InterOil Reports Positive Drilling Results at Antelope 4ST1 in PNG's PRL 15

InterOil Corporation reported Wednesday that wireline logging from the Antelope-4 sidetrack-1 well in Petroleum Retention License 15 (PRL 15) in Papua New Guinea has confirmed a southern extension of the Elk-Antelope field’s high-quality, gas-bearing dolomite.

The logs measured 597 vertical feet (182 vertical meters) of dolomite and a vertical gross gas column of about 1,112 feet (339 meters).

InterOil Chief Executive Dr Michael Hession said the field continued to surprise on the upside.

“First, we intersected the top of the reservoir 118 feet (36 meters) higher than the original Antelope-4 penetration,” Dr Hession said.

“Second, our interpretation of data from Antelope-4 and Antelope-5 suggests that the field-wide gas-water contact is deeper than previously interpreted.”

The PRL 15 joint venture intends to begin drilling Antelope-6 in December this year as part of the appraisal program to define the resource for the Papua LNG Project.

The joint venture is also considering an additional appraisal well on the western flank of the Antelope field that could add an incremental volume of 1 to 3 Tcfe (trillion cubic feet equivalent).


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Andy Present  |  November 24, 2015
As an experienced investor for over 45 years, I find it hard to believe that everyone does not have a small part of their portfolio in Interoil (IOC). It has to be a buy-out by a larger company at some time in the not too distant future. I own it and so do all my children in their accounts at about this price level.