InterOil (IOC) Says Quality of Antelope-3 Well Similar to Ant-1 & Ant 2, Seeking Partners

January 24, 2013 8:54 AM EST
InterOil Corporation (NYSE: IOC) announced that it has completed the logging program at the Antelope-3 well in Papua New Guinea. As in the previous wells, conventional wireline logs (porosity, resistivity and sonic) were acquired in addition to formation imaging (FMI), vertical well bore seismic (VSP) and rotary sidewall coring conducted while under pressure. The formation evaluation by Schlumberger indicates an average porosity in the pay interval of 10.2 percent and a net to gross ratio of 66 percent. This compares favourably with the results from the Antelope-1 and Antelope-2 wells with average porosities of 8.8 and 13.1 percent respectively (see the table below). We believe these results indicate that the reservoir quality at the Antelope-3 location is of similar quality to the Antelope-1 and -2 wells, and fully support our reservoir model.

The forward program is to complete a final drill stem test (DST) over the open hole interval combined with production logging instrumentation to provide further dynamic reservoir characteristics and flow capacity.

Separately, InterOil announced that it has advised bidders with which the Company has been in discussions that the final binding bid solicitation period for the partnering process currently being undertaken will close on February 28, 2013. The InterOil Board of Directors intends to meet the Company's advisors during the first week of March 2013 for the purpose of evaluating bids received and selecting our partner(s) for the development of the Gulf LNG Project utilising gas from the Elk and Antelope fields in Papua New Guinea.

Mr. Phil Mulacek, Chief Executive Officer of InterOil stated, "We are pleased to have the continued support of the PNG Government during the conclusion of our partnering process. The interest demonstrated by major oil, national oil and global utility companies remains strong, and bodes well for the conclusion of our sell down of interest in the Elk and Antelope fields and partnering in the Gulf LNG Project."

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