InterOil Spuds Antelope-1 Appraisal Well in PNG

InterOil Corp.

InterOil announced that drilling has commenced on the Antelope-1 appraisal well, located approximately 1.7 miles (2.8 km) south of the Elk-4 discovery well in Petroleum Prospecting License 238.

The planned total depth of the well is approximately 7,900 feet (2,400 meters) and is expected to take in the order of 90 days to drill.

"We are excited by the pre-drill indications and current seismic data of the Antelope-1 well which indicate that we may intersect the limestone reservoir up to 1,700 feet higher than in the Elk-4 well. This well will also target a gas column estimated, on the basis of the work we have done to date, to be approximately 2,270 feet of gross reservoir in pay," said Phil Mulacek, Chief Executive Officer of InterOil.