InterOil halts drilling at Papua New Guinea well on rig safety concerns

|About: InterOil Corporation (IOC)|By:, SA News Editor

InterOil (IOC -0.2%) suspends drilling at its Wahoo-1 wildcat well in Papua New Guinea, citing safety concerns from higher than expected pressure and gas entering the wellbore.

The well was designed for high pressures based on data from other wells in the region but the pressures exceeded by nearly 50% even those of IOC's nearby Antelope discovery.

IOC is exploring in blocks surrounding its Elk and Antelope gas discoveries with Total (NYSE:TOT) as part of a $300M program.