InterOil Corporation commenced drilling the Wahoo-1 exploratory well onshore Papua New Guinea after receiving approval from the Papua New Guinea Department of Petroleum and Energy.
This marks the second of four exploration wells the company plans to drill in the Gulf Province over the next 12 to 15 months, the company stated. InterOil will drill up to four exploratory wells on the Elk-Antelope and Triceratops discoveries under a $300 million exploration and appraisal program, the company said in a press release.
The drilling program, one of the largest in Papua New Guinea, is part of the company’s exploration of new petroleum prospecting licenses granted by the government. The licenses are valid for six years and include [spell out PPL) PPLs 474, 475, 476 and 477.
"The drilling of Wahoo-1 is good news for PNG [Papua New Guinea],” said Papua New Guinea's Minister for Petroleum and Energy, Nixon Duban. “We are excited at the potential of these exploration licenses and the wealth that could be unlocked. We hope the results live up to expectations. And we look forward to a mutually beneficial partnership with InterOil for many years to come."
InterOil primarily focuses on oil and gas properties in Papua New Guinea and the surrounding region, with assets including an undeveloped gas field, Elk-Antelope, in the Gulf Province.
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