InterOil Corp. intends to start the next well in its multi-well drilling program by the end of 1Q 2005. This well is on the Black Bass Prospect in Petroleum Prospecting License (PPL) 236 in Papua New Guinea and is approximately 100 mi (160 km) northwest of Port Moresby. The primary target is a limestone reef, which was identified by a recently conducted seismic survey. The depth of this reef is estimated to be 3,937 ft.
All necessary regulatory approvals have been received and the company has started preparation of the drill site. A drilling contract has been executed and arrangements are being made to mobilize a drilling rig to the site.
"We look forward to continuing our multi-well drilling program, commencing with the Black Bass Prospect. This prospect is particularly interesting to us from a strategic point of view because of its accessibility by road and its proximity to InterOil's refinery at Port Moresby," said Phil Mulacek, CEO of InterOil.
Bontan Corp. Inc. holds a 0.75% indirect participation interest in InterOil Corp.'s Papua New Guinea oil exploration play.