InterOil Successfully Completes Two New Wells in Columbia

InterOil Exploration & Production ASA has completed the testing of two new infill production wells, Mana 9 and Mana 10, in Colombia. Since mid May 2007 InterOil has now completed three successful new production wells.

"This is another encouraging result and shows that we are on the right track with the new drilling campaign that we started in May this year," Nils N. Trulsvik, CEO of InterOil Exploration & Production, says.

InterOil Exploration & Production presently owns 100% of the Mana license, but Ecopetrol, the State Oil Company in Colombia, has as normal the right to a 30% ownership.

Mana 9 had more than 1000 ft of pay, which is significantly higher than normal in this area, which is approximately 500 ft. The well encountered a high pressure zone at the top of the reservoir during drilling and we expect that the increased mud weight could have a negative effect on the reservoir behaviour. The well therefore only produce 100 bopd today. InterOil will evaluate the result from the production during the next weeks and find a solution to increase the production in this high potential well.

Mana 10, was put on production late last week after two weeks of drilling. The result is encouraging and the initial production is 330 bopd. This production is only from the lower part of the reservoir including basement. This is the first time we encounter oil in the basement in Colombia and opens up for additional reservoirs to be developed in the future.

Mana 8, the first well in the new campaign, drilled in May this year, shows a very stable production and produces today 310 bopd.

"We have now started the drilling of Mana 14 and a new gas zone was discovered at 3300 ft, 1500 ft above main target. InterOil will drill another 6 infill production wells back to back during the next couple of months in the Mana and Toqui Toqui field. Subsequent to this we will drill an exploration well in the Paraiso Block, next to Mana, in the beginning of November. Detailed interpretation of the 3D seismic has revealed a structure very similar to the Toqui Toqui and Mana Field. As this structure has not been drilled previously, a positive result of the well could have a significant impact on our reserves and future production. We are very optimistic and confident that the drilling in the upcoming months will increase our production significantly," says Trulsvik.

InterOil Exploration & Productions total production in Colombia has grown to 2000 bopd subsequent to the latest drilling.

As a result of the ongoing drilling campaign in Peru and Colombia InterOil's total production yesterday was 4900 bopd, which is all time high.

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