New discovery in Peru

InterOil has now completed the drilling of two new wells: one appraisal well
(13104D), and one exploration well (13103D), in the Mirador Area, Block III.
Both wells discovered oil.

As announced in the Q2 2010 report, an appraisal well (13104D) was drilled to
confirm presence of oil in separate structures immediately North of the Mirador
South Field. The well was drilled to a total depth of 5153 ft in the Balcones
formation. Some 40 ft of net pay was encountered in the Salina Mogollon
Formation. This was less than expected and it seems that a part of the reservoir
has been faulted out in this position. The well was re-perforated last week and
initial production was 250 bopd. This was in line with expectations. Infill
production wells will now be planned according to the results from this well.

On July 20(th), InterOil spudded another new well, this time an exploration well
(13103D), in an area 1 km North of the Mirador South Field. A potential new
structure, with a four way closure at top reservoir level, has been identified
by 3 D seismic.  The well encountered the main reservoir at 2500 ft, which is
similar to the Mirador South Field.  Several zones with oil shows were observed
during drilling of the well. Electric logs confirmed oil at intervals from 2500
ft to approximately 2900 ft. Pressure points were taken confirming a significant
oil column supporting the presence of an undepleted structure. During initial
testing, the well produced equivalent of 1'250 bopd. The gravity of the oil is
36° API, which represents good quality oil. InterOil expects to put the well in
full production within a week, is very encouraged about this new discovery, and
plans to put focus on this field. The next well will test the Southern part of
the new structure and will be spudded within a few days.

For more information please contact:

Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
E-mail:f.zernichow@interoil.no

www.interoil.no

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InterOil Exploration & Production ASA is a Norwegian based exploration and
production company - listed on the Oslo Stock Exchange - with focus on
Latin-America. The company is operator of several production and exploration
assets in Peru and Colombia, and is an active license partner in Angola and
Ghana. InterOil currently employs approximately 250 people and is headquartered
in Oslo.


This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


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