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Operational Update

InterOil has recently experienced that Enhanced Oil Recovery (EOR) methods in both new and old wells give significant increase in production. Our Zurich team has successfully been able to use low cost methods in existing wells rather than drilling new ones. These methods which included chemical treatment and fracturing, has already impacted our production in end December which is now at 1900 bopd in Colombia. With production in Peru varying between 3300 and 3500 bopd, (total 5400 bopd) we are indeed very close to our year end target of 5600 bopd.
 
Interoil has also drilled and completed 2 production wells and 1 exploration well in Colombia during December. The Mana 11 was drilled and put in production in December and produce today 70 bopd. TC20, the second production well drilled on the Toqui Toqui license, was completed and put on production mid December and produce today 100 bopd.
 
InterOil spudded the first exploration well Escondido 1 on the Paraiso block in the beginning of December. The well penetrated several intervals of oil-bearing sands and was drilled to a total depth of 4805 ft. The logging results indicated that the sandstones would not flow at commercial rates. The well has therefore been plugged and abandoned.
 
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
Tel: +47 67518661
Mob: +47 99273843
Fax: +47 67518660
E-mail: f.zernichow@interoil.no
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Interoil l Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America and West-Africa. The company is operator of several production and exploration assets in Peru and Colombia, and is an active license partner in Angola and Ghana. InterOil currently employs approximately 200 people and is headquartered in Oslo.

Interoil Main Office:
c/o Advokatfirmaet Schjødt AS
Ruseløkkveien 14
NO-0251 Oslo, Norway

Phone: (+47) 67 51 86 50
Fax: (+47) 67 51 86 60
info@interoil.no

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