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InterOil Announces Spudding Of The Triceratops-2 Appraisal Well In Papua New Guinea

Stocks in this article: IOC









 

PORT MORESBY, Papua New Guinea and HOUSTON, Jan. 17, 2012 /PRNewswire/ -- InterOil Corporation (NYSE:IOC) (POMSoX:IOC) ("InterOil") announced that drilling has commenced on the Triceratops-2 appraisal well in Petroleum Prospecting License 237 in Papua New Guinea. The plan is to drill the entire reservoir interval with a predicted total depth of the well of approximately 7,579 feet (2,310 meters). The well is expected to take in the order of 60 to 120 days to drill, log and test depending upon drilling conditions.

(Photo: http://photos.prnewswire.com/prnh/20120117/DA36567)

The Triceratops-2 well will test a previously identified gas field which was logged and tested during drilling of the Bwata-1 well in 1959, and the Triceratops-1 well in 2005. The Bwata-1 well tested flow rates of up to 28 million cubic feet of natural gas per day defining a 512 feet (156 metre) gas column.

Recently InterOil has completed over 128 kilometres of seismic acquisition re-evaluating the Triceratops gas field. The seismic data defines a larger structural closure than previously recognized. In addition, seismic facies character and geometries analogous to the Antelope reefal build up have been observed.

The Triceratops-2 well, located approximately 2.1 miles (3.5 kms) west of the Bwata-1 discovery well and 2.9 miles (4.7 kms) SW from Triceratops-1, is predicted to penetrate the top of the carbonate reservoir approximately 1,500 feet higher than the gas water contact established in the Bwata-1 well.

The Triceratops-2 primary objectives are to 1) confirm the presence of gas and condensate 2) test for the presence of reefal carbonate reservoir and 3) in the event of success, complete the well as a future production well.

"We are pleased to resume our exploration drilling activities with the drilling and delineation of the Triceratops gas field. Our exploration team has identified significant potential in this field which is proximate to our planned Gulf LNG Project," said Mr. Phil Mulacek, Chief Executive Officer of InterOil.



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