The company yesterday announced on the market (PomSoX) its resumption with the Wahoo-1 side-track exploration well in Petroleum Prospecting License 474.
The Wahoo-1 side-track well is the follow-up to Wahoo-1 which was suspended in July 2014, less than four months after commencing drilling, due to higher-than-expected pressures.
The company had announced its suspension on the market with approval from the PNG Department of Petroleum and Energy after concluding that drilling ahead would pose an unacceptable safety risk to people and the rig following a review by drilling and engineering teams and expert advisers.
According to InterOil, Wahoo-1 side-track is a significant step-out from existing gas fields and will test whether the successful trends identified around PRL15 extend 170km to the south-east of Elk Antelope.
Wahoo is part of one of the largest drilling program in Papua New Guinea and is part of InterOil’s exploration of four new petroleum prospecting licenses ("PPL") granted last year in March by the Government.
The company holds a 78.1114 per cent interest in the well and is operator while the remaining 21.8886 per cent interest is held by minority interests.
Further material developments will be updated by the company through the market.