News

Joint Venture negotiations with Petroperu

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The negotiation with the Peruvian Government regarding license extension of Block III and IV is progressing. The Ministry of Mines and Energy supports the proposal for a joint venture between the state oil company, Petroperu, and InterOil. We have started negotiations for a 30 years joint venture of Block III and IV. InterOil will continue as the operator of the blocks, with Petroperu as a partner.

The parties aim to agree on a Term Sheet, outlining the terms and condition of the joint venture, before Christmas.

InterOil is very pleased with the latest development and believes that a joint venture between Petroperu and InterOil is a constructive win-win for all parties.

For more information please contact:

Fredrik von Zernichow

Investor Relation Manager

Tel: +47 6751 8661

Mob: +47 9927 3843

Fax: +47 6751 8660

E-mail: f.zernichow@interoil.no

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InterOil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The company is operator of several production and exploration assets in Peru, Colombia and Ghana. InterOil currently employs approximately 250 people and is headquartered in Oslo.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.