Discovers a new oil system in PNG.

Australasian Business Intelligence, January, 2002

Jan 30, 2002 (Australian Stock Exchange Announcements

ABIX via COMTEX) -- Interoil Corporation says on 30 January 2002 that it believes it has discovered a new oil system in the Eastern Papuan Basin (EPB), in Papua New Guinea. The findings are based on the presence of hydrocarbons in Pale Sandstone cores from two stratigraphic wells. The company says the characteristics of the Pale Sandstone indicate the potential for large oilfields comparable to Kutubu, which generates more than 300 million barrels. Testing and analysis by CSIRO is continuing, while initial reports indicate that the reservoir quality of the Pale Sandstone is good. InterOil's exploration licence PPL 230 covers all the Pale Sandstone prospects and other play types which it can identify....

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