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InterOil Updates Status of LNG Proj.

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InterOil Corporation reiterated its ongoing bid process to select an internationally recognized LNG operator to join the InterOil Gulf LNG project is on schedule. The bid process is being led by investment banks, Morgan Stanley & Co. LLC, Macquarie Capital (USA) Inc. and UBS AG. The Company is pleased with the process being conducted by the investment banks and the number of bidders involved in the process. Selection of the preferred LNG operator is targeted for the second quarter of 2012.

The Project Agreement stipulates that FID be reached by June 2013 for the 7.6 million tonnes per annum Gulf LNG Project. The FEED packages for the Project facilities are mostly completed.

"We understand the PNG Government's desire to have an internationally recognized LNG operator join the project and we trust that our LNG bid process will fully satisfy that requirement," said Phil Mulacek, InterOil's CEO. "We welcome the continued support of both the Prime Minister and the Minister for Petroleum who endorse an LNG project in the Gulf which complies with the LNG Project Agreement."

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