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Interoil Exploration & Production ASA: Drilling update

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Update of Vikingo -1 Well; Oil shows

Interoil Colombia E&P and SLS (strategic partner) finished the drilling of the exploratory well Vikingo 1 on May 9th, down to a final depth of 5,936 feet in the Paleozoic basement. While the well was drilled, Carbonera Formation showed oil and gas chromatography at C7 upper section and C5 sandstones. Once the logs where acquired, the petrophysical analyses confirmed three pay zones in these levels that will be tested in order to prove hydrocarbon presence and evaluate potential productivity in each one. The following are the C7 and C5 Carbonera intervals chosen for testing from lower to upper horizons: 1. C7 Fm between 5071 -­ 5078 feet; 2. Top C7 Fm from 5055 ­-5059 feet; 3. C5 Fm from 4809 ­-4815 feet. The estimated time of testing is 20 days.

Currently, Petroland (Drilling contractor) is moving the drilling rig to the Frison well area. Road access and well location are ready for rig up. After that, the workover equipment will be moved into Vikingo location to start short test in each zone separately, starting in the first week of June.

Altair: Well testing was carried out in the top of C7 Formation between 5742 ­-5746 feet (MD), resulting in oil and water production with 98% BSW.

Pablo Arias, CEO, said: "We are very optimistic with the results achieved so far in the Vikingo well. This is a critical step in the development of the LLA-47 license and an important step for the company. Further studies are going to be executed, in order to confirm current positive estimates."

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 the operator of several production and exploration assets in Colombia. Interoil currently employs approximately 70 people and is headquartered in Oslo.

This information is subject to 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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