InterOil's second well in the new area in the Southern part of Block III (Mirador) is completed. The two wells produce 1'120 bopd net to the company. A third and fourth well will be spudded early August using two rigs simultaneously.
The second well encountered the oil reservoir deeper than in the first exploration well, possibly in a seperate structure, judging by the very high reservoir pressures.
The investment in this well is approximately USD 1.2 mill. and give a payback in less than 6 month at todays oil prices.
"We believe that this area contain significant new reserves, and we will continue drilling further to the west", says Nils N. Trulsvik, CEO of InterOil E&P ASA.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
E-mail: f.zernichow@interoil.no
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InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America and West-Africa. The company is operator of several production and exploration assets in Peru and Colombia, and is an active license partner in Angola and Ghana. InterOil currently employs approximately 200 people and is headquartered in Oslo.