SINGAPORE and PORT MORESBY, Papua New Guinea, Sept. 30, 2014 /CNW/ -- InterOil Corporation
(NYSE, POMSoX: IOC) today provided an update on its current
exploration drilling program.
RAPTOR-1, PPL 475
InterOil is preparing to set seven-inch casing in the Raptor-1
well in PPL 475 in the Gulf Province of Papua New Guinea. The casing point is slightly
above the Kapau Limestone target zone, and is in line with the well
program.
At this stage, calcimetry, temperature and background
hydrocarbon concentrations are similar to those experienced before
InterOil entered the Antelope reservoir. The significance of these
preliminary indications can be determined only by further drilling
and logging.
Raptor-1 is about 12km west of InterOil's multi-trillion cubic
feet Elk-Antelope gas field.
InterOil holds a 65.208174% interest in Raptor-1 and is
operator. Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC;
BOVESPA: PREB) has a 12.903226% interest in the well and minority
interests hold 21.8886%.
BOBCAT-1, PPL 476
The Bobcat-1 well in PPL 476 in Papua
New Guinea continues to drill in the Orubadi shale, towards
the Kapau Limestone target zone.
Bobcat-1 is about 30 km northwest of InterOil's multi-trillion
cubic feet Elk-Antelope gas field.
InterOil holds a 78.1114% interest in the well and is operator.
The remaining 21.8886% interest in the well is held by minority
parties.
InterOil will keep the market informed of material
developments.
About InterOil Corporation:
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, and exploration licences
covering about 16,000sqkm. The company employs more than 2,000
staff and contractors. Its main offices are in Singapore and Port
Moresby. InterOil is listed on the New York and Port
Moresby stock exchanges.
Investor
contacts
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Singapore
|
United
States
|
Michael
Lynn
|
Meg
LaSalle
|
Senior Vice
President, Investor Relations
|
Investor Relations
Coordinator
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Michael.Lynn@InterOil.com
|
Meg.LaSalle@InterOil.com
|
Phone:
+65-6507-0222
|
Phone:
+1-281-292-1800
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|
|
David Wu
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|
Vice President,
Investor Relations
|
|
David.Wu@InterOil.com
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|
Phone:
+65-6507-0222
|
|
|
|
Media
contacts
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|
Singapore
|
Australia
|
Robert
Millhouse
|
John Hurst
|
Vice President,
Corporate Affairs
|
Cannings Corporate
Communications
|
Robert.Millhouse@InterOil.com
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jhurst@cannings.net.au
|
Phone:
+65-6507-0222
|
Phone:
+61-418-708-663
|
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 expected timing and
results of Raptor-1 and Bobcat-1. 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 2013 on Form 40-F and its
Annual Information Form for the year ended 31 December 2013. 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