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Interoil Exploration & Production ASA: Drilling update

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Interoil Colombia E&P and SLS (strategic partner) have now mobilized the testing equipment into the Vikingo well site.  As previously reported, the well was drilled to target depth and successfully cased in the last days of May.

Since then, weather conditions have been difficult with heavy rains in Colombia making the access to the well site very difficult.  The road going to Vikingo was severly damaged and had to be rebuilt in several sections.  The drilling rig is currently rigging up on site, several cased-hole logs have been run and the lower layer interval has been perforated.  This target interval is currently being cleaned-up prior to conduct its testing program mid this week. 

The completion program for Vikingo includes two more layers expecting to last until the end of the current month.  Progress is partly depending on weather conditions, and it is therefore difficult to ascertain when the tests and subsequent data analyses will be completed.  Interoil will provide further details about progress in the Vikingo well and other operations in its second quarter report, or before if material new material information becomes available.

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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