InterOil Exploration and Production ASA just completed the drilling of the new exploration well in the southern portion of Block III in Peru. The well was drilled to a total depth of 3689 ft, and encountered oil in the Salinas Mogollon sandstone formation.
The well produces 600 bopd which is very good, and the new area has a huge upside potential. A second well will be spudded immediately from the same location.
The new exploration area covers approx. 6 sq km and a significant number of production wells could be drilled. The second well should be completed by end July.
The cost of the first well is approximately USD 1.2 million, while the cost of the appraisal well is USD 1.0 million.
"We are extremely excited by the results, and will prepare the area for an extensive production drilling campaign this year," said Nils N. Trulsvik, CEO of InterOil E & P ASA.
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