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03.02.2006 21:55

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03.02.2006 21:57


Exploration & Productions ASA


18 January 2006

Operational Update
Oslo, Norway –Interoil Exploration & Production ASA (OTC: INOX) hereby offers the
following operational update as a follow - up to our press release 16 December 2005.


In Peru, well 13006 was spudded on January 7, 2006 and is a present at 3250 ft. Target is at
4550 ft. We are also preparing sites 13009 and 13018. We have slightly modified our sequence
of drilling and will return to drill 12617, next to 12616, as our next well. The reason for this
change is the relative success of 12616. We have seven wells under rehabilitation and at the
present we have :

1. Drilling rig (Block III)
2. 2 Work overs rigs (one in each block)
3. 6 Swabbing rigs (3 in Block III and 3 in block IV)
4. 2 Pulling rig (one in each Block)


In Colombia, the first infill well on the Toqui Toqui field TC 13, was completed just before
Christmas and has produced intermittently between 25 – 75 bopd. We are producing a
significant % of water, which is unusual in this field, and we are therefore at present trying to
isolate the water zone. TC 15, the second well in Toqui Toqui was completed on January 12,
and is at present producing 170bopd, more in line with expectations. We have now spudded
AMB 6 and is at present drilling at 2800ft, with target at 3500.

Puli 7, well operated by Sheridan Oil & Gas, where we have a 50% interest, started drilling in
middle of December and is completed to 4200 feet. The well is today flowing 110bopd,
without pump. It is expected that pumping will increase the flow . This is the first well operated
by Sheridan and they are paying 100% to earn 50%.

The next well in Colombia will be TC 16, another infill well in the Toqui Toqui field. We have
at present 1 drilling rig and 2 workover rigs working in Colombia.

For more information please contact:
Nils N Trulsvik – Managing Director
Tel: +47 6751 8650
03.02.2006 21:58

3 February 2006

Successful well in Peru

Oslo, Norway –Interoil Exploration & Production ASA (OTC: INOX) hereby announces today
that well 12006, drilled in the southern most part of Block III, has encountered a significant
discovery with production higher than expected.

This well, was drilled in the “agricultural” areas of Block III, where access earlier had been very
limited due to local permits obstacles. MPOG, our subsidiary in Peru, has now obtained access
to this area and drilled their first well.

Drilling commenced on January 3, and a final depth of 4431 feet was reached on January 17th,
with a net oil section of 81 feet in the Salina Mogollon formation.

Initial flow rate was as high as 437 bopd, and the well is currently producing 310bopd. The
well is flowing by natural pressure and the pressure in the formation is higher than expected.

This flow rate is above expectation and will now encourage Interoil to focus on this area in its
2006 drilling campaign.

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