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Interoil Exploration & Production ASA : Company update

Interoil Exploration and Production ASA Colombian subsidiary ("Interoil") is
pleased to provide an update on the guarantee for LLA-47.
The Colombian regulatory entity, the Agencia Nacional de Hidrocarburos
("ANH"), has issued a new rule for O&G companies with investment commitments
in the country regarding the guarantees that must be put in place to support
their licence obligations.
After consultation with its local lawyers, Interoil's understanding of this
new resolution, is that O&G companies' commitments for each phase will be
divided into three segments, the first of which shall be guaranteed in an
amount equal to the 10% of the aggregate outstanding commitment for the first
segment; 20% for the second segment and 50% for the third segment.
Interoil's additional investment commitment for LLA 47 for the second segment
of the current phase is US$24,000,000. Based on Interoil's interpretation of
the provisions of the new resolution, Interoil would be required to provide a
guarantee of US$4,800,000, equivalent to 20% of its additional investment
commitment, to satisfy its guarantee obligations. Interoil has already
provided guarantees totalling US$10,800,000 for LLA 47.
The new resolution issued by the ANH, therefore, should reduce Interoil's
current guarantee exposure and avoid the need for Interoil to issue any
further guarantees during the second segment of this phase.
After discussions with its local lawyers, Interoil has presented a letter to
the ANH requesting a reduction in the amount of the guarantees currently in
place consistent with the provisions of this new resolution.


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 Colombia. Interoil currently employs approximately 95 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.


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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