Gulf LNG Saga Coming to a Close

[Tree]

Gulf LNG deadline set

Friday, 25 January 2013 THE saga to find InterOil a partner to develop its Gulf LNG project is drawing to a close, with the company putting a February 28 deadline on acceptance of bids. Gas flare at Elk-4 The US-based company has been forced by the Papua New Guinea government to seek out a “world-class” operator for its plan to develop an LNG project and condensate stripping plant using gas from the Elk and Antelope fields. Speculation has been rampant on the identity of such a “world-class” operator, but InterOil has at least provided some certainty to the market on timelines. However, while it said it would meet with advisors “for the purpose of evaluating bids” during March, it did not say how long the process would take. “The interest demonstrated by major oil, national oil and global utility companies remains strong, and bodes well for the conclusion of our sell down of interest in the Elk and Antelope fields and partnering in the Gulf LNG project,” chief executive Phil Mulacek said in a statement. Meanwhile, it has finished logging of the Antelope-3 well, saying that the results fall in line with its expectation of reservoir quality associated with its other Antelope wells. It said recent work indicated average porosity of 10.2% in the pay interval and a net to gross ratio of 66%.  Its plan is to complete a final drill stem test over the open-hole interval combined with production logging instrumentation to provide further information on reservoir characteristics and flow capacity.

[ArtM72]

Well that is certainly an instance of damnation with faint praise. They could have mentioned the size of the net pay interval but that might have undermined their editorial intent. Source? The phrase "fair and balanced" comes to mind. LOL