InterOiI have discovered a significant gas-condensate reservoir in their recently drilled well, Antelope One. A flow test early last week reported 382 million cubic feet of gas with 5,000 barrels of condensate per day, a total of 68,700 barrels of oil equivalent per day.

Over the past 4 years, InterOil directed their exploration on rocks of Tertiary age in the Papuan Basin. Exploration focused on limestones, a new exploration target for onshore PNG.

CSIRO Petroleum Resources Basin Studies group have worked in a close research alliance with InterOil since 2001, developing a basin 'sequence model' for Tertiary rocks in the region. The model is based on the highly specialised method of strontium isotope dating of limestones.

InterOil's Chief Executive Officer and Chairman Phil Mulacek said the new well results are world-class confirming PNG as a significant oil and gas province.

"CSIRO's model was a critical component in InterOil's successful exploration strategy," Mr Mulacek said.

CSIRO Basin Group geoscientist, Tony Allan said it was one of the most exciting new discoveries in PNG since oil was first found at Kutubu in the 1980s.

Exploration of Tertiary limestone in the Papuan Basin became a focus for InterOil following the company's discovery of oil and gas shows in the Moose structure, a limestone reservoir. In 2006 gas and condensate were also revealed in the Elk structure, which is geologically linked to the Antelope discovery.

"Previously, geologically older sandstones have produced oil and gas in the western Papuan Basin. The Antelope find is the first onshore Tertiary 'reef' type limestone reservoir to be successfully drilled and tested," Mr Allan said.

"Similar limestone features in the Gulf of Papua are well known from a series of gas discoveries in the 1980's. The eastern Papuan Basin remains under-explored and there is significant potential for finding more isolated reef structures like Antelope, and other carbonate reservoirs.

"CSIRO has been building its knowledge and expertise with exploration companies in Papua New Guinea for over 15 years now and is looking forward to working with industry partners to discover more oil and gas in this promising region."

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Beijing (AFP) April 29, 2009
China cut average energy consumption by 2.9 percent on year in the first quarter, as a major stimulus package helped save energy while maintaining economic growth, the government said Wednesday.