Drilling Commenced at PNG Antelope Appraisal

InterOil Corporation announced that on Sept. 30, 2012, drilling commenced on the Antelope-3 appraisal well in Petroleum Retention License 15 in Papua New Guinea. The plan is to drill the entire reservoir interval with an anticipated total depth of the well of approximately 8,366 feet (2,550 meters). The well is expected to take between 60 and 120 days to drill, log and test, depending upon drilling conditions.

The Antelope-3 well, located approximately .6 miles (1 kilometer) south of the Antelope-1 well and 1.6 miles (2.6 kilometers) north from Antelope-2, is expected to penetrate the top of the carbonate reservoir at approximately 5,545 feet (1,690 meters).

The Antelope-3 primary objectives are to: 1) confirm reservoir depth, composition, character and continuity, 2) provide samples for analysis to further assist in development well planning, 3) satisfy work program obligations for PRL 15 and 4) complete the well as a future production well.

The Company's Rig#3, will be moved to the Elk-3 well drill site once the remaining roadway preparations from the Hou Creek upstream supply base are complete. Drilling of the Elk-3 development well is the final well required to satisfy the first two year work commitment on PRL 15.

"We are pleased to resume our development drilling activities on both the Antelope Reef and separate Elk fault block in PRL 15. Our upstream development team has identified further delineation drilling locations in both fields, which are the backbone of our planned Gulf LNG Project," said Mr. Phil Mulacek, Chief Executive Officer of InterOil.


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