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Message #10
From: NewsBot
Date: January 3, 2006 03:38:00 AM

IOC News InterOil Corporation Triceratops-1 Drilling Report No. 6 January 3, 2006

TORONTO--(BUSINESS WIRE)--Jan. 3, 2006--InterOil Corporation (TSX:IOL) (AMEX:IOC):

Triceratops Prospect

Type:                  Oil / Gas exploration well

Location:              PPL 237, Eastern Papuan Basin 144 degrees 48'
                       52" E; 006 degrees 57' 29" S

Current Status:        Following the test results, the well was
                       plugged and abandoned on December 31, 2005.
                       The condition of the well is such that it can
                       be re-entered and sidetracked to penetrate the
                       Puri Limestone (primary target) in an up dip
                       position, as the well encountered the Puri on
                       the flank of the structure instead of at the
                       crest.

                       Well site service contractors (BJ Services,
                       Schlumberger and Baker Hughes Inteq) are
                       demobilizing from the Triceratops rigsite to
                       the Elk prospect in preparation to spud the
                       Elk -1 exploration well.

                       A detailed exploration update will be provided
                       to the market later this week.

Activities since last  Set 5 inch liner to 6,644 feet (2,025 meters).
 report:               Liner top is at 5,118 feet (1,560 meters).
                       Following setting the liner, a series of cased
                       hole Drill Stem Tests (DST's) were performed.
                       The DST's above the equivalent gas water
                       contact in the offset Bwata #1 well which
                       flowed 29 million SCF per day were tight while
                       those below flowed water and non-commercial
                       quantities of oil and gas.

Past Data:             Set 20 inch conductor at 10 feet (3 meters).
                       Set 13 3/8 inch surface casing at 381 feet 
                       (116 meters). Set 9 5/8 inch intermediate
                       casing at 2,539 feet (774 meters). Set 7 inch
                       casing at 5,437 feet (1,657 meters). Set 5
                       inch liner to 6,642 feet (2,025 meters). Top
                       of liner is at 5,145 feet (1,560 meters).

Total Depth:           Target depth reached at 6,647 feet (2,026
                       meters).

Operator:              InterOil subsidiary, SPI (210) Limited.

Prospect Description:  This well targeted the Puri fractured
                       limestone reservoir in an adjacent fault block
                       offsetting the Bwata - 1 discovery well.



InterOil Corporation (TSX:IOL) (AMEX:IOC)

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