View Full Version : InterOil to withdraw subordinate “note offering”

11-08-2003, 06:49 PM
AUGUST 10, 2003 – Toronto, Canada – InterOil Corporation (IOL;TSX-V), (IOC:ASX/POMSoX), a Canadian company with operations in Papua New Guinea announced today that it has decided to withdraw its previously announced intention to issue approximately USS14,5 million of subordinated notes due 2008. InterOil is continuing to evaluate other options and structures related to funding its exploration program.

InterOil is focused on Papua New Guinea and the surrounding region, and is developing an integrated energy business consisting of an oil refinery, petroleum exploration, and retail assets. The majority of product from the refinery is secured by contracts with Shell Overseas Holdings Ltd. BP Singapore is the exclusive agent for all crude oil supplied to the refinery. In addition to the refinery and retail assets, InterOil has commenced an extensive exploration program in Papua New Guinea.

InterOil’s common shares are traded in Canada in Canadian Dollars on the TSX Venture Exchange under the symbol IOL, and on the Australian Stock Exchange “ASX” in CHESS Depositary Interests “CDI”, in Australian dollars under the symbol IOC, traded on a 10:1 basis to common shares. InterOil Corporation shares also trade on the Prot Moresby Stock Exchange in Papua New Guinea in the local currency (Kina) under the symbol IOC.

For more information please see the InterOil website at: www.interoil.com

For further information:

North America
Lisa Elliot
Gary M Duval V.P., IR Counsel
V.P Corporate Development DRG&E
InterOil Corporation lelliott@drge.com
E-mail: gary.duvall@interoil.com Houston, TX USA
Houston TX USA Phone: + 713 529 6600
Phone: +1 281 292 1800

Anesti Dermedgoglou
V.P., Investor Relations
InterOil Corporation
Cairns Australia
Phone: + 617 4046 4600