InterOil Updates Triceratops-2 Well Operations, Extends LNG Agreement

InterOil Corporation announced that the Triceratops-2 well in Papua New Guinea was drilled from the 9 5/8 casing shoe at 4,111 feet (1,253 meters) to current total depth (TD) of 5,971 feet (1,820 meters). 

The top marl transition zone was encountered at 3,976 feet (1,212 meters) and the top of the carbonate reservoir at 4,482 feet (1,366 meters).

Since penetrating the carbonate reservoir to the current TD, background gas and persistent mud losses of between 5 to 40 barrels per hour have been encountered. InterOil has elected to continue drilling towards an expected total targeted depth of 7,546 feet (2,300 meters) to expedite logging the well. The company plans to conduct a DST once the wireline logging program has been completed.

Meanwhile, InterOil also announced that it has entered into agreements to extend the dates by which certain conditions are to be met and Final Investment Decisions (FID) made in LNG project agreements with Mitsui until June 30, 2012, and Energy World Corp until December 31, 2012.