New oil system discovered in eastern Papua New Guinea

InterOil Corp. has discovered a new oil system in the eastern Papuan basin in Papua New Guinea (PNG). With a good quality reservoir sand and two sources of oil, the eastern Papuan basin is now proven to be prospective for oil, with the potential for world class oilfields comparable to Kutubu field (more than 300 million bbl) that has been producing since 1992. Click here to enlarge imageInterOil has been awarded a new license (PPL 230) that includes all the identified Pale sandstone prospects and plans to drill four wells in 2002 and eight in 2003 to test large structures. This new play will revitalize exploration in PNG, which has averaged only two exploration wells per year in recent y...

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