InterOil's second well in the new area in the Southern part of Block III (Mirador) in Peru is completed. The two wells produce 1,120 bopd net to the company. A third and fourth well will be spudded in early August using two rigs simultaneously.
The second well encountered the oil reservoir deeper than in the first exploration well, possibly in a seperate structure, judging by the very high reservoir pressures.
The investment in this well is approximately USD$1.2 million and give a payback in less than six months at today's oil prices.
"We believe that this area contain significant new reserves, and we will continue drilling further to the west," commented Nils N. Trulsvik, CEO of InterOil E&P ASA.
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