UPDATE: InterOil Jumps 8% - Confirms Continuity of Antelope Reefal Reservoir, Extends LNG Agreements
InterOil Corporation ( IOC ) is now up 8.23% to $60.10, after it earlier announced that the Antelope-3 well reached total depth on December 25th, and the wireline logging program is currently in progress.
Preliminary independent analysis of the wireline log results by Schlumberger demonstrate a carbonate reservoir (limestone and dolomite) with similar reefal reservoir character and quality as the offset Antelope-1 and Antelope-2 wells.
Separately, InterOil announced that it has extend the dates in the contingent LNG project agreements with each of Mitsui & Co., Ltd. (Mitsui) and Energy World Corporation Limited to provide flexibility for partner selection and Final Investment Decision (FID). The joint venture operating agreement and associated agreements with Mitsui for the proposed Condensate Stripping Plant have also been amended to extend the time allowed for FID.
Shares are trading within a 52-week range of $47.02 - $99.05.
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