InterOil has announced the details of the independent engineering evaluations prepared by GLJ Petroleum Consultants Ltd. (GLJ Report), which evaluated the resources at the Elk/Antelope field in Papua New Guinea effective as at December 31, 2009, and was prepared in accordance with the definitions and guidelines in the COGE Handbook and National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (NI 51-101).
The GLJ Report provides a best case estimate of 8.2 trillion cubic feet (Tcf) of natural gas and 156.5 million barrels of condensate (MMBbls). This compares to the year-end 2008 best case contingent resources estimate of 3.4 Tcf of natural gas and 59.3 MMBbls. This amounts to a 141% percent increase from 631 million barrels of oil equivalent (MMBOE) to 1.52 billion barrels of oil equivalent.
Phil Mulacek, CEO, stated, "I am proud of this accomplishment, organically increasing the estimated resources associated with the Elk/Antelope field by 889 million barrels of oil equivalent in a single year. These results reflect the quality of our people and our assets."
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