PRE's 2013 Drilling Campaign

[Tusker]

I think I may have breaking news here (no it is not about the sell down of PRL-15) but first let me get you set up. Let’s go to last year’s AGM presentation so we can get a map that is still readable: http://www.interoil.com/iocfiles/documen...inal-1.pdf   page 21. Now magnify my favorite map so you can clearly read the names of the prospects in PPL237.

At last year’s AGM Phil said he would like to drill some prospects in the vicinity of the planned infrastructure that will be built for Elk/Antelope. Now let’s look at the map and see which prospects are near Elk/Antelope. We don’t know if any of these prospects are limestone reefs but since they are right next door to the Antelope Reef and they are just across some faults in the same limestone platform, why shouldn’t we at least have a shot at finding another reef. As we move from Antelope to the west these fault blocks are down thrown or deeper than Antelope. When we are dealing with gas deeper formations mean the gas, if present, will be under higher pressure. When the gas in under higher pressure a given volume of reservoir rock having the same porosity will contain more gas than a shallower formation such as Antelope. As we move to the West from Antelope, getting deeper with each block, we cross Deer, Whitetail, Mountain Lion and Raptor/Duckbill. So the deepest prospect is the Raptor/Duckbill. And which one is the largest in area? That would be Raptor/Duckbill. It covers an area larger than Antelope. At this point let me remind you that we do not know if there is any gas at all here and if there is we do not how much of this large area is gas filled (or oil filled - my guess is gas) until we drill a well or a few wells.

Watching the pace of our drilling I have been thinking it would be years before we ever see a well at Raptor/Duckbill.

Now go to:

http://www.pacificrubiales.com/images/st...idated.pdf

Page 105. This chart is PRE’s  planned 2013 Exploration Drilling Campaign.

For the breaking news look at the bottom line to see Papua New Guinea. They plan to drill three wells in 2013. One in the second quarter (forget that) and two in the fourth quarter. And where do they plan to drill? Triceratops (we knew that) and (breaking news) RAPTOR/DUCKBILL!!!!!!

Well that’s the breaking news, now let’s see if they can deliver. In PNG, they may run behind schedule but at least we have an idea what they are thinking.

Have a good night.

... an idea what they are thinking,

PRE JVOA perhaps.

Nice work you do,

Cheers