InterOil Resumes Drilling at Wahoo-1 Well in PPL 474 in PNG's Gulf Province

InterOil Corporation disclosed Thursday that the company has resumed drilling at Wahoo with the Wahoo-1 side-track exploration well in Petroleum Prospecting License 474 in the Gulf Province of Papua New Guinea.

Wahoo-1 side-track well is the follow-up to Wahoo-1 which was suspended in July 2014 due to higher-than-expected pressures.

The Wahoo-1 side-track is a significant step-out from existing gas fields and will test whether the successful trends identified around PRL15 extend around 106 miles (170 kilometers) to the south-east 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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