West Face - Public Voluntary Offer for Shares in InterOil Exploration and Production ASA

Oslo, Norway and Toronto, Canada 2 July 2010: -
Further to the joint press release made on 7 June
2010, West Face (Norway) AS ("West Face") has today
launched a public voluntary cash tender offer
(the "Offer") to acquire all outstanding shares of
InterOil Exploration and Production ASA ("InterOil")
(other than the shares owned by Mårten Rød, Gian
Angelo Perrucci and the former CEO of InterOil, Nils
Trulsvik (referred to collectively as the "InterOil
Principals"). Subject to successful completion of the
Offer, West Face will also provide new financing to
InterOil as part of a refinancing of existing bonds
issued by InterOil.

Under the terms of the Offer, West Face will pay NOK
12.50 per share in cash, valuing the total share
capital of InterOil at approximately NOK 273 million.
The acceptance period for the Offer is from and
including 5 July 2010 to 1730 CET on 2 August 2010.

The Offer will be made in collaboration with the
InterOil Principals who directly and through related
parties control in aggregate 51.83% of the
outstanding InterOil shares.

The Offer is unanimously recommended by the board of
directors of InterOil, supported by an independent
statement and fairness opinion provided by SEB
Enskilda AS.

The detailed terms of the Offer, including the
applicable conditions for completion, are set forth
in the Offer document approved by the Oslo Stock
Exchange on 2 July 2010. The document will be
distributed to eligible shareholders of InterOil.

The Offer document is also available on
www.pareto.no.


For investor questions, please contact Pareto
Securities AS:
Tel: +47 2287 8748
Tel: +47 2413 2127