InterOil completes logging of the Antelope-3 well and provides an update on its LNG Partnering in PNG

Thursday, January 24, 2013
  • Completed the logging program at the Antelope-3 well in Papua New Guinea.
  • The formation evaluation by Schlumberger indicates an average porosity in the pay interval of 10.2 percent and a net to gross ratio of 66 percent.
  • Results indicate that the reservoir quality at the Antelope-3 location is of similar quality to the Antelope-1 and -2 wells, and fully support our reservoir model.

InterOil Corporation (NYSE:IOC) (POMSoX:IOC) announced that it has completed the logging program at the Antelope-3 well in Papua New Guinea. As in the previous wells, conventional wireline logs (porosity, resistivity and sonic) were acquired in addition to formation imaging (FMI), vertical well bore seismic (VSP) and rotary sidewall coring conducted while under pressure. The formation evaluation by Schlumberger indicates an average porosity in the pay interval of 10.2 percent and a net to gross ratio of 66 percent. This compares favourably with the results from the Antelope-1 and Antelope-2 wells with average porosities of 8.8 and 13.1 percent respectively (see the table below). We believe these results indicate that the reservoir quality at the Antelope-3 location is of similar quality to the Antelope-1 and -2 wells, and fully support our reservoir model.



Well Name
Hydrocarbon

Column

Height
Feet

Of

Net Pay
Net

To

Gross
Average

Porosity
Elk-4
620
166
0.28
0.039
Antelope-1
2,220
2,088
0.67
0.088
Antelope-2
1,771
1,465
0.70
0.131
Antelope-3
2,301
1,810
0.66
0.102


The forward program is to complete a final drill stem test (DST) over the open hole interval combined with production logging instrumentation to provide further dynamic reservoir characteristics and flow capacity.

Separately, InterOil announced that it has advised bidders with which the Company has been in discussions that the final binding bid solicitation period for the partnering process currently being undertaken will close on February 28, 2013. The InterOil Board of Directors intends to meet the Company's advisors during the first week of March 2013 for the purpose of evaluating bids received and selecting our partner(s) for the development of the Gulf LNG Project utilising gas from the Elk and Antelope fields in Papua New Guinea.

Mr. Phil Mulacek, Chief Executive Officer of InterOil stated, "We are pleased to have the continued support of the PNG Government during the conclusion of our partnering process. The interest demonstrated by major oil, national oil and global utility companies remains strong, and bodes well for the conclusion of our sell down of interest in the Elk and Antelope fields and partnering in the Gulf LNG Project."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Nanotechnology hits the oilpatch
    Dropping energy prices—for both oil and natural gas—has investors and analysts checking to see what the break-even price is for oil production in each play ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training


Opinions & Commentary

Give us a break...

by David Bamford

Read More »