SINGAPORE and PORT MORESBY, Papua New Guinea, Nov. 18, 2015 /PRNewswire/ -- InterOil
Corporation (NYSE: IOC; POMSoX: IOC) reported that wireline logging
from the Antelope-4 sidetrack-1 well in Petroleum Retention License
15 in Papua New Guinea has
confirmed a southern extension of the Elk-Antelope field's
high-quality, gas-bearing dolomite.
The logs measured 182 vertical meters (597 feet) of dolomite and
a vertical gross gas column of about 339 meters (1,112 feet).
InterOil Chief Executive Dr Michael
Hession said the field continued to surprise on the
upside.
"First, we intersected the top of the reservoir 36 meters (118
feet) 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.
About InterOil
InterOil Corporation is an independent oil and gas business with
a sole 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 licenses
covering about 16,000sqkm. Its main offices are in Singapore and Port
Moresby. InterOil is listed on the New York and Port
Moresby stock exchanges.
Investor Contacts
Singapore
|
Singapore
|
United
States
|
Michael
Lynn
Senior Vice
President
Investor
Relations
|
David Wu
Vice
President
Investor
Relations
|
Cynthia
Black
Investor
Relations
North
America
|
T: +65 6507
0222
E:
michael.lynn@interoil.com
|
T: +65 6507
0222
E:
david.wu@interoil.com
|
T: +1 212 653
9778
E:
cynthia.black@interoil.com
|
Media Contacts
Singapore
|
Australia
|
|
Rob
Millhouse
Vice
President
Corporate
Affairs
|
John Hurst
Cannings
Corporate
Communications
|
|
T: +65 8112
5694
E:
robert.millhouse@interoil.com
|
T: +61 418 708
663
E:
jhurst@cannings.net.au
|
|
Forward Looking Statements
This media 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 release that address
activities, events or developments that InterOil expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Well test results should be considered as preliminary.
Well log interpretations indicating gas accumulations are not
necessarily indicative of future production or ultimate recovery.
There is no assurance that reserves will be assigned to such
fields. With undiscovered resources (including prospective
resources), there is no certainty that any portion of the resources
will be discovered. If discovered, there is no certainty that it
will be commercially viable to produce any portion of the
resources. Readers should refer to our Annual Information Form for
additional information about and cautionary language regarding
resources. Trillions of cubic feet of gas equivalent ("Tcfe")
amounts have been calculated by using the conversion ratio of one
barrel of oil (1 bbl) to six thousand cubic feet (6 Mcf) of natural
gas. Tcfe amounts may be misleading, particularly if used in
isolation. A conversion ratio of 1 bbl to 6 Mcf is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. The estimates of the company's natural gas and condensate
resources provided in this release are estimates only and there is
no guarantee that the estimated resources will be recovered. Actual
natural gas and condensate resources may be greater or less than
the estimates provided in this release, and the difference may be
material. 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 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
December 31, 2014 on Form 40-F and
its Annual Information Form for the year ended December 31, 2014. 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 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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/antelope-4-sidetrack-1-confirms-high-quality-reservoir-300180881.html
SOURCE InterOil Corporation