InterOil Corporation announced that its newly engineered rig (InterOil Rig #2) has arrived in Port Moresby, Papua New Guinea. The rig is a ‘double’ and was engineered by Loadmaster Rig Systems of Houston, Texas, with a depth capacity of over 13,123 feet (4,000 meters). The rig has been designed as heli-portable to meet the requirements in Papua New Guinea for efficient helicopter transportation in jungle terrain to our drilling locations.
The rig will be commissioned at the refinery site for assembly and testing prior to its anticipated mobilization to our Elk exploration prospect. We currently intend to commence drilling on our Elk exploration prospect in November 2005.