Oil Seach’s $1B windfall, page-3

• InterOil (NYSE:IOC) says the Antelope-5 well in Papua New Guinea struck the targeted gas reservoir at the Antelope field 230 meters higher up than anticipated, raising hopes that the resource could be large enough to underpin an expansion of liquefied natural gas capacity in the country.
• A Citigroup analyst says the results increase the likelihood that the size of Elk-Antelope field is closer to Oil Search's (OTCPK:OISHF) base case of 5.3T cf of gas rather than its low case estimate of 3T cf.
• The news comes after last week's resolution of a dispute over the ownership of the field between IOC and Oil Search, which confirms Total's (NYSE:TOT) status as a third partner in the Elk-Antelope field.

from sa