InterOil's exploration well in Block III, La Isla, is completed with a daily production of 600 bopd. A second well is already underway from the same drilling location.
InterOil Exploration and Production ASA just completed the drilling of the new exploration well in the southern portion of Block III in Peru. The well was drilled to a total depth of 3689 ft, and encountered oil in the Salinas Mogollon sandstone formation.
The well produce 600 bopd which is very good, and the new area has a huge upside potential. A second well will be spudded immediately from the same location.
The new exploration area covers approx. 6 km² and a significant number of production wells could be drilled. The second well should be completed by end July.
The cost of the first well is approximately USD 1.2 million, while the cost of the appraisal well is USD 1.0 million.
"We are extremely excited by the results, and will prepare the area for an extensive production drilling campaign this year", 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
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.