A series of drill stem tests have been completed on Triceratops-2 since May 14 when it flowed 17.6 million cubic feet of gas per day with a condensate to gas ratio varying between 13.6 barrels per million cubic feet and 16.3bbl/MMcf.
As part of its second-quarter results, InterOil said gas and a stronger condensate ratio had been confirmed in an additional 40m of pay in the lower two reservoir intervals.
"It is the company's view that the results of testing at Triceratops-2 have established gas on rock in the upper limestone and established gas and a separate gas water contact in the lower limestone and established a gross hydrocarbon column height of 814 feet (248m) in the Triceratops-2 well," InterOil said.
"Importantly, the gas pressures from both units lie on the same gradient as each other and the Bwata-1 well and indicate a gross gas column height of 1762ft (537m) in the field."
InterOil chief executive officer Phil Mulacek provided more insight in a conference call.
"Triceratops is proven to be the second largest gas structure that we have drilled in PNG and this was documented in Triceratops-2," he said.
"The recent surprise during testing operations was a high condensate yield we recovered in Triceratops-2.
"This recent high condensate data will likely have us revise the drilling and completion strategies of Triceratops-3.
"The liquid side of the business is a proven strength of our joint venture partner, Pacific Rubiales Energy and we'll be working over the coming weeks on this revised execution strategy, looking at potential early condensate sales and early cash flow."
Under the recent JV, PRE will help fund up to six Triceratops wells and has so far paid $US20 million of the staged cash payments to InterOil.
Meanwhile, InterOil's Rig 2 will be moved to spud Antelope-3 in the neighbouring licence area while its Rig 3 will spud the Elk-3 well further north.
"With the access roads from the north and the south and central camp development completed and in place, InterOil is set to begin the drilling of these two important obligation and appraisal wells in petroleum retention licence 15," Mulacek said.