SINGAPORE and PORT MORESBY, April
27, 2015 /PRNewswire/
-- InterOil Corporation (NYSE: IOC; POMSoX: IOC) has begun flow
testing at the Elk-Antelope gas field in Papua New Guinea as part of the field
appraisal.
Papua New Guinea Prime Minister
the Honorable Peter O'Neill and the Minister for Department of
Petroleum and Energy the Honorable Nixon Duban today visited the
Antelope-5 well site in the Gulf Province to see the operation and
to be briefed on the Elk-Antelope LNG Project, a joint venture of
InterOil, Total of France, and Oil
Search.
InterOil Chief Executive Dr Michael
Hession, Total Managing Director in Papua New Guinea Philippe Blanchard, and Oil
Search Managing Director Peter
Botten accompanied Prime Minister O'Neill and Minister
Duban.
The Antelope-5 flow rate is constrained by reservoir engineers
to a maximum test rate of about 70 million standard cubic feet a
day.
Dr Hession said pressure gauges are planned to be placed in the
field to monitor the pressure response during an extended test of
Antelope-5.
"Antelope-5 has the best reservoir thickness, quality and
fracture density of all wells on the field, which signifies a
world-class reservoir," Dr Hession said.
"By flowing the well under different conditions, we will be able
to calculate maximum potential flow rates and better understand
reservoir size, productivity and connectivity."
Dr Hession said data from the testing would help the joint
venture to optimize design of the LNG plant and associated
infrastructure.
The joint venture is finalizing plans for field testing,
including drilling another well, Antelope-6, to define the eastern
flank of the reservoir.
Drilling operations at Antelope-4 in the southern flank of the
reservoir have been suspended at a measured depth of 2,134 meters.
Cores were cut in the upper part of the reservoir as planned,
resulting in a recovery of 33 meters of dolomite. Drilling
continued in the reservoir and substantial mud losses were
experienced at 2,110 meters indicating the well had intersected a
significant fracture system. The PRL15 Joint Venture is evaluating
the information obtained from the well before deciding on next
steps for Antelope-4.
During his visit, the Prime Minister was told the venture
remained on track to select a preferred development concept by
mid-year, to begin early development work in 2016, and to award
contracts for construction in 2017.
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 licenses
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
|
Cynthia
Black
Investor
Relations
Coordinator
|
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 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 in the future are forward-looking
statements. 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 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 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 from the Elk and Antelope fields 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 .
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SOURCE InterOil Corporation