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From: CommanderCricket	12/23/2011 9:14:46 AM
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InterOil Corporation: Table Set for Early 2012 Evan Calio – Morgan Stanley December 22, 2011 5:51 PM GMT We see major milestones for IOC in early 2012. Recent PNG political event resolved. Last week, former Prime Minister Sir Michael Somare attempted to return to power based on a PNG Supreme Court decision that nullified a Parliamentary vote over the summer installing Peter O’Neill as PM. The dispute was ultimately settled by the Governor-General (per Commonwealth protocol), and Mr. O’Neill was named prime minister. We believe the recent political climate is responsible for the modest shift in expected timing. IOC “ready” to reach Final Investment Decision (FID) on its proposed LNG project. Today, IOC announced that it is extending by one quarter (to 1Q12) the FID deadline for both the condensate stripping plant JV with Mitsui and the EWC land-based 3mmtpa LNG joint venture. Yesterday, FLEX LNG also extended to 1Q12 its FID date on the FLNG plant. While today’s announcement is a deadline extension, IOC is “ready” to FID its LNG project. Exploration to recommence shortly. We expect Triceratops-2 will spud before year-end. Triceratops-2 is the company’s next high impact target in the Bwata field where independent resource estimate is 4.2 Tcfe and the structure appears to be a similar reefal build-up to Antelope. If the two lobes of Triceratops are connected, the initial resource assessment will prove conservative. T-2 is the first exploration well drilled by IOC since the successful Antelope-2 well in late 2010. Sell-down and new partners expected in early 2012. Today, IOC announced it has received “bids for major components and narrowed the range of estimated capital costs of the project” and CEO Phil Mulacek was quoted (12/7/11) in the PNG press as having received “vast interest on expansion capacity of the 3.4-4mmtpa to bring accelerated LNG capacity to 7.6MM-tpa-plus.

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