24-06-08 InterOil Exploration and Production just completed the drilling of the new exploration well in the southern portion of Block III in Peru. The well was drilled to a total depth of 3,689 ft, and encountered oil in the Salinas Mogollon sandstone formation.
The well produces 600 boepd which is very good, and the new area has a huge upside potential. A second well will be spudded immediately from the same location.

The new exploration area covers approx. 6 sq km and a significant number of production wells could be drilled. The second well should be completed by end July. The cost of the first well is approximately $ 1.2 mm, while the cost of the appraisal well is $ 1.0 mm.
"We are extremely excited by the results, and will prepare the area for an extensive production drilling campaign this year," said Nils N. Trulsvik, CEO of InterOil E&P.