InterOil Updates on Antelope-5 Appraisal Well Drilling in PRL 15 in PNG

InterOil Corporation, an independent oil and gas company focused on Papua New Guinea (PNG), disclosed Monday that the Antelope-5 appraisal well in Petroleum Retention License 15, in the Gulf Province of PNG, has intersected the top reservoir at 5,032 feet (1,534 meters)* at a position that was 755 feet (230 meters) higher than the operator’s reference case.

Casing has been set and the plan is to drill ahead to evaluate the reservoir at Antelope-5. After reaching total depth it is planned to conduct an extended well test at Antelope-5 with pressure gauges monitoring pressure drawdown in other appraisal wells. This type of test gives a better idea of reservoir connectivity and productivity.

Antelope-5 is about 1.1 miles (1.8 kilometers) from Antelope-3 and is appraising the western extent of the Elk-Antelope field.

* true vertical depth, meters sub-sea, to be confirmed by logs

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