InterOil Provides Update on Raptor-1, Bobcat-1 Exploration Drilling in PNG

InterOil Corporation provided an update Tuesday on its exploration drilling program at its upstream assets in permits PPL 475 and PPL 475 in Papua New Guinea.

Raptor-1, PPL 475

Raptor-1 has intersected 656 feet (200 meters) of the Kapau Limestone target zone, with wireline logs indicating the presence of hydrocarbons.

InterOil now plans to conduct well testing to determine the hydrocarbon type, column, flow rate and reservoir quality.

Raptor-1 is about 7.45 miles (12 kilometers) west of InterOil’s Elk-Antelope gas field.

InterOil holds a 65.208174 percent interest in Raptor-1 and is operator. Pacific Rubiales Energy Corp. has a 12.903226 percent interest in the well. Minority interests hold 21.8886 percent.

Bobcat-1, PPL 476

Bobcat-1 has successfully drilled through the Orubadi seal section and into the Kapau Limestone. After running and cementing a 5 inch liner, InterOil is preparing to drill further into the target zone.

Bobcat-1 is about 18.6 miles (30 kilometers) north-west of Elk-Antelope.

InterOil holds a 78.1114 percent interest in the well and is operator. The remaining 21.8886 percent interest is held by minority interests.

InterOil will keep the market informed of material developments.

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