SINGAPORE and PORT MORESBY, Papua
New Guinea, Jan. 21, 2016
/PRNewswire/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC)
has been advised by Total E&P PNG Limited ("Total"), operator
of Petroleum Retention License 15 ("PRL15") in the Gulf Province of
Papua New Guinea, that the second
planned extended well test has commenced at Antelope-5.
The extended well test will flow Antelope-5 at around 50 million
standard cubic feet per day for approximately two weeks before
being shut-in to record the subsequent pressure build-up. Pressure
gauges have been placed in Antelope-1 as an observer well. The test
is expected to take approximately one month to complete.
InterOil Chief Executive Dr Michael
Hession said the initial flow test conducted in June 2015 provided a good indication of the
minimum connected volume in Antelope; this second test aims to
further support those findings.
"In order to improve the certainty of the minimum connected
volume, we have added additional pressure gauges and we plan to
flow five times more gas than we did in our initial test last
year."
Drilling update
The Company has also been advised by Total that Antelope-6
appraisal well, located 2km east-south-east to the Antelope-3 well
was preparing to drill ahead at 1,120 meters (3,674 feet) true
vertical depth sub-sea. Antelope-6 spudded on December 23, 2015 and has a proposed total depth
of around 2,464 meters (8,084 feet) true vertical depth
sub-sea.
The PRL15 joint venturers are discussing an additional appraisal
well to the west of Antelope-5. The decision whether to drill a
further appraisal well will follow the evaluation of the Antelope-6
appraisal well and the results of the latest flow test at
Antelope-5.
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 Contacts
Singapore
|
Australia
|
|
Ann Lee
Communications
Specialist
|
John Hurst
Cannings
Corporate
Communications
|
|
T: +65 6507
0222
E:
ann.lee@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. Well test results should be considered as preliminary.
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/new-flow-test-commences-at-antelope-5-300207731.html
SOURCE InterOil Corporation