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New Oil Discovery in Peru

As announced in the Q2 2010 report, an appraisal well (13104D) was drilled to confirm presence of oil in separate structures immediately North of the Mirador South Field. The well was drilled to a total depth of 5153 ft in the Balcones formation. Some 40 ft of net pay was encountered in the Salina Mogollon Formation. This was less than expected and it seems that a part of the reservoir has been faulted out in this position. The well was re-perforated last week and initial production was 250 bopd. This was in line with expectations. Infill production wells will now be planned according to the results from this well.

On July 20th, InterOil spudded another new well, this time an exploration well (13103D), in an area 1 km North of the Mirador South Field. A potential new structure, with a four way closure at top reservoir level, has been identified by 3 D seismic. The well encountered the main reservoir at 2500 ft, which is similar to the Mirador South Field. Several zones with oil shows were observed during drilling of the well. Electric logs confirmed oil at intervals from 2500 ft to approximately 2900 ft. Pressure points were taken confirming a significant oil column supporting the presence of an undepleted structure. During initial testing, the well produced equivalent of 1'250 bopd. The gravity of the oil is 36¬į API, which represents good quality oil. InterOil expects to put the well in full production within a week, is very encouraged about this new discovery, and plans to put focus on this field. The next well will test the Southern part of the new structure and will be spudded within a few days

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