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InterOil Announces Increased Gas Flow Rate at Elk-4 Well in Papua New Guinea

Source: www.gulfoilandgas.com 8/25/2008, Location: Asia

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InterOil Corporation advised that acid stimulation at the Elk-4 well has resulted in a significant increase in its test gas flow rate. The well was tested at 86 million standard cubic feet (mmscf) per day, an increase of approximately 36.5%.

Based on the condensate ratio measured earlier, the well was tested as able to produce at anestimated 18 barrels of condensate per million cubic feet which would equate to 1,540 bbls per dayand is consistent with the estimated rate of 18 barrels per mmscf produced during previous testing atthe Elk-4.

“We are exceptionally pleased with these test results obtained from the Antelope structure inthe Elk-4 well confirming improved deliverability. The Elk-4 well on test, has recorded the secondhighest gas flow rate for a well in Papua New Guinea. These latest results are very encouraging aswe prepare to drill the Antelope-1 well. Decommissioning at the Elk-4 well site has commencedand the rig will be mobilized to the Antelope-1 well which is targeted for drilling in the 4th quarterof 2008,” said Mr. Phil Mulacek, Chairman and CEO of InterOil

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