Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
The Antelope-3 Appraisal Well Encountered The Reservoir 217 Feet Higher Than Prognosis 11/30 08:08 AM
PORT MORESBY, Papua New Guinea and HOUSTON, Nov. 30, 2012 /PRNewswire/ -- InterOil Corporation (POMSoX:IOC) ("InterOil (IOC:$55.13,00$-0.45,00-0.81%) " announced that the Antelope-3 appraisal well in Petroleum Retention License 15 in Papua New Guinea has penetrated the top of the reservoir at 5,328 feet (1,624 meters) measured depth, 217 feet (66 meters) above the predrill estimate, and 92 feet (28 meters) higher than the Antelope-1 well. The well began flowing and was shut in at the surface. Subsequently, the gas kick was circulated out while flaring. The 9 5/8 inch liner was then installed, vertical well bore seismic (VSP) acquired, and the 9 5/8 inch casing tied back to surface with dual downhole deployment valves completed. Once the blow out preventer is installed and tested we will be running into hole to commence drilling the reservoir section in 6 ¼" hole.
The forward plan is to drill approximately 300 feet (90 meters) in to the reservoir and then conduct a drill stem test over the open hole section of the wellbore below the casing shoe. After completing DST#1, we plan to drill the entire reservoir interval to an anticipated total depth of approximately 8,366 feet (2,550 meters) followed by wireline logging, rotary sidewall coring and drill stem testing.
The Antelope-3 primary objectives are to: 1) confirm reservoir depth, composition, character and continuity, 2) provide samples for analysis to further assist in development well planning, 3) assist in the gas resource evaluation, 4) satisfy work program obligations for PRL 15 and 5) complete the well as a future production well.
On November 27th, 2012, InterOil (IOC:$55.13,00$-0.45,00-0.81%) was notified by the Papua New Guinea Department of Petroleum and Energy (DPE) that it had been granted an approval of license variation to PRL 15, allowing the company to defer the drilling of a second commitment well from the first two year work program into the second two year work program. This should allow InterOil (IOC:$55.13,00$-0.45,00-0.81%) to manage service industry cost as we ramp up to a two well drilling program without straining the available resources in PNG.
"The Antelope-3 well has confirmed the top of the reservoir is over 200 feet higher than prognosis. These results support our reservoir model, and, all else being equal, should have a positive impact on our year-end resource estimate. Furthermore, we are pleased to have the support of Minister Duma and the DPE to allow flexibility to control costs and logistics of a two rig operation," said Mr. Phil Mulacek, Chief Executive Officer of InterOil
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
My source thought the scale was in meters. We messed up it was in feet. Or its not 500 Ft of more recervoir buy geez only 217 feet. So much for a water well.
Posts: 708
Threads: 135
Joined: Jun 2012
Reputation:
77
"On November 27th, 2012, InterOil (IOC:$55.13,00$-0.45,00-0.81%) was notified by the Papua New Guinea Department of Petroleum and Energy (DPE) that it had been granted an approval of license variation to PRL 15, allowing the company to defer the drilling of a second commitment well from the first two year work program into the second two year work program. This should allow InterOil (IOC:$55.13,00$-0.45,00-0.81%) to manage service industry cost as we ramp up to a two well drilling program without straining the available resources in PNG."
Does this mean the spudding of Elk-3 (with the new rig) will happen in December - but progress will depend on "shuttling" key personnel and/or service equipment (wireline tools, etc) between the 2 wells (Ant-3 and Elk-3) ?
Posts: 689
Threads: 43
Joined: Jan 2012
Reputation:
54
Posts: 4,164
Threads: 1,500
Joined: Dec 2011
Reputation:
268
Sounds like Elk-3 has been granted an extension. Rig is up and we've heard they await the go-ahead to spud.
This is another nice binary event. IOC get's extension, as to not. So much for an obstructionist DPE theory.
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
Maybe they are waiting on sell down dollars receipt.
Posts: 708
Threads: 135
Joined: Jun 2012
Reputation:
77
'Spartina' pid='13628' datel Wrote:Up $1.37 premarket.
"The well began flowing and was shut in at the surface. Subsequently, the gas kick was circulated out while flaring."
Gas kick - check! Stock Price Uptick - check!!! ![<img src=]( "Smile") " border="0" class="smilie" src="http://shareholdersunite.com/mybb/images/smilies/smile.gif" />
Posts: 8,568
Threads: 1,342
Joined: Dec 2011
Reputation:
380
The well began flowing. Thats what Julio was yelling on Yahoo. He states OIL. I would think whats flowing is condensates , near oil. The same as whats been found at the other Antelope wells. Wet NG and IOC owns that darn refinery .
Posts: 690
Threads: 41
Joined: Jun 2012
Reputation:
87
"These results support our reservoir model, and, all else being equal, should have a positive impact on our year-end resource estimate."
Wait according to "industry sources" (aka random shorts ) I thought our resources were in question?? OH! I get it now they were actually just trying to help us out and were questioning the number being to low & thought Aldorf's #'s were more accurate
Posts: 12,025
Threads: 1,809
Joined: Apr 2008
Reputation:
227
The Antelope-3 primary objectives are to: 1) confirm reservoir depth, composition, character and continuity
|
