, 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 several
assumptions, risks and uncertainties, many of which are beyond the
company's control, which may cause our actual results to differ
materially from those implied or expressed by the forward-looking
statements. Some of these factors include risks 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 31 December
2013 on Form 40-F and its Annual Information Form for the
year ended 31 December 2013. In
particular, Papua New Guinea has
no established market for natural gas or gas condensate and the
company can make no guarantee that gas or gas condensate from the
Elk-Antelope field 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/interoil-announces-discovery-at-bobcat-1-300008435.html
SOURCE InterOil Corporation