Drilling Update reservoir 217 Ft higher

[Getitrt2]

from the new presentation: "InterOil, PacLNG and its partners are currently drilling Antelope-3 which will comply with 1 of the 2 well obligations. Antelope-3 is expected to be finished by the End of December. Elk-3 will then commence drilling mid January to complete the well obligations for years 1 & 2" This answers some of the questions we had surrounding the timeline on when to expect A3 results & when E3 would start

Yes, and it is proof, of cooperative relations between IOC and PNG, as they had to commence drilling by the end of November, but got an extension. If PNG wanted to 'nationalize' part of their resource, they could have done so legally by not granting the extension.

Actions often speak louder than words.

Not quite the case, admin, thankfully.  They had Rig 3 in place ready to spud with a drilling crew available.  If PNG had not granted the license drilling adjustment, IOC would have spudded Elk 3 by Nov 30,  even if not continued drilling it now.  By the way, another reason for PNG to agree:  they would be incurring up to half of any additional higher drilling costs.