InterOil Corporation confirmed that it is on track to meet its projected earnings for the third quarter of 2008. The midstream refining and downstream distribution operations have continued to operate profitably and are in line with the Company's profit expectations.
"We will be filing our third quarter financials on November 10, and we are extremely pleased to advise that InterOil has weathered the dramatic downturn through prudent management and control procedures and will be announcing a profit for the third quarter 2008," said Collin Visaggio, Chief Financial Officer.
InterOil is also preparing to commence drilling the Antelope-1 appraisal well in the next few days. The Antelope-1 well will target the limestone section that was intersected in the Elk-4 well which recorded a gas flow rate of 105 million standard cubic feet (mmscf) and approximately 2,000 barrels (bbls) of condensate per day, which is the highest flow rate for a gas well in Papua New Guinea.
"We are confident that the high gas and gas condensate flow results in the Elk-4 will be confirmed in the Antelope-1, which is expected to add an additional 1,500 feet of reservoir," said Phil Mulacek, Chief Executive Officer. "The anticipated result from the combined Elk and Antelope structures has been prognosed as being sufficient to underpin our LNG project."
"We are also confident that we will close on the LNG Project Agreement with the Independent State of Papua New Guinea in the fourth quarter of 2008. Confirmation of this intent was received during joint strategic meetings with the Prime Minister of Papua New Guinea, Sir Michael Somare, which took place in Rome, Italy, earlier this week."
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