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In a review of the Elk-2 well, the company upgraded in-place reserves at the Elk field from 3-15 trillion cubic feet of gas to 3.5-18.9Tcf.
"The drilling and subsequent test of the Elk-2 appraisal well has confirmed conductive fractures, porosity and deliverability, and a larger rock volume and better-than-anticipated reservoir quality, which indicates increased potential gas resource in the Elk structure," InterOil chief executive Phil Mulacek said this week.
The well, which has been suspended for possible re-entry, intersected 202m of net reservoir, and the stratigraphic thickness of both the Puri and Mendi limestone targets were thicker than pre-drill estimates at 533m and 292m respectively.
InterOil said technical data from the full suite of logs had given it comprehensive understanding of the Elk reservoir, and the well had met most pre-drill expectations.
Future drilling would focus on confirming oil and gas reserves.
The company will now move the rig to drill the Elk-4 well, about 1.6km south of the Elk-1 discovery.
InterOil's Elk and Antelope gas fields are intended to provide gas for Liquid Niugini Gas' proposed LNG project in PNG.
Liquid Niugini, which is an equal joint venture between InterOil, Merrill Lynch and Clarion Finance, is planning to build a two-train LNG plant capable of producing up to 9 million tonnes of LNG per annum from 2012.
