Exploration Update -- Raptor-1, Bobcat-1
Canada NewsWire
SINGAPORE and PORT MORESBY, Papua New Guinea, Oct. 21, 2014
SINGAPORE and PORT MORESBY, Papua New Guinea, Oct. 21, 2014 /CNW/ --InterOil Corporation (NYSE, POMSoX: IOC) today provided an update on its exploration drilling program in Papua New Guinea.
RAPTOR-1, PPL 475
Raptor-1 has intersected 200m of the Kapau Limestone target zone, with wireline logs indicating the presence of hydrocarbons.
InterOil now plans to conduct well testing to determine the hydrocarbon type, column, flow rate and reservoir quality.
Raptor-1 is about 12km west of InterOil's Elk-Antelope gas field.
InterOil holds a 65.208174% interest in Raptor-1 and is operator. Pacific Rubiales Energy Corp. (TSX: PRE; BVC: PREC; BOVESPA: PREB) has a 12.903226% interest in the well. Minority interests hold 21.8886%.
BOBCAT-1, PPL 476
Bobcat-1 has successfully drilled through the Orubadi seal section and into the Kapau Limestone. After running and cementing a 5 inch liner, InterOil is preparing to drill further into the target zone.
Bobcat-1 is about 30km north-west of Elk-Antelope.
InterOil holds a 78.1114% interest in the well and is operator. The remaining 21.8886% interest is held by minority interests.
InterOil will keep the market informed of material developments.
