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  • bullrush107 bullrush107 Dec 10, 2012 9:38 AM Flag

    Great Report Antelope #3

    40 million cubic feet per day. That's a couple of billion $$$$$ per year.

    Sentiment: Strong Buy

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    • 44 million per day through a one inch choke means this well could flow some 800 million in a flow test of the type of Antelope 2.
      Will probably be produced at 100 million per day once in production which means it will last for 25 to 35 years.

    • Deja vu... Good news and price drops.
      ed

      Sentiment: Strong Buy

    • Antelope-3 Drill Stem Test Confirms Continuity of Highly Productive Reservoir 12/10 08:40 AM


      PORT MORESBY, Papua New Guinea and HOUSTON, Dec. 10, 2012 /CNW/ - InterOil Corporation (IOC:$52.18,00$0.71,001.38%) announced that drill stem test (DST) #1 in the Antelope-3 well in Papua New Guinea, tested natural gas and condensate with a maximum gas rate of 44.8 million cubic feet of gas per day with a flowing tubing pressure of 2,331 psi.
      The Antelope-3 well was drilled conventionally from 5,321.8 feet (1,622 meters) with cumulative down hole drilling losses of 647 barrels until at 5,817 feet (1,773 meters) when there was a total loss of circulation. The well was then drilled with managed pressure to 5,905.8 feet (1,800 meters) the current depth.
      At 5,905.8 feet (1,800 meters) the reservoir is comprised limestone and minor dolomite similar to the upper limestone reservoir observed in the uppermost Antelope-2 well.
      Antelope-3 DST#1 utilised a casing packer set at 5,259 feet (1,602.9 meters) in the 9 5/8" casing and tested a 584 foot (178 meter) open hole interval from 5,321.8 feet (1,622 meters) to 5,905.8 feet (1,800 meters) through several choke sizes from 24/64 to 64/64 inch.
      The well flowed at a maximum rate of 44.8 million cubic feet of gas per day with 10.4 to 14.9 barrels of condensate per million cubic feet through a 64/64" choke. The analysed gas composition is similar to Antleope-1 and Antelope-2.
      The test was conducted through drill pipe and the gas flow rate was significantly limited by the downhole DST equipment and the surface separation package.
      "InterOil (IOC:$52.18,00$0.71,001.38%) is pleased to have encountered the reservoir higher than anticipated and to confirm continuity of highly productive reservoir at the Antelope-3 location. We are encouraged by the similarities to the Antelope-2 well with extended lateral development of this upper limestone unit," stated Mr. David Holland, General Manager of Exploration of InterOil (IOC:$52.18,00$0.71,001.38%)

 
IOC
27.64+1.85(+7.17%)Feb 12 4:02 PMEST