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Interoil Exploration and Production ASA : New management at Interoil

Oslo, 20 January 2015: The Board of Directors of Interoil Exploration and Production ASA ("Interoil" or the "Company") is pleased to announce the appointment of new management of the Company.

The change of management is in accordance with the agreement with Andes that was announced on 23 December 2014.

Alejandro Jotayan has been appointed Chief Executive Officer (CEO) of Interoil. He is also a Director of the Board of the company and CEO of Andes Energia Plc ("Andes"), Interoil's majority shareholder.

"The previous board and management has done an important job in a difficult time for the company and deserve our gratitude and respect", says Mr. Jotayan. "With the financial restructuring in place and support from both shareholders and creditors, the new management is looking forward to joining forces with our team in Colombia to develop our assets and increase shareholder value," he adds.

Nigel Duxbury has been appointed General Manager ("daglig leder" as defined in the Norwegian Public Limited Liabilities Act section 6-2) of the Company. Based in London, Mr. Duxbury is also company secretary and a non-executive board member of Andes.

Pablo Arias has been appointed Chief Financial Officer. Mr. Arias is also the Planning Manager for Andes.

All appointments are effective as of today. Further background on the new board and management will be posted on the company web shortly.

Former CEO Thomas Fjell and CFO Erik Sandøy will continue to work for the company to ensure a proper transition of duties.

Contact:

ir@interoil.no

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Interoil Exploration and 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 Colombia. Interoil currently employs approximately 95 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
info@interoil.no

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