InterOil to Drill Next Well in PNG Multi-Well Program

InterOil intends to commence the next well in its Papua New Guinea multi-well drilling program by the end of the first quarter of 2005.

This well is on the Black Bass Prospect in Petroleum Prospecting License (PPL) 236 in Papua New Guinea and is located approximately 100 miles (160 kilometers) northwest of Port Moresby. The primary target is a limestone reef which was identified by a recently conducted seismic survey. The depth of this reef is estimated to be 3,937 feet (1,200m)

All necessary regulatory approvals have been received and the Company has commenced preparation of the drill site. A drilling contract has been executed and arrangements are being made to mobilize a drilling rig to the site.

"We look forward to continuing our multi-well drilling program, commencing with the Black Bass Prospect. This prospect is particularly interesting to us from a strategic point of view because of its accessibility by road and its proximity to InterOil's refinery at Port Moresby," said Mr. Phil Mulacek, CEO of InterOil.

Bontan Corporation Inc. holds an 0.75% indirect participation interest in InterOil Corporation's Papua New Guinea oil exploration play.

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