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Interoil Exploration & Production ASA : Operational update

InterOil has started the drilling of one exploration well in the Altair license in Colombia and an appraisal well in the San Luis Field in Peru. Both wells are expected to reach their target mid May.

The Mizar-1 exploration well was spudded on April 26, 2012, in the Altair license in the Llanos Basin, Colombia. The Mizar prospect is located approximately 3 km north of the Altair Field and along the same structural trend. The main target for the Mizar-1 well is the C7 sandstone reservoir of Tertiary age. Presently Altair-1 is producing 380 BOPD from the same reservoir level.  The well will be drilled to a TD of 7749 ft. We expect to have the first results from the well by mid May 2012. If successful, the well will be tested for some 3 weeks before being placed in production.

Well 13141, is an appraisal well, located to the North East on the San Luis Field in Peru. The well was spudded on 24th April and we are expecting to have the first results by mid May. The well is targeting an undepleted segment of the San Luis Field.

For more information please contact:

Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660



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 280 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.

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

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