InterOil Encouraged by Drill Stem Test at PNG's Antelope-2

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InterOil announced that drill stem test (DST) #1 in the Antelope-2 well in Papua New Guinea, tested natural gas and condensate at a rate of 14.1 million cubic feet of gas per day with 16.5 barrels of condensate per million cubic feet. The test was conducted in the open hole interval from 6,011 feet (1,832 meters) to 6,175 feet (1,882 meters) through a 35/64 inch choke with flowing tubing pressure of 2,070 pounds per square inch. The gas flow rate was significantly limited by the 3/4 inch downhole DST equipment.

Prior to initiating DST #1, the well was cored from 6,057 feet (1,846 meters) to 6,175 feet (1,882 meters) and 117.5 feet (35.8 meters) of 4 inch core was successfully recovered (99.4% recovery). We believe that the core sampling indicated very good visual porosity and vugs (small to medium sized cavities inside the core) from the reefal reservoir.

"We believe that the core demonstrates excellent visible porosity and the core sample closely resembles the reservoir quality demonstrated by the flow test at Antelope-1," stated Mr. Phil Mulacek, Chief Executive Officer of InterOil. "In addition, the DST and core confirms the presence of reefal dolomitization 345 feet higher than expected and 2.23 miles from the Antelope-1 well."

The primary objectives of the Antelope-2 well are to: 1) penetrate the southern margin of the Antelope Reef and determine the extent of the dolomite cap or higher porosity limestone reservoir predicted from seismic evaluation; and 2) investigate the lower transition zone to further quantify and evaluate the nature of the fluid contacts in the southern extent of the field, in particular providing more information on the vertical extent and any commercial potential for either a heavy condensate or oil leg.



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