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PNG Keeps All Guessing - Tree - 12-13-2012

Written a few weeks ago.  PPS nosedive since.  Highlight the 'fears'.

Looking like Ant-3 answered some questions and a big bidders list did too.

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PNG keeps everyone guessing


By Russell Searancke

 22 November 2012 23:59 GMT

There are three main elements — InterOil, the PNG government, and the project itself— each of them as exotic and puzzling as the other. However, after the latest news out of PNG, we now know two things.

Firstly, the government wants half of the Elk-Antelope gas reserves to be used domestically. That was typical PNG politics — expect the unexpected. Now we wait and see if the parties can agree terms of that deal.  (Since shown to be at least a 3 yr. old IOC proposition to equity share up to 50/50 - Tree edit)

The second thing we know is that the LNG project can proceed on the basis of a single train exporting 3.8 million tonnes per annum, but only if the project can attract a major company.

The government does not want InterOil running the show, but a major would only come on board if it was certain about gas resources, and comfortable working with InterOil in the very challenging setting that is PNG. InterOil believes it will move swiftly to close the partner deal but who, realistically, will want to take this on?

Shell is the government’s preferred partner but sounds a little lukewarm. Chevron and Eni may have shown some interest but, like Shell, do not have an existing upstream business in PNG.

Perhaps the company that will make a play given its recent country entry is Total. Some of the acreage that Total has gained is very near to InterOil’s.

No doubt the next chapter in the story will be just as intriguing as the previous ones.

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InterOil sees success with Antelope appraisal


Bill Lehane 

 10 December 2012 14:33 GMT

Canadian independent InterOil Corporation has said it has seen success with its latest appraisal well at the Antelope field onshore Papua New Guinea confirming the gas reservoir at the play.

The New York-listed explorer said that Antelope 3 had tested natural gas and condensate with a maximum gas rate of 44.8 million cubic feet per day on a drill stem test, with similar gas composition to the two previous probes.

The company added that the gas flow rate was significantly limited by the downhole drill stem test equipment and the surface separation package.

InterOil general manager of exploration David Holland said the probe had “confirmed the continuity of a highly productive reservoir” seen in the upper limestone with Antelope 2, and had also encountered the reservoir higher than anticipated.

InterOil had been expecting to penetrate the top of the carbonate reservoir at a depth of about 1690 metres, but instead tested from a depth of 1622 metres to a total depth of 1800 metres.

Spud in early October, Antelope 3 lies about a kilometre south of Antelope 1 and 2.6 kilometres north of Antelope 2.

InterOil Corporation is a vertically integrated energy player focused on Papua New Guinea, where it holds licences covering 3.9 million acres, operatorship of the Gulf LNG project and downstream and retail facilities.



RE: PNG Keeps All Guessing - TxPm - 12-13-2012

Let me just say this article is a POS...these two lines are the worst
And seem like a planted short article:

"only if the project can attract a major company."
"InterOil believes it will move swiftly to close the partner deal but who, realistically, will want to take this on?"

These two lines have no basis and go against everything we have heard from the company, bidders, and other E&P companies in the region

RE: PNG Keeps All Guessing - Tree - 12-13-2012

'TxPm' pid='14698' datel Wrote:Let me just say this article is a POS...these two lines are the worst And seem like a planted short article: "only if the project can attract a major company." "InterOil believes it will move swiftly to close the partner deal but who, realistically, will want to take this on?" These two lines have no basis and go against everything we have heard from the company, bidders, and other E&P companies in the region

Thats the point.  The list of bidders and Ant-3 success negates the 'fear'.  Rightly or not, I've been shown there was much 'concern' legit or not if Ant-3 was continuous and not full of H20.  It was invaluable to drill it and to hit it high, porous and gassy.

It's no coinky-dink the pps bled down and now we go up after Ant-3.  Many folk were spooked.