Interoil Exploration & Production ASA: Production update 2016

Average production in March 2016, compared to average production in February
2016, was:

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| IOX licences* March 2016 February 2016 |
| Boe/d** Bopd*** Boe/d** Bopd*** |
| Colombia 1 209 718 1 222 748 |
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| Operator licences March 2016 February 2016 |
| Boe/d** Bopd*** Boe/d** Bopd*** |
| Colombia 476 476 492 492 |
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*Working interest average daily production before royalty
**Barrels of oil including associated gas
***Barrels of oil

Oil has been sold at average net sales price: USD 32,2/bbl in March.

Gas has been sold at average net sales price: USD 21,2/bbl in March.

Operations&Maintenance Contract sales price: USD 17/bbl in March.

Please direct any further questions to:ir@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 Colombia. Interoil currently employs approximately 70 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

HUG#2001643