InterOil tastes success onshore Papua New Guinea

Submitted by Paddy Harris on Wed, 2014-10-22 09:24

22nd October 2014

InterOil Corporation has announced that the Raptor-1 well in Papua New Guinea has intersected 200 metres of the Kapau Limestone target zone, with wireline logs indicating the presence of hydrocarbons

InterOil tastes success onshore 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 16,000 square kilometres.

InterOil now plans to conduct well testing to determine the hydrocarbon type, column, flow rate and reservoir quality.

Raptor-1 is about 12-kilometres west of InterOil’s Elk-Antelope gas field.

InterOil holds a 65.208174 per cent interest in Raptor-1 and is operator. Pacific Rubiales Energy has a 12.903226 per cent interest in the well.

InterOil has also reported that its Bobcat-1 has also successfully drilled through the Orubadi seal section and into the Kapau Limestone. After running and cementing a 5-inch liner, InterOil is preparing to drill further into the target zone.

Bobcat-1 is about 30-kilometres north-west of Elk-Antelope.

InterOil holds a 78.1114 per cent interest in the well and is operator. The remaining 21.8886 per cent interest is held by minority interests.

InterOil’s assets include one of Asia’s largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licences covering about 16,000 square kilometres.

Its main offices are in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.