"We are now confident that the Elk structure contains sufficient gas to underpin the first train of an LNG plant which will be built by Liquid Niugini Gas Ltd., adjacent to our refinery, and sufficient oil shows to justify sidetracking to confirm an oil leg," said Mr Phil Mulacek, Chairman and CEO of InterOil.
The Elk-2 appraisal well was originally identified by an extensive seismic program, and was drilled to confirm the extent of the Elk structure, find an oil leg, confirm the matrix porosity in the Puri and Mendi limestone, and drill to the water contact point to determine the thickness of the limestone reservoirs.
Successful drilling efforts and testing activities in the well have confirmed the following:
"Our forward plan is now to drill to total depth, log, complete and test the well. We will then sidetrack the well to intersect the potential oil leg structurally higher in the porous Mendi limestone section," said Mr. Mulacek.
The August 2007, Elk -2 Technical Update will be posted on the InterOil website on August 14, 2007.
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