11-30-2012, 11:46 PM
On November 27th, 2012, InterOil 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 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.
"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.