Papua New Guinea: InterOil eyes exploratory work

InterOil Corp., Houston, looks forward to a program of geophysical surveys and exploratory drilling in Papua New Guinea.

The seismic data acquisition and drilling program will involve three initial wells on the company’s petroleum prospecting licenses. The full work program consists of six wells, one in each of PPL 236, 237 and 238, two wells in PRL 15, and one well in APRL 39), plus a seismic program in Triceratops east, southwest Antelope, and a new prospect, Bob Cat.

Wahoo-1, the first well, is to be drilled utilizing InterOil’s exploration Rig No. 3 in PPL 236. Rig No. 2 will drill Bob Cat-1 in PPL 238 on a target defined by aeromagnetic, gravity, and seismic data on trend between Antelope and Triceratops gas fields.

The company reprocessed seismic data from government archives over the Raptor prospect in PPL 237 and has contracted a third rig to drill the Raptor-1 well with its exploration partner Pacific Rubiales Energy Corp., Calgary. Raptor-1, also on a target delineated by aeromagnetic, gravity, and seismic data, is to spud in the 2014 first quarter.

More drilling and seismic shooting will be carried out on PRL 15 and Triceratops (APRL 39) to support development planning and meet license obligations. Beyond this, InterOil intends to maintain an active work program across the portfolio of exploratory targets on its core licenses in the highly prospective Eastern Papuan basin.

The company’s upstream segment sustained a $16.2 million net loss in the quarter ended Sept. 30, an increased loss of $5.3 million from the same period in 2012.

The company said negotiations with supermajors regarding monetization of its substantial gas resources are in final stages and that it expects to be able to select a development partner by yearend.

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