InterOil buys second rig

INTEROIL has bought a second heli-portable drilling rig for about $US4.5 million to speed up development of its Elk/Antelope field in Papua New Guinea.

The 1500hp rig was originally built by Parker Drilling and is currently in New Zealand.

InterOil said the rig was capable of drilling to 16,500 feet and of drilling longer horizontal sections than its current rig, giving it increased well design flexibility.

The company said having two rigs in the field would add efficiency to its overall drilling operations as many of the services and equipment could be shared.

The rig is expected to move to PNG in the second quarter of this year following completion of the transaction and refurbishment of tubular and other rotating equipment.

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