Tuesday, October 14, 2008

InterOil's financials "on track"

PORT MORESBY: InterOil has announced it is “on track” to meet projected earnings for the third quarter of 2008, despite the current international economic situation.

Chief Financial Officer Collin Visaggio said the company’s refining and distribution operations have continued to perform positively.

 “These segments of our business are returning in line with our profit expectations”.

Mr. Visaggio said InterOil would be filing its third quarter financials on or soon after November the 10th.

“I am pleased to advise that to date we have weathered the recent economic downturn through a series of prudent management and control procedures”, he said.

The announcement comes as InterOil prepares for the next phase of its exploration programme in the Gulf Province.

Drilling is scheduled to commence at a new site called Antelope-1.

The rig, support equipment and buildings are being transported into the area and a team of drilling specialists and geologists will; shortly be on site.

Antelope-1 is located just two-and-a-half kilometres from the successful Elk-4 discovery well where a major gas strike was made three months ago.

During tests, Elk-4 returned a gas flow rate of 105-million cubic feet per day, the largest gas flow rate of all time in Papua New Guinea.

InterOil says it also has high hopes for Antelope-1.


For further in formation please contact

Susuve Laumaea

Senior Manager

Media Relations & Public Affairs

InterOil Corporation

Ph: 321 7040 - Mobile: 684 5168

Email: susuve.laumaea@interoil.com  



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