InterOil to Drill Sterling Mustang Prospect in June

The Sterling Mustang Prospect, with an estimated mean recoverable resource potential of 363 million barrels, will be InterOil's second drilling prospect, scheduled to commence early June, 2003. The Elk Prospect, with an estimated mean recoverable resource potential of 434 million barrels is a follow up prospect. Both prospects are in InterOil's previously announced 8-well drilling program in Papua New Guinea.

The Sterling Mustang drill site is being prepared with logistical activities underway. Following completion of the Moose-1 drilling program, the purpose built rig will be mobilized to the Sterling Mustang drill site.

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