INTEROIL UPS OIL DRILLING IN PAPUA NEW GUINEA

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PORT MORESBY, Papua New Guinea (The National, Sept. 25) –
Canada-based Interoil Corp. has accelerated its drilling program currently
underway in Papua New Guinea. 

This follows the recently completed private placement of common
shares for C$68,750,000 (US$48,950,000 or A$75,725,650) with Institutional
Investors in the United States and Canada.

InterOil plans to accelerate the drilling and exploration
program. The company has contracted the Simmons Rig #3, a heli-portable
conventional oilfield rig that is currently being mobilized and is expected to
commence drilling on Sterling Mustang in October 2003. 

It is also in discussions to contract other rigs by year-end for
drilling additional wells on other prospective structures and to drill appraisal
and/or development wells as needed.

Testing and appraisal drilling on the Moose is expected to
follow the current drilling works.

Testing and appraisal drilling on the Moose structure secondary
target consisting of 168 meters (551 ft) of limestone is expected to follow the
completion of current drilling and coring activities. This follows the
encouraging 14 oil shows in the limestone section, the company said in a
statement yesterday.

Two separate drill sites are currently being prepared to drill
the first appraisal wells on the Moose structure and will enable the company to
delineate the extent of the potentially productive limestone.

Chief executive officer Phil Mulacek said, "We are excited
to be in a position to execute and move forward with our multi-structure
drilling program and better identify the value of our upstream assets for our
shareholders."

September 25, 2003

The National: www.thenational.com.pg/

 

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