OIL was found in the lower part of the Antelope Reef reservoir within the Antelope-2 appraisal well in the Gulf province, Petromin PNG Holdings managing director Joshua Kalinoe announced.
He said on Dec 1, Antelope-2 recorded the highest rate of high quality natural gas at 705 million cubic feet of gas per day (mmcfd), and condensate at rate of 11,200 barrels day (bcpd), within the upper part of the Antelope Reef reservoir.
Antelope-2 is a joint-venture appraisal well among Petromin PNG Holdings, Clarion Finance Pte and InterOil Corp.
Mr Kalinoe said the indications of oil, if successfully tested to be a significant oil column and commercially viable, would completely change the economics of the second liquefied natural gas (LNG) project for PNG which was being driven by InterOil and Petromin.
“While cleaning the wellbore to conduct drill stem test No. 3, oil shows were circulated to surface at the depth of 2,325m.”