InterOil Preparing to Spud the Black Bass Prospect

InterOil has completed the mobilization of the rig and is currently 'rigging-up' the drilling rig on the Black Bass Prospect, the company's next exploration target om Papua New Guinea. Although still subject to wet weather conditions, the well is expected to be spudded by Friday April 22, 2005. This well will target a reef limestone which has been identified by a seismic survey, and is estimated to be approximately 3,937 feet (1,200 meters) deep. The Black Bass well is the first of the recently announced eight well drilling program which will extend into 2006. "Recent heavy rainfalls and other factors beyond our control delayed the spud date, which was anticipated to be by the end of March 2005. We are confident that the delay has not affected our overall exploration program," said Mr Phil Mulacek, CEO of InterOil.

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