InterOil has commenced
drilling its first exploration well on the Black Bass Prospect
located within Petroleum Prospecting License 236 in Papua New Guinea. InterOil expects
this well to reach target depth within 45 days. The target is a reef
limestone which has been identified by a seismic survey and is
estimated to be approximately 3,937 feet (1,200 meters) deep.
The Black Bass Prospect is located approximately 100 miles (160
kilometers) northwest of InterOil's refinery near Port Moresby, the
capital of Papua New Guinea.