RJ presentation

[maui4marko]

Raymond James Institutional Investor Conference - March 5, 2012

http://www.interoil.com/presentation/201..._Final.pdf

[Petrovale]

31 March 2012, so they say

[maui4marko]

Drilling Update

InterOil’s Rig #2 is currently drilling
ahead with a 12 ½ inch bit

As of March 5th, the current depth is
4,040 feet (1,231 meters)

Top limestone revised estimated at
4,070 feet (1,241 meters)

The plan is to drill the entire reservoir
interval with a predicted total depth of
the well of approximately 7,182 feet
(2,189 meters)

[maui4marko]

Triceratops-2

Drilling at 1,231 meters

Marl detected at 1,213 meters

Back Ground Gas with C1 to C5

Triceratops-2 Forward
Plan

Drill to top of carbonate

Run and set 9 5/8 liner

Conduct vertical seismic profile (VSP)

Run 9 5/8 tie back with dual down hole deployment valves (DDV)

Install managed pressure drilling equipment

Test blow out preventer (BOP)

Drill into reservoir

Conduct drill stem test (DST)

Drill to base of carbonate

Run wireline logs and test

Take rotary side wall core plugs

[ebster123]

Maui, how does that work? Do they take samples and pressures along the way to see what they have at each segment? Does that mean they need to get to 7,182 ft to know what they have? Thanks in advance.

[maui4marko]

ebster - let's wait for pet's interpretation, I'm just the timeline & slide guy LOL

[ebster123]

But you do have one heck of a fish as well!!

[TomCrooz]

7-10 days till punch into gas
Coal means reafal and found in ant1

[maui4marko]

>> my notes on key takeaways that weren't specifically covered in presentation

Wayne A.

Updated resource results on Y/E call week of March 19th

Intention to award on CSP bid

Pre-FID spending continues to protect late 2014/early 2015 startup date

As of today, completed drilling to top of reservoir - setting casing

Coal found indicating shallow water environment (same as Ant)

Conduct DST in first 2-300 feet of reservoir

~7 to 10 days to tie back liner from today

Tuna looks very similar to Ant with reef build-up, along with offshore similar structures

Drill 2nd well from same site to test top of structure

Rig 3 to drill Ant 3 first; will move to field when road is complete

Operating business (refining & downstream) funded half of capital needs

Waiting for certain approvals from PNG government

Start with 5mpta then bring in partner to get to full 7.4-10 mpta capacity


Q&A

Dec 31 extended EWC & Flex agreements, not FID date - FID is company determined date; waiting on PNG approvals

Last 2 months a lot of engineering work has completed; ready to award many bids

CSP bid will be awarded upon FID

PNG gov effort is a fulltime lobbying effort - takes time to move ahead, based on NEC & sub-committee timeframe

Sell-down is working in parallel to FID - one group came to meet with PNG government

Permission from PNG would help with partnering process

DST results in 2-3 weeks; possibly sooner

Partner would accellerate drilling

Exploration has been historically underfunded - E/A sell down would accellerate drilling

Plenty of interest in exploration partners, easier part of process than LNG partner

Flex needs PNG gov permissions to move ahead

PNG moves at it's own pace - things take time; IOC sets aggressive goals but dependent on PNG timing

[TomCrooz]

1st dst in 2-3 weeks or sooner