InterOil shares are currently trading at $C17.93 but closed at a low of $C16.50 on April 2 after their 2007 annual results were released.
The National newspaper reported Andrews as saying gas shows and shallow marine deposits recently encountered in InterOil's drilling at Elk-4 bode well for the deeper target objectives in the current well, as well as for prospects in the neighbouring Antelope structure.
He said InterOil was in a position to secure a strategic partner at Elk and to sell farm-out opportunities to other firms. He said the latter could accelerate exploration efforts.
InterOil president Bill Jasper told the National newspaper that sales and revenues have steadily increased along with efficiencies carried out at their Port Moresby refinery.
"This, coupled with the great potential of the Elk and Antelope gas fields, indicates that we have a very strong and viable future," he said.
Jasper also said the Elk and Antelope sites represented less than 1% of the prospecting claim that InterOil has access to in PNG.
"It is a massive area and we believe that a series of oil and gas finds will be made there during the years ahead."
According to its 2007 annual report, InterOil's projection for the completion of its LNG plant is in 2012.
The company will commercialise the gas discovered by its Elk-1 well, as the Elk-2 well - 4.7km north of Elk-1 - has had no commercial oil or gas flows in drill stem testing.
The Elk-4 well is being drilled 1.5km north of Elk-1.
InterOil is drilling a new hole to overcome difficulties associated with an unstable limestone formation, while plans have been made to drill Antelope-1, 4km south of Elk-1 on a separate fault structure.
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