InterOil Corp. resumed drilling operations at the Wahoo-1 sidetrack exploration well in the Gulf Province of Papua New Guinea.
Wahoo-1 is located in the petroleum prospecting license (PRL) 474 is the follow up to Wahoo-1, which was suspended last year, due to higher than expected pressures.
The Wahoo-1 sidetrack will test whether the trends identified around PRL15, extend 170km to the southeast of Elk-Antelope.
French oil major, Total has a 40.1% stake in the Elk-Antelope field. When announcing financial results for 1Q 2015, InterOil told investors that promising appraisal results of the Elk-Antelope gas field underpin a possible multi-train LNG project.
According to the firm’s chief executive, Michael Hession, drilling results from Antelope-5 identified the well as having the best reservoir thickness, quality and fracture density of all wells drilled on the Elk-Antelope field.
“Antelope-5 has a 680m gross gas column and appears to have even better reservoir quality than we initially thought. Under the initial clean up flow, the flow rate at Antelope-5 has been constrained to a maximum rate of about 74 MMscf/d,” he noted.
The PRL15 joint venture will also drill Antelope-6 to provide enhanced structural control and further definition of reservoir extent and quality. In addition, the group will continue to appraise the resource at the Triceratops field, scheduled for drilling this year.
InterOil’s net loss for 1Q 2015 was US$21.9 million and most of this loss resulted from expensing $19.3 million of seismic acquired over extensive exploration portfolio during the quarter.
Image: Drilling at Antelope-5 / InterOil
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