OIL COMPANY DISCOVERS MAJOR GAS RESERVOIR IN PNG

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Nearby wells produce record ‘flow rates’

PORT MORESBY, Papua New Guinea (The National, Feb. 1, 2009) – InterOil announced yesterday that latest testing has confirmed Antelope-1 exploration well has tapped into the deepest subterranean gas reservoir discovered in Papua New Guinea to date.

It is now confirmed the reservoir has a vertical section of 962m in the onshore reef, the company said.

InterOil chief executive officer Phil Mulacek said: "The signs are very encouraging and support a third reservoir type on the onshore trend with the Elk-Antelope structures."

Porosity averages more than 8.4% across the entire vertical section, with some sections exceeding 20%. The cumulative net or productive reservoir has a net to gross ratio of 90%, the company said.

Further tests were to be carried out at Antelope-1 to better ascertain gas volume and the pressure at which it can be delivered.

"Additional drilling and testing activity may be conducted before the full flow tests were performed," Mr Mulacek said.

Antelope-1 is the third major gas strike InterOil has made in its prospecting site in the Gulf province and the first confirming gas from an on-shore reef.

Two nearby wells, Elk-1 and Elk-4 both returned the highest gas flow rates of any gas discovery ever made in the country.

Both were evaluated at more than 100 million cubic feet of gas per day, with cumulative flow rate capacity of 207 million cubic feet of gas per day.

The company now intends to run a vertical seismic profile with the well under pressure.

 

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