Canadian independent InterOil is poised to spud the Antelope-1 appraisal well at the Elk-Antelope field in Papua New Guinea and has also announced that it will report a third quarter profit next month.
“We will be filing our third quarter financials on 10 November, and we are extremely pleased to advise that InterOil has weathered the dramatic downturn through prudent management and control procedures and will be announcing a profit for the third quarter 2008,” the company said. Meanwhile, InterOil is set to spud the Antelope-1 well any day, which will target the limestone section that was intersected in the Elk-4 well that recorded a gas flow rate of 105 million cubic feet and about 2000 barrels of condensate per day. This is the highest flow rate seen for a gas well in Papau New Guinea. “We are confident that the high gas and condensate flow results in the Elk-4 will be confirmed in the Antelope-1, which is expected to add an additional 1500 feet of reservoir,” InterOil’s chief executive Phil Mulacek said in a statement. The anticipated result from the combined Elk and Antelope structures has been prognosed as being sufficient to underpin the company’s liquefied natural gas project, he added.
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