The Antelope-3 Appraisal Well Encountered The Reservoir 217 Feet Higher Than Prognosis

The Antelope-3 Appraisal Well Encountered The Reservoir 217 Feet Higher Than 
PORT MORESBY, Papua New Guinea and HOUSTON, Nov. 30, 2012 /CNW/ - InterOil 
Corporation (NYSE:IOC) (POMSoX:IOC) ("InterOil") announced that the Antelope-3 
appraisal well in Petroleum Retention License 15 in Papua New Guinea has 
penetrated the top of the reservoir at 5,328 feet (1,624 meters) measured 
depth, 217 feet (66 meters) above the predrill estimate, and 92 feet (28 
meters) higher than the Antelope-1 well. The well began flowing and was shut 
in at the surface.  Subsequently, the gas kick was circulated out while 
flaring.  The 9 5/8 inch liner was then installed, vertical well bore seismic 
(VSP) acquired, and the 9 5/8 inch casing tied back to surface with dual 
downhole deployment valves completed.  Once the blow out preventer is 
installed and tested we will be running into hole to commence drilling the 
reservoir section in 6 ¼" hole. 
The forward plan is to drill approximately 300 feet (90 meters) in to the 
reservoir and then conduct a drill stem test over the open hole section of the 
wellbore below the casing shoe. After completing DST#1, we plan to drill the 
entire reservoir interval to an anticipated total depth of approximately 8,366 
feet (2,550 meters) followed by wireline logging, rotary sidewall coring and 
drill stem testing. 
The Antelope-3 primary objectives are to: 1) confirm reservoir depth, 
composition, character and continuity, 2) provide samples for analysis to 
further assist in development well planning, 3) assist in the gas resource 
evaluation, 4) satisfy work program obligations for PRL 15 and 5) complete the 
well as a future production well. 
On November 27(th), 2012, InterOil was notified by the Papua New Guinea 
Department of Petroleum and Energy (DPE) that it had been granted an approval 
of license variation to PRL 15, allowing the company to defer the drilling of 
a second commitment well from the first two year work program into the second 
two year work program. This should allow InterOil to manage service industry 
cost as we ramp up to a two well drilling program without straining the 
available resources in PNG. 
"The Antelope-3 well has confirmed the top of the reservoir is over 200 feet 
higher than prognosis. These results support our reservoir model, and, all 
else being equal, should have a positive impact on our year-end resource 
estimate. Furthermore, we are pleased to have the support of Minister Duma and 
the DPE to allow flexibility to control costs and logistics of a two rig 
operation," said Mr. Phil Mulacek, Chief Executive Officer of InterOil. 
About InterOil InterOil Corporation is developing a vertically integrated 
energy business whose primary focus is Papua New Guinea and the surrounding 
region.  InterOil's assets consist of petroleum licenses covering about 3.9 
million acres, an oil refinery, and retail and commercial distribution 
facilities, all located in Papua New Guinea.  In addition, InterOil is a 
shareholder in a joint venture established to construct liquefaction 
facilities in Papua New Guinea. 
InterOil's common shares trade on the NYSE in US dollars. 
|Investor Contacts for InterOil                                                                             |            
|                                                                                                           |            
|Wayne Andrews                                                                                              |Meg 
LaSalle                                                                                               |
|V. P. Capital Markets                                                                                      |Investor 
Relations Coordinator                                                                            |
|The Woodlands, TX USA                                                                                      |The 
Woodlands, TX USA                                                                                     |
|Phone: +1 281-292-1800                                                                                     |Phone: +1 
281-292-1800                                                                                    |
Forward Looking Statements 
This press release includes "forward-looking statements" as defined in United 
States federal and Canadian securities laws. All statements, other than 
statements of historical facts, included in this press release that address 
activities, events or developments that the InterOil expects, believes or 
anticipates will or may occur in the future are forward-looking statements, 
including in particular, strategies and plans, proposed drilling of the 
Antelope-3 well, predicted total depth of the well, the time required to 
drill, log and test the well, the depth to the top of the reservoir, the 
potential for gas and gas condensate to be encountered by the well, completion 
of the Antelope-3 well, and the characteristics of the targeted reservoir. 
These statements are based on certain assumptions made by the Company based on 
its experience and perception of current conditions, expected future 
developments and other factors it believes are appropriate in the 
circumstances. No assurances can be given however, that these events will 
occur. Actual results will differ, and the difference may be material and 
adverse to the Company and its shareholders. Such statements are subject to a 
number of assumptions, risks and uncertainties, many of which are beyond the 
control of the Company, which may cause our actual results to differ 
materially from those implied or expressed by the forward-looking statements. 
Some of these factors include the risk factors discussed in the Company's 
filings with the Securities and Exchange Commission and on SEDAR, including 
but not limited to those in the Company's Annual Report for the year ended 
December 31, 2011 on Form 40-F and its Annual Information Form for the year 
ended December 31, 2011. In particular, there is no established market for 
natural gas or gas condensate in Papua New Guinea and no guarantee that gas or 
gas condensate from the Elk and Antelope fields will ultimately be able to be 
extracted and sold commercially. 
Investors are urged to consider closely the disclosure in the Company's Form 
40-F, available from us at or from the SEC at and 
its Annual Information Form available on SEDAR at 
SOURCE: InterOil Corporation 
To view this news release in HTML formatting, please use the following URL: 
CO: InterOil Corporation
ST: Texas
-0- Nov/30/2012 13:09 GMT
Press spacebar to pause and continue. Press esc to stop.