Total Appointed Operator of PRL 15 Joint Venture

SINGAPORE and PORT MORESBY, Papua New Guinea, Feb. 27, 2015 /CNW/ -- InterOil Corporation (NYSE: IOC; POMSoX: IOC) announces that all participants in the PRL 15 Joint Venture have unanimously voted to appoint Total E&P PNG Limited as Operator of the PRL 15 Joint Venture.

The appointment will take effect in accordance with an operator transition plan and the terms of the Joint Venture Operating Agreement.

The appointment is subject to all necessary PNG Government approvals.

About InterOil

InterOil Corporation is an independent oil and gas business with a primary focus on Papua New Guinea.  InterOil's assets include one of Asia's largest undeveloped gas fields, Elk-Antelope, in the Gulf Province, and exploration licences covering about 16,000sqkm. The company employs more than 2,000 staff and contractors. Its main offices are in Singapore and Port Moresby. InterOil is listed on the New York and Port Moresby stock exchanges.

Investor Contacts

Singapore

Singapore

United States

Michael Lynn

Senior Vice President

Investor Relations

David Wu

Vice President

Investor Relations

Cynthia Black

Investor Relations

North America

T: +65 6507 0222

E: michael.lynn@interoil.com

T: +65 6507 0222

E: david.wu@interoil.com

T: +1 212 653 9778

E: cynthia.black@interoil.com

Media Contacts


Singapore

Australia

Robert Millhouse

Vice President

Corporate Affairs

John Hurst

Cannings Corporate
Communications

T: +65 6507 0222

E: robert.millhouse@interoil.com

T: +61 418 708 663

E: jhurst@cannings.net.au

Forward Looking Statements

This media release includes "forward-looking statements" as defined in United States federal and Canadian securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that InterOil expects, believes or anticipates will or may occur are forward-looking statements. These statements, which include statements as to planning for or the timing of the proposed LNG project and future exploration, are based on our current beliefs as well as assumptions made by, and information currently available to us. No assurances can be given, however, that these events will occur. Actual results could differ, and the difference may be material and adverse to the company and its shareholders. Such statements are subject to several assumptions, risks and uncertainties, many of which are beyond the company's control, which may cause our actual results to differ materially from those implied or expressed by the forward-looking statements. Some of these factors include risks discussed in the company's filings with the Securities and Exchange Commission and on SEDAR, including but not limited to those in the company's Annual Report for the year ended 31 December 2013 on Form 40-F and its Annual Information Form for the year ended 31 December 2013. In particular, Papua New Guinea has no established market for natural gas or gas condensate and the company can make no guarantee that gas or gas condensate from the Elk-Antelope field will ultimately be able to be extracted and sold commercially. Investors are urged to consider closely the disclosure in the company's Form 40-F, available from us at www.interoil.com or from the SEC at www.sec.gov and its Annual Information Form available on SEDAR at www.sedar.com.

SOURCE InterOil Corporation

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InterOil Corporation

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Total E&P PNG Limited

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