09-30-2014, 10:07 PM
Exploration Drilling Update
Singapore and Port Moresby, September 30, 2014: InterOil Corporation (NYSE,
POMSoX: IOC) today provided an update on its current exploration drilling program.
RAPTOR-1, PPL 475
InterOil is preparing to set seven-inch casing in the Raptor-1 well in PPL 475 in the Gulf
Province of Papua New Guinea. The casing point is slightly above the Kapau Limestone
target zone, and is in line with the well program.
At this stage, calcimetry, temperature and background hydrocarbon concentrations are
similar to those experienced before InterOil entered the Antelope reservoir. The significance
of these preliminary indications can be determined only by further drilling and logging.
Raptor-1 is about 12km west of InterOil’s multi-trillion cubic feet Elk-Antelope gas field.
InterOil holds a 65.208174% interest in Raptor-1 and is operator. Pacific Rubiales Energy
Corp. (TSX
RE; BVCREC; BOVESPAREB) has a 12.903226% interest in the well and
RE; BVCREC; BOVESPAREB) has a 12.903226% interest in the well and
minority interests hold 21.8886%.
BOBCAT-1, PPL 476
The Bobcat-1 well in PPL 476 in Papua New Guinea continues to drill in the Orubadi shale,
towards the Kapau Limestone target zone.
Bobcat-1 is about 30 km northwest of InterOil’s multi-trillion cubic feet Elk-Antelope gas field.
InterOil holds a 78.1114% interest in the well and is operator. The remaining 21.8886%
interest in the well is held by minority parties.
InterOil will keep the market informed of material developments.