InterOil Announces Spudding of the Antelope-1 Appraisal Well in Papua New Guinea

InterOil Corporation, announced that drilling has commenced on the Antelope-1 appraisal well, located approximately 1.7 miles (2.8 km) south of the Elk-4 discovery well in Petroleum Prospecting License 238. The planned total depth of the well is approximately 7,900 feet (2,400 meters) and is expected to take in the order of 90 days to drill.

“We are excited by the pre-drill indications and current seismic data of the Antelope-1 well which indicate that we may intersect the limestone reservoir up to 1,700 feet higher than in the Elk-4 well. This well will also target a gas column estimated, on the basis of the work we have done to date, to be approximately 2,270 feet of gross reservoir in pay.” said Mr. Phil Mulacek, Chief Executive Officer of InterOil.

InterOil Corporation is developing a vertically integrated energy business whose primary focus is Papua New Guinea and the surrounding region. InterOil’s assets consist of petroleum licenses covering about 8.7 million acres, an oil refinery, and retail and commercial distribution facilities, all located in Papua New Guinea. In addition, InterOil is a shareholder in a joint venture established to construct Papua New Guinea’s first LNG plant on a site adjacent to InterOil’s refinery in Port Moresby.

InterOil’s common shares trade on the Toronto Stock Exchange under the symbol IOL in Canadian dollars and on the American Stock Exchange under the symbol IOC in US dollars.
For more information please see the InterOil website at: www.interoil.com.