SINGAPORE and PORT MORESBY, Papua New Guinea, March 28, 2014 /PRNewswire/ -- InterOil
today began drilling at the Raptor-1 site, as part of its
US$300 million oil and gas
exploration campaign in Papua New
Guinea. This will be InterOil's third exploration well
started in PNG since the beginning of March.
Raptor is about 20km south-west of Wabo in the Gulf Province.
The other two exploration wells begun this month are Bobcat-1,
about 20km north of Raptor-1, and Wahoo-1, which is near the coast
about 180km south-east of Raptor-1.
InterOil expects to drill up to five additional exploration and
appraisal wells in PNG in the coming 12-15 months, across almost 4
million acres in the south of the country.
The well will be drilled to a total depth of 4500 meters (2.8
miles). InterOil will announce results when the well is
completed.
About InterOil
InterOil Corporation is an independent oil and gas business
with a primary focus on Papua New
Guinea. InterOil's assets include one of Asia's largest undeveloped gas fields,
Elk-Antelope, in the Gulf Province, exploration licences covering
about 16,000sqkm, Papua New
Guinea's only oil refinery, and retail and commercial
petroleum distribution facilities throughout the country. The
company employs more than 1100 people and has its main offices in
Singapore and Port Moresby. InterOil is listed on the
New York and Port Moresby stock exchanges.
Investor contacts
for InterOil
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Houston
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Singapore
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Wayne Andrews, Vice
President Capital Markets
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Don Spector, Chief
Financial Officer
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Wayne.Andrews@InterOil.com
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Don.Spector@InterOil.com
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Phone:
+1-281-292-1800
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Phone:
+65-6507-0222
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Meg LaSalle, Investor
Relations Coordinator
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Meg.LaSalle@InterOil.com
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Phone:
+1-281-292-1800
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Media contacts for
InterOil
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John Hurst,
Cannings
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jhurst@cannings.net.au
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Phone: +61 418 708
663
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Forward Looking Statements
This press release includes "forward-looking statements" as
defined in United States federal
and Canadian securities laws. All statements, other than statements
of historical facts, included in this press release that address
activities, events or developments that InterOil expects, believes
or anticipates will or may occur in the future are forward-looking
statements, including in particular, the proposed 8 well drilling
program to be completed in 12-15 months, and the estimated drilling
times of the Raptor well. These statements are based on our current
beliefs as well as assumptions made by, and information currently
available to us. No assurances can be given however, that these
events will occur. Actual results could differ, and the difference
may be material and adverse to the Company and its shareholders.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause our actual results to differ materially from those
implied or expressed by the forward-looking statements. Some of
these factors include the risk factors discussed in the Company's
filings with the Securities and Exchange Commission and on SEDAR,
including but not limited to those in the Company's Annual Report
for the year ended 31 December 2012 on Form 40-F and its
Annual Information Form for the year ended 31 December 2012. In particular, there is no
established market for natural gas or gas condensate in
Papua New Guinea and no guarantee
that gas or gas condensate from the Elk and Antelope fields will
ultimately be able to be extracted and sold commercially. Investors
are urged to consider closely the disclosure in the Company's Form
40-F, available from us at www.interoil.com or from the SEC at
www.sec.gov and its Annual Information Form available on SEDAR
at www.sedar.com.
SOURCE InterOil Corporation