IOC Release: InterOil Corporation Antelope-7 Drilling Update – 21 December, 2016

SINGAPORE and PORT MORESBY, Papua New Guinea, Dec. 22, 2016 /PRNewswire/ -- InterOil Corporation (NYSE: IOC;POMSoX: IOC) today announced that according to information provided by Total E&P PNG Limited ("Total"), the operator of Petroleum Retention License 15 ("PRL15") in the Gulf Province of Papua New Guinea, the Antelope-7 appraisal well has now reached 2,127 meters (6,978 feet) measured depth below rotary table (MDRT) and has not intersected the Antelope reservoir.

The well is designed to provide structural control and reservoir definition on the field's western flank. It has a proposed total depth of around 2,300 meters (7,545 feet) MDRT and is located about 1.45 km west-south-west of Antelope-5.

InterOil holds a 36.5375% interest in the well. Total E&P PNG Limited has a 40.1275% interest, Oil Search has 22.8350%, and the remaining 0.5000% is held by minority parties.

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