InterOil, Petromin Wrap Up Deal on Elk/Antelope Field

On October 30, 2008, InterOil announced that it had reached agreement, subject to certain formal conditions precedent, with Petromin PNG Holdings Limited, a government entity mandated to invest in resource projects on behalf of the Independent State of Papua New Guinea, under which Petromin had agreed to take a direct interest in InterOil's Elk/Antelope field.

InterOil has today announced that the conditions precedent have now been satisfied with an initial cash payment having been made by Petromin as part of its continuing obligation to fund 20.5% of the costs of developing the Elk/Antelope field in exchange for an equivalent direct participation interest.