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InterOil has NEW gas discovery: it’s not Elk, it’s Antelope!

May 1st, 2008 · No Comments

Actually, there are some details available now, and these look terribly promising. Here is a part from the PR:

The Elk-4 well has successfully penetrated the Antelope structure, a new discovery which will significantly augment the gas found at the Elk-1 discovery well. Drilling operations experienced a gas kick and a flow of gas and gas liquids to surface which was circulated and flared. The well is now being prepared to drill deeper under pressure followed by comprehensive evaluation.

“This well confirms the presence of hydrocarbons in the Antelope structure,” said Mr. Phil Mulacek, CEO and Chairman of InterOil. “We are very excited about this early result and we look forward to drilling ahead to establish the commerciality of this discovery.”

This shows that Antelope, an adjacent structure to Elk (where their original gas find is located) also contains natural gas and liquids.

There are no DST details yet, but it looks very promising.

IOC’s bargaining position vis-à-vis Merrill Lynch with respect to refinancing the outstanding loan to them will be quite a bit better.

Tags: IOC