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InterOil Confirms Continuity of Highly Productive Reservoir at Antelope-3

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InterOil Corporation has successfully completed a drillstem test in the Antelope-3 well, located in Petroleum Retention License 15 in Papua New Guinea, which tested natural gas and condensate with a maximum gas rate of 44.8 million cubic feet per day with a flowing tubing pressure of 2,331 psi.

The well produced 10.4 to 14.9 barrels of condensate per million cubic feet through a 64/64-inch choke. The analyzed gas composition is similar to Antelope-1 and Antelope-2, stated the operator.

The company added that the gas flow rate was significantly limited by the downhole DST equipment and the surface separation package.

"InterOil is pleased to have encountered the reservoir higher than anticipated and to confirm continuity of highly productive reservoir at the Antelope-3 location," said Interoil General Manager of Exploration David Holland in a statement. "We are encouraged by the similarities to the Antelope-2 well with extended lateral development of this upper limestone unit."

The objective of the well was to confirm reservoir depth, and continuity; provide samples for analysis to further assist in development well planning; and to satisfy work program obligations for permit PRL 15; as well as complete the well as a future production well. Antelope-3 is located about .6 miles south of the Antelope-1 well and 1.6 miles north from Antelope-2.



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