InterOil flags resource boost

INTEROIL’S successful Antelope-3 well is expected to boost resources of the Elk-Antelope field which underpins ongoing Gulf LNG project negotiations with the Papua New Guinean government and other parties.
InterOil flags resource boost InterOil flags resource boost InterOil flags resource boost InterOil flags resource boost InterOil flags resource boost

InterOil chief financial officer Collin Visaggio discussed how the well compared to InterOil's other Elk and Antelope wells in Gulf province.

"Antelope 3 is the best well that has been drilled into the field to date," he told PNGIndustryNews.net.

"Hydrocarbon column was 701 metres and has increased by 22 metres, flow was 44.8 million cubic feet of gas per day with 10.4 to 14.9 barrels condensate per million cubic feet through a 64/64 choke, which is similar to Antelope 1 and 2 [but] porosity is higher and permeability is higher."

On how the well could impact ongoing project talks, he said it confirmed the reefal structure, permeability and porosity.

"Testing is continuing," Visaggio said.

"Depending upon weather and operational factors we should be complete in the coming weeks.

"We expect the results will increase the resource estimates made by our certifiers GLJ [Petroleum Consultants] and also by the state and partner certifiers."

GLJ previously estimated recoverable sales gas of 8.6 trillion cubic feet and 130 million barrels of condensate, or 9.4Tcf equivalent.

The PNG government has been using separate estimates made by Gaffney Cline and Associates, which are yet to be publicly revealed.

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