InterOil Holds Annual General Meeting, PNG

InterOil Corporation announced that at its annual and special meeting of shareholders, held on June 24, all matters put before shareholders at the meeting were approved, including the election of Gaylen Byker, Phil Mulacek, Roger Grundy, Roger Lewis, Ford Nicholson, Sir Rabbie Namaliu, Samuel L. Delcamp and Sir Wilson Kamit as directors.

The meeting also approved and confirmed the new shareholder rights plan of InterOil, and the new by-laws of InterOil in substitution for its previous by-laws, as proposed in the Notice of meeting and accompanying Information Circular dispatched to shareholders, all of which have been filed on SEDAR and EDGAR.

At the meeting a management presentation was provided with an update on business and strategies. Highlights regarding previously announced proposed transaction with ExxonMobil Papua New Guinea Ltd. in the presentation include:

• The sell-down is progressing on schedule as planned.
• InterOil signed a detailed term sheet with ExxonMobil Papua New Guinea Ltd. (EMPNG), after major items, both commercial and technical, had already been agreed.
• EMPNG, InterOil and Pacific LNG are engaged in finalizing a binding agreement.
• The proposed transaction would monetize sufficient resource to cover share of infrastructure costs and fund exploration while retaining maximum upside for IOC equity interests.
• Post-negotiations, InterOil and Pacific LNG have clear path to resource monetization.
• The purchase of an interest in PRL 15 is not contingent on resource recertification
• InterOil believes the best strategy to develop its resources is a dual-development path; which includes EMPNG at its PNG LNG facility, and an LNG facility in the Gulf Province.