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

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.

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  • Circumspect
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    I have to wonder if this is a softly announced plug and abandon. I guess we will find out next time there is a PR on a well drilling. If the PR is for a different well, Wahoo-1 would be a P&A.
    28 Jul 2014, 10:15 AM Reply Like
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