InterOil Corporation says that the Antelope-3 well reached total depth on December 25th, and the wireline logging program is currently in progress. Preliminary independent analysis of the wireline log results by Schlumberger demonstrate a carbonate reservoir (limestone and dolomite) with similar reefal reservoir character and quality as the offset Antelope-1 and Antelope-2 wells. This is consistent with, and supplements, the excellent results of our initial drill stem test (DST#1).

Preliminary interpretation indicates that the Antelope-3 shares the same water contact with these wells at 7,310 feet (2228 meters) below sea level. With the top of the reservoir encountered at 1,624 meters measured depth in the well, equivalent to a true vertical depth of 5,009 feet (1,527 meters) below sea level, this equates to a hydrocarbon column height of approximately 2,301 feet (701 meters). This represents the tallest vertical column encountered in the Antelope field to date. The forward program is to complete the remaining wireline logging test program before suspending the well for recompletion as a future producer.

Separately, InterOil has extend the dates in the contingent LNG project agreements with each of Mitsui & Co., Ltd. (Mitsui) and Energy World Corporation Limited (EWC) to provide flexibility for partner selection and Final Investment Decision (FID). The joint venture operating agreement and associated agreements with Mitsui for the proposed Condensate Stripping Plant (CSP) have also been amended to extend the time allowed for FID.

Tags: InterOil Corporation