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2014-04-25

Interoil Exploration and Production ASA : Press statements in Peru regarding potential claim for financial damages from Perupetro

Concerning recent press statements in Peru announcing that Perupetro will
claim IOX for financial damages, IOX and its legal advisors are of the
opinion that there is no legal or financial basis for such a claim in light
of the Award rendered in the ICC arbitration. If Perupetro initiates legal
action this will not affect the validity of the current 12 month license in
Peru.

The ICC tribunal in the final award did not award damages to Perupetro, even
though it lifted the provisional measure/injunction order. IOX is therefore
of the opinion that Perupetro no longer has a legal venue to pursue a claim
against IOX. However, should Perupetro overcome this procedural obstacle it
would have to prove that it has suffered a financial loss and that IOX acted
negligently or with intent when it was granted the right to continue
operating blocks III and IV in accordance with the injunction granted by the
courts of Talara in June 2012, subsequently confirmed by the ICC tribunal.

IOX and its legal advisors believe that Perupetro has suffered no financial
loss and that IOX did not act negligently or with intent. In this regard, IOX
points to the fact that the ICC tribunal stated in the final award that IOX
had valid grounds to initiate the arbitration and had acted in good faith
throughout the proceedings.

Should Perupetro claim damages against IOX, IOX will vigorously defend its
rights.

Further details will be included in our annual report to be issued on 30 April
2014.

For more information please contact:

Erik Sandøy Thomas
J. Fjell

CFO CEO

Mob: +47 488 94 426 Mob: +47 958
15 300

E-mail:esandoy@interoil.no
E-mail:tfjell@interoil.no

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Interoil Exploration and 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. Interoil currently employs approximately 235
people and is headquartered in Oslo.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Interoil Exploration&Production ASA via Globenewswire

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