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Interoil Exploration & Production ASA : INTEROIL ANNOUNCES FARM-OUT OF LLA-47

InterOil E&P ASA (IOX) has entered into a binding Letter of Intent (LOI) to farm-out 50% of block LLA-47 in Colombia to PetroMagdalena Energy Corp.  IOX will remain operator. 

"We are extremely pleased to have PetroMagdalena (PM) as a partner in this block.  PM has extensive experience of the geology and prospectivity in the Llanos basin, which will bring valuable input to the joint-development program.  Our common strategy is to start seismic work this year, followed by a back to back drilling program of 3 wells", explains Mårten Rød, IOX chairman. 

Please also see enclosed press release from PetroMagdalena Energy Corp., www.petromagdalena.com.

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.
Files
Press release PetroMagdalena

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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