INTEROIL

Til aksjonærene i Interoil Exploration and Production ASA /

For the shareholders in Interoil Exploration and Production ASA

Summon to an extraordinary general meeting¹

Notice is hereby served that an extraordinary general meeting of Interoil Exploration and Production ASA (the "Company") will be held on 11 March 2010 at 11.00 hours in the Company's office in Strandveien 50, 1366 Lysaker.

The meeting will be opened by the Chairperson of the Board, Mr. Mårten Rød.

Proposed agenda:

Election of a chairperson and a person to co-sign the minutes
The Board of Directors proposes that the Mr. Thor Håkstad is elected as chairman of the meeting and that Mr. Håkstad suggests a person to co sign the minutes.
Approval of the summon and the agenda
Status regarding the refinancing/restructuring of Interoil Exploration and Production ASA
Authority to the Board of Directors to sell assets
In connection with the refinancing/restructuring of the Company, one possible alternative may

Innkalling til ekstraordinær generalforsamling

Det innkalles herved til ekstraordinær generalforsamling i Interoil Exploration and Production ASA ("Selskapet") 11. mars 2010 kl. 11:00 i selskapets lokaler i Strandveien 50, 1366 Lysaker.

Møtet vil bli åpnet av styreleder Mårten Rød.

Forslag til dagsorden:

Valg av møteleder og en person til å medundertegne protokollen
Styret foreslår at Thor Håkstad velges som møteleder og at Håkstad foreslår en person til å signere protokollen.
Godkjennelse av innkallingen og dagsorden
Status vedrørende refinansieringen og restruktureringen av Interoil Exploration and Production ASA
Fullmakt til styret for salg av aktiva
I forbindelse med refinansieringen/restruktureringen av selskapet, er ett mulig alternativ å selge noen

¹ Ved uoverensstemmelse mellom norsk og engelsk versjon gjelder den norske versjonen. / In case of discrepancy between the Norwegian and English version, the Norwegian version shall prevail

be to divest some of the Company's material assets. To execute such divestiture of the Company's material assets quickly, if and when such possibility occurs, the Board of Directors asks for authorization from the General Meeting to do so. The Board proposes that the following resolution is made:

"The Board is authorized to dispose of the Company's assets in connection with the refinancing/restructuring of the Company, up to a value of USD 300 millions."

5. Approval of Amendment to Settlement Agreement dated 25 July 2008

On background of a claim raised by Norwegian Tax Authorities ("NTA") against two of Interoil's shareholders in connection with Interoil's purchase of the shares in Interoil's Swiss subsidiary, a settlement agreement was entered into between Interoil, Eksportconsult AS, Force Capital Partners AS and Caberian Investment Inc. (the "Settlement Agreement"). The Settlement Agreement was approved by the General Meeting on 21 August 2008. Eksportconsult AS ("EC") is related to Mårten Rød, the Chairman of the Board, and Force Capital Partners AS ("FCP") is related to Nils Trulsvik, the former CEO of the Company.

The NTA's appeal instance, Skatteklagenemnda, did on 18 October 2009 finally decide that the decision made by the NTA should be upheld. EC and FCP have, in consultation with the Board, brought action against the NTA/Norwegian State.

Based on Skatteklagenemnda's decision, the CFO of the Company received on January 8, 2010, requests of payment from EC and FCP dated December 17, 2009 of totally NOK 56.6 million. EC and FPC request payment within one month from the date of the letters.

As the Settlement Agreement is somewhat unclear with respect to the

av selskapets vesentlige eiendeler. For å kunne gjennomføre et slikt salg raskt, hvis og når slike muligheter oppstår, ber styret om fullmakt fra generalforsamlingen. Styret foreslår at følgende vedtak fattes av generalforsamlingen:

"Styret gis fullmakt til å selge aktiva i forbindelse med refinansieringen/-restruktureringen av selskapet, opp til en verdi av USD 300 millioner."

5. Godkjenning av tillegg til Forliksavtale av 25. juli 2008

På bakgrunn av et krav fremsatt av norske skattemyndigheter mot to av Interoils aksjonærer i forbindelse med Interoils kjøp av aksjene i Interoils sveitsiske datterselskap, ble en forliksavtale inngått mellom Interoil på den ene side og Eksportconsult AS, Force Capital Partners AS og Caberian Investment Inc. på den annen side ("Forliksavtalen"). Forliksavtalen ble godkjent av generalforsamlingen 21. august 2008. Eksportconsult AS ("EC") har tilknytning til styreleder Mårten Rød, og Force Capital Partners AS ("FCP") har tilknytning til Nils Trulsvik, tidligere administrerende direktør i Selskapet.

Skatteklagenemnda avgjorde endelig 18. oktober 2009 at skattemyndighetenes vedtak skulle opprettholdes. EC og EPC har, i samråd med styret, gått til sak mot skattemyndighetene/den norske stat.

I etterkant av Skatteklagenemndas vedtak mottok økonomidirektør i Selskapet 8. januar 2010 krav fra EC og ECP datert 17. desember 2009 på til sammen NOK 56.6 millioner med krav om betaling innen én måned fra kravets dato.

Siden Forliksavtalen er noe uklar med hensyn til forfallsdato for eventuell betaling, har styret (uten deltakelse av Rød og Perrucci) innhentet vurderinger fra juridiske rådgivere. Både Selskapets faste juridiske rådgiver, Wiersholm, og et annet velrenommert advokatfirma, Wikborg Rein, har kommet

due date for a possible payment, the Board (without the participation of Mr.Rød and Mr.Perrucci) has obtained assessments from legal counsels. Both the Company's legal counsel, Wiersholm, and another reputable law firm, Wikborg Rein, have concluded that although somewhat unclear, the likely interpretation of due date will be when a final decision is made by the court system.

Based on the assessment by the legal counsels, the Board has discussed the matter. In the opinion of the Board, to let EC and FCP wait for payment until the final outcome by the court system will place them in an extremely burdensome position. As the final outcome of a court decision may take 2 - 4 years time, the Board regards it as unfortunate, and not in the interest of the Company, to place such burden on its Chairman and former CEO.

As the Company further, in accordance with present accounting principles, has entered the obligations towards EC and FCP as debt in its balance sheet per 31 December 2009, the payment of its obligations will only in case have an influence on the cash situation of the Company.

The Board hence has entered into an amendment to the Settlement Agreement. The amendment states that the time of payment of Interoil's payment obligations under the Settlement Agreement fell due at the time when Skatteklagenemnda made its final decision, i.e. 18 October 2009. The amendment further states that the Company will enter into a down payment agreement with EC and FCP.

As both EC and FCP are related to the Company, the amendment to the Settlement Agreement will have to be approved by the General Meeting.

A statement from an independent auditor has been prepared, and is enclosed as Appendix 1.

On this background the Board of Directors has resolved to propose that the General Meeting makes the following

frem til at den mest nærliggende tolkningen er at kravet forfaller til betaling når en endelig dom foreligger i rettssystemet.

Styret har drøftet saken på bakgrunn av vurderingene som er gjort av de juridiske rådgiverne. Etter styrets mening vil det å la EC og ECP vente på betaling til rettskraftig dom foreligger sette dem i en svært tyngende posisjon. Siden det kan ta 2-4 år før en endelig dom foreligger, anser styret det som uheldig, og ikke i Selskapets interesse, å plassere denne byrden på sin styreleder og tidligere administrerende direktør.

Siden Selskapet videre, i henhold til gjeldende regnskapsprinsipper, har innført forpliktelsene overfor EC og FCP som gjeld i sin balanse pr. 31. desember 2009, vil betalingene i tilfelle bare ha betydning for likviditeten i Selskapet.

Styret har derfor inngått en endringsavtale til Forliksavtalen. Det fremgår av denne at Interoils forpliktelser under Forliksavtalen forfalt til betaling på det tidspunktet Skatteklagenemnda fattet sitt endelige vedtak, dvs. 18. oktober 2009. Det fremgår videre at Selskapet skal inngå en nedbetalingsavtale med EC og FCP.

Både EC og FCP er tilknyttet Selskapet, og tillegget til Forliksavtalen krever derfor godkjennelse av generalforsamlingen.

En uttalelse fra en uavhengig revisor er utarbeidet, og vedlagt som Vedlegg 1.

På denne bakgrunn foreslår styret at generalforsamlingen fatter følgende vedtak:

"Generalforsamlingen godkjenner endringsavtalen av 16. februar 2010 til Forliksavtalen mellom Interoil på den ene side og Eksportconsult AS, Force Capital Partners AS og Caberian Investment Inc. på den annen side, jf. allmennaksjeloven § 3-8."

resolution:

"The General Meeting approves the amendment dated 16 February 2010 to the Settlement Agreement entered into between Interoil on the one side and Eksportconsult AS, Force Capital Partners AS and Caberian Investment Inc. on the other side, cf the Public Limited Companies Act § 3-8."

Approval of Mandate Agreement between Interoil Exploration and Production ASA and Eksportconsult AS.

The Company is in default with its bond holder loan agreements. It is hence necessary for the Company to rather quickly refinance its obligations or to find other solutions for a viable future. The Board has, taking into consideration the short time span rendered, and further the paramount importance of such refinancing/restructuring, decided that the Company enters into a mandate agreement with EC to utilize the latter's and Mårten Rød's considerable competence and extensive relationships to achieve such solutions ("the Mandate Agreement").

EC is related to the Company, and as Interoil's contribution according to the Mandate Agreement has a value exceeding 1/20 of the Company's share capital, the Mandate Agreement will have to be approved by the General Meeting.

A statement from an auditor has been prepared, and is enclosed as Appendix 1.

On this background the Board of Directors has resolved to propose that the General Meeting makes the following resolution:

"The General Meeting approves the Mandate Agreement dated 16 February 2010 between Interoil on the one side and Eksportconsult AS on the other side, cf the Public Limited Companies Act § 3-8."

Godkjenning av Mandatavtale mellom Interoil Exploration and Production ASA og Eksportconsult AS.

Selskapet er i mislighold av sine obligasjonslåneavtaler. Det er derfor nødvendig at Selskapet raskt gjennomfører en refinansiering av sine forpliktelser eller finner andre løsninger for en levedyktig fremtid. Tatt i betraktning den korte tidsrammen samt viktigheten av en slik refinansiering/restrukturering, har styret bestemt at Selskapet skal inngå en mandatavtale med EC for å benytte sistnevntes og Mårten Røds betydelige kompetanse og utstrakte forbindelser til å oppnå slike løsninger ("Mandatavtalen").

EC har tilknytning til Selskapet, og siden Interoils vederlag under Mandatavtalen har en verdi som overstiger 1/20 av Selskapets aksjekapital, må Mandatavtalen godkjennes av generalforsamlingen.

En uttalelse fra revisor er utarbeidet og er vedlagt som Vedlegg 1.

På denne bakgrunn vil styret foreslå at generalforsamlingen fatter følgende vedtak:

"Generalforsamlingen godkjenner Mandatavtalen datert 16. februar 2010 mellom Interoil på den ene side og Eksportconsult AS på den annen side, jf. allmennaksjeloven § 3-8."

00000000
00000000

Proposals for resolutions under items 4, 5 and 6 are set out in Appendix 4.

Forslag til vedtak i sak 4, 5 og 6 fremgår av Vedlegg 4

Interoil Exploration and Production ASA has a share capital of NOK 1,092,250 distributed on 21,845,000 shares, each with a nominal value of NOK 0.05.

Interoil Exploration and Production ASA does not hold any treasury shares. Each share carries one vote at the Company's general meetings.

The shareholders have the following rights in respect of the general meeting:

The right to attend the general meeting, either in person or by proxy.
The right to speak at the general meeting.
The right to be accompanied by an advisor at the general meeting and to give such advisor the right to speak.
The right to require information from the members of the Board of directors and the chief executive officer in accordance with further regulations in the Norwegian Public Limited Companies Act § 5-15.
The right to present alternatives to the Board's proposals in respect of matters on the agenda at the general meeting.

Shareholders may appoint a proxy to attend and vote on their behalf. In this case a written and dated proxy must be provided. The enclosed proxy form (Appendix 3) may be used. If the enclosed proxy form is used and proxy is granted to one of the members of the Board of directors as stated in the proxy form, the proxy form can include voting instructions.

Shareholders who wish to attend the

Interoil Exploration and Production ASA har en aksjekapital på NOK 1 092 250, fordelt på 21 845 000 aksjer, hver med pålydende verdi NOK 0,05.

Interoil Exploration and Production ASA eier ingen egne aksjer. Hver aksje gir rett til én stemme på selskapets generalforsamlinger.

Aksjeeierne har følgende rettigheter i forbindelse med generalforsamlingen:

Rett til å møte i generalforsamlingen, enten personlig eller ved fullmektig.
Talerett på generalforsamlingen.
Rett til å ta med én rådgiver og gi denne talerett.
Rett til å kreve opplysninger av styrets medlemmer og administrerende direktør etter de nærmere bestemmelser i allmennaksjeloven § 5-15.
Rett til å få fremsette alternativer til styrets forslag under de saker generalforsamlingen skal behandle.

Aksjonærer har rett til å møte og stemme ved fullmektig. Det må i så tilfelle fremlegges en skriftlig og datert fullmakt. Vedlagte fullmaktsskjema (Vedlegg 3) kan benyttes. Dersom vedlagte fullmakt benyttes og fullmakt gis til et av styrets medlemmer slik angitt i fullmakten, kan fullmakten inneholde instruks for stemmegivningen.

Aksjonærer som ønsker å delta i

general meeting either personally or by proxy, are requested to return the enclosed attendance form (Appendix 2) to the Company to the address stated in the below sample notice. Such notice should be received by the Company at the latest 7 March 2010, cf. the Articles of Association's § 6. Please be informed that if such notice is not received by the Company at the time stated above, the shareholder may be refused admittance to the General Meeting.

This notice is available on the Company's web page www.interoil.no

generalforsamlingen enten personlig eller via fullmektig må sende inn påmeldingsskjema (Vedlegg 2) til Selskapets adresse som angitt i det vedlagte påmeldingsskjema slik at Selskapet har det i hende senest 7. mars 2010, jf. Vedtektenes § 6. Den som ikke er påmeldt innen fristens utløp, kan nektes adgang til generalforsamlingen.

Denne innkallingen er tilgjengelig på selskapets hjemmeside www.interoil.no

Appendices:

Statements of the Independent Auditor
Attendance Form
Proxy Form
Proposed resolutions
Amendment to settlement agreement
Mandate agreement

Vedlegg:

Redegjørelser fra revisor
Møteseddel
Fullmakt
Forslag til vedtak
Amendment to settlement agreement
Mandate agreement

Interoil Exploration and Production ASA

17 February 2010

On behalf of the Board of directors

Signature:

Name in block letters: Mårten Rød

Appendix 1. Statements of the Independent Auditor

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

To the general meeting of

Interoil Exploration & Production ASA

INDEPENDENT EXPERT STATEMENT

At the request of the Board of Directors ("The Board") of Interoil Exploration & Production ASA ("IOX") we hereby submit an independent expert statement in accordance with the provisions of § 3-8 and § 2-6 of The Public Limited Liability Companies Act (Norway). The Board is responsible for the evaluations performed and the clauses in The Amendment they seek to enter. Our responsibility is to prepare a statement on The Amendment agreement with Eksportconsult AS ("EC"), Force Capital Partners AS ("FCP") and Caberian Investment Inc, BVI ("Caberian") regarding the change in due date of the settlement agreement dated 25 July 2008 and to express an opinion on the balance between the value of the consideration the company is to provide and the value of the consideration the company is to receive.

The following statement consists of two parts. The first part is a presentation of information according to the requirements in § 2-6 first paragraph and numbers 1 to 4 of The Public Limited Liability Companies Act (Norway). The second part is our expert opinion.

Part 1: Information regarding the Amendment

IOX entered on 25.7.2008 a settlement agreement with EC, FCP and Caberian regarding 90% coverage of tax claims totaling NOK 57,15 million related to the Norwegian Tax Authorities ("NTA") position that EC and FCP should be taxed on a gain related to the sale of shares of subsidiaries to IOX in advance of funding and stock market introduction.

The Settlement Agreement was somewhat unclear as to when IOX’s payment obligation should fall due. Legal opinions from IOX’s regular legal advisers, Wiersholm, as well as law firm Wikborg Rein concluded both that the correct interpretation was that the due date should be when a final ruling is reached in the legal system.

The Amendment will change the due date to the point in time when the NTA reached its final conclusion. The purpose of The Amendment is to ease the liquidity burden for EC and FCP related to the tax claims that IOX by the entered and approved settlement agreement anyhow bear the major part of the risk of.

The Amendment further regulates that the parties as soon as possible after the due date should negotiate the payment terms of the amounts payable.

Postadresse:

Postboks 7154 Majorstuen
0307 OSLO

Kontor:

Oscars gate 30, 5. etg.
0352 OSLO

Telefon:

23 20 49 00

Telefaks:

23 20 49 01

E-post / Hjemmeside:

[email protected]

www.rg.no

Bankgiro:

6034.05.40282

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

Part 2: The independent expert opinion

We have conducted our control and submit our statement in accordance with standard for attestation engagements SA 3802 "The auditor’s reports and statements according to company law". This standard requires that we plan and perform controls to obtain reasonable assurance that there is a reasonable balance in the terms and conditions that are changed by The Amendment. The work has included review of the agreement text, assessment of the Company’s obligations under the signed settlement agreement and the Contracting Parties disadvantage of having to advance the tax payments. We have also reviewed The Amendment’s objectives and conditions. Our controls provide, in our opinion a reasonable basis for our expert opinion.

The Amendment has been negotiated between the owners of the EC, FCP and Caberian on one side and an independent Board of Directors of IOX on the other side.

In our opinion, based on the fact that The Amendment has been negotiated between independent parties and that IOX has based its decision on a desire to avoid having key personnel end up in a burdening economic situation, that there is fairness and balance in the contract terms changed by The Amendment.

Oslo, 17 February 2010

RevisorGruppen

Abrahamsen & Løken AS

Hallvard Holme

State Authorized Public Accountant Norway

PLEASE NOTE:

This translation of the original independent expert statement in Norwegian has been prepared for information purposes only.

Postadresse: Postboks 7154 Majorstuen 0307 OSLO

Kontor: Oscars gate 30, 5. etg. 0352 OSLO

Telefon: 23 20 49 00

Telefaks: 23 20 49 01

E-post / Hjemmeside: [email protected] www.rg.no

Bankgiro: 6034.05.40282

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

To the general meeting of

Interoil Exploration & Production ASA

INDEPENDENT EXPERT STATEMENT

At the request of the Board of Directors ("The Board") of Interoil Exploration & Production ASA ("IOX") we hereby submit an independent expert statement in accordance with the provisions of § 3-8 and § 2-6 of The Public Limited Liability Companies Act (Norway). The Board is responsible for the evaluations performed and the clauses in The Mandate Agreement they seek to enter. Our responsibility is to prepare a statement on The Mandate Agreement with Eksportconsult AS ("EC") to provide services in connection with refinancing and/or divesture of material assets ("The Restructuring") against a fee form IOX and to express an opinion on the balance between the value of the consideration the company is to provide and the value of the consideration the company is to receive.

Part 1: Information regarding the Mandate Agreement

The Mandate Agreement with Eksportconsult AS that IOX seek to get approved has the following central terms:

Services to be provided by Eksportconsult AS
Coordinating, preparing and participating in negotiations between the Company and bondholders and/or investors;
Identifying and inviting potential investors;
Providing advice with regard to the structuring, timing, conditions and terms of the Restructuring; and
Providing of other related services to be agreed between the Company and Eksportconsult.
The consideration that Eksportconsult AS shall receive
A fee of 1 % of the gross refinancing amount and/or 0,75 % of the gross proceeds from divesture(s)
Entitlement to the fee is triggered at each point in time that IOX has received the actual refinancing of a portion or whole of IOXs debt or received payment for a divesture of any material assets
The fee is due for payment two weeks after the entitlement occurred. In case of payment after the due date, Eksportconsult AS shall be entitled to interest of three months NIBOR plus two percent.
Other central terms
The Engagement lasts until 31 December 2010, but may be prolonged by agreement of the Parties without obtaining conformation by the IOX’s general meeting.

Postadresse: Postboks 7154 Majorstuen 0307 OSLO

Kontor: Oscars gate 30, 5. etg. 0352 OSLO

Telefon: 23 20 49 00

Telefaks: 23 20 49 01

E-post / Hjemmeside: [email protected] www.rg.no

Bankgiro: 6034.05.40282

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

Eksportconsult AS shall have no liability whatsoever for any losses, claims, damages, costs or liability of the IOX which arises out of the Engagement, except in the event of gross negligence of Eksportconsult AS.
IOX shall indemnify and hold harmless Eksportconsult AS for any losses, claims, costs or liability of Eksportconsult in connection with the Engagement. This indemnification includes all costs of Eksportconsult AS in relation to legal advice and all other expert advice submitted in relation to the preparation and defense of such claims. The indemnification shall not apply if and to the extent this results solely from gross negligence or willful misconduct on the part of Eksportconsult AS.
Eksportconsult AS responsibility for any loss, claim, damages, costs or liability shall be limited to the fees received by Eksportconsult AS for the Engagement, and should not include indirect or consequential damage or loss.
The agreement can be altered by written amendment signed by both parties and approved by The Board of IOX. An alteration of the agreement shall not require confirmation by IOX’s general meeting as long as the alteration does not lead to a higher total achievable fee for Eksportconsult AS.
The agreement shall be governed by Norwegian law and under the jurisdiction of the Oslo District Court.

Part 2: The independent expert opinion

We have conducted our control and submit our statement in accordance with standard for attestation engagements SA 3802 "The auditor’s reports and statements according to company law". This standard requires that we plan and perform controls to obtain reasonable assurance that there is a reasonable balance between the considerations the company is to provide and the considerations the company is to receive. The work has included review of the agreement text, assessment of the Company’s financial situation and the need for refinancing or divesture to solve the situation with default on issued Bonds. We have also reviewed the mandate agreements objectives and conditions. Our controls provide, in our opinion a reasonable basis for our expert opinion.

In our opinion, there is reasonable balance between the fee that IOX shall provide of 1 % of gross proceeds from refinancing and/or 0,75 % of gross proceeds from divesture(s) of material assets and the value of the services that IOX shall receive.

Oslo, 17 February 2010

RevisorGruppen

Abrahamsen & Løken AS

Hallvard Holme

State Authorized Public Accountant Norway

PLEASE NOTE: This translation of the original independent expert statement in Norwegian has been prepared for information purposes only.

Postadresse:
Postboks 7154 Majorstuen
0307 OSLO

Kontor:
Oscars gate 30, 5. etg.
0352 OSLO

Telefon:
23 20 49 00

Telefaks:
23 20 49 01

E-post / Hjemmeside:
[email protected]
www.rg.no

Bankgiro:
6034.05.40282

8
Vedlegg 1. Redegjørelser fra revisor

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

Til generalforsamlingen i

Interoil Exploration & Production ASA

REDEGJØRELSE FRA UAVHENGIG SAKKYNDIG

På oppdrag fra styret ("Styret") i Interoil Exploration & Production ASA ("IOX") avgir vi som uavhengig sakkyndig en redegjørelse i samsvar med ASAL § 3-8, jf. § 2-6. Styret er ansvarlige for de vurderinger som er gjort og vilkårene i tilleggsavtalen som søkes inngått. Vår oppgave er å utarbeide en redegjørelse om tilleggsavtalen med Eksportconsult AS ("EC"), Force Capital Partners AS ("FCP") og Caberian Investment Inc, BVI ("Caberian") vedrørende endring av betalingstidspunkt etter forliksavtalen av 25.7.2008 og uttale oss om det er rimelig samsvar mellom verdien av det vederlaget selskapet skal yte, og det vederlaget selskapet skal motta.

Den videre redegjørelsen består av to deler. Den første delen er en presentasjon av opplysninger i overensstemmelse med de krav som stilles i allmennaksjeloven § 2-6 første ledd nr. 1 til 4. Den andre delen er vår sakkyndige uttalelse.

Del 1: Opplysninger om tilleggsavtalen

IOX inngikk 25.7.2008 en forliksavtale med EC, FCP og Caberian om 90 % dekning av skattekrav på totalt kr 57,15 millioner knyttet til Skattekontorets standpunkt at EC og FCP skal skatte av gevinst ved salg av aksjer i datterselskap til IOX i forkant av finansiering og børsintroduksjon.

Forliksavtalen var noe uklar med hensyn til når IOX sin betalingsforpliktelse skulle inntre. Juridiske betenkninger fra IOX sine faste juridiske rådgivere, Wiersholm, samt Advokatfirmaet Wikborg Rein konkluderte begge med at riktig tolkning var forfall når en endelig dom foreligger i rettssystemet.

Tilleggsavtalen endrer forfallstidspunktet til tidspunktet da Skattemyndighetene (dvs Skatteklagenemnda) fattet sin endelige beslutning. Formålet med tilleggsavtalen er å lette likviditetsbyrden for EC og FCP knyttet til skattekravene som IOX ved inngått og godkjent forliksavtale uansett bærer det vesentligste av risikoen for.

Tilleggsavtalen regulerer videre at partene så snart som mulig etter forfallstidspunktet skal forhandle om betalingsbetingelsene for de betalbare beløp.

Postadresse:

Postboks 7154 Majorstuen

0307 OSLO

Kontor:

Oscars gate 30, 5. etg.

0352 OSLO

Telefon:

23 20 49 00

Telefaks:

23 20 49 01

E-post / Hjemmeside:

[email protected]

www.rg.no

Bankgiro:

6034.05.40282

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

Del 2: Den uavhengig sakkyndiges uttalelse

Vi har utført vår kontroll og avgir vår uttalelse i samsvar med standard for attestasjonsoppdrag SA 3802 "Revisors uttalelser og redegjørelser etter selskapslovgivningen". Standarden krever at vi planlegger og utfører kontrollen for å oppnå betryggende sikkerhet for at det er rimelighet og balanse i de avtalevilkår som endres med tilleggsavtalen. Arbeidet har omfattet gjennomgang av avtaletekst, vurdering av selskapets forpliktelser etter inngått forliksavtale og avtalepartenes ulempe ved å måtte forskuttere skattebeløpet. Videre har vi vurdert avtalens formål og vilkår. Vår kontroll gir etter vår mening et forsvarlig grunnlag for vår uttalelse.

Tilleggsavtalen er fremforhandlet mellom eierne av EC, FCP og Caberian på den ene siden og et uavhengig styre fra IOX på den andre siden.

Vi mener, basert på det faktum at tilleggsavtalen er fremforhandlet mellom uavhengige parter og at IOX har basert sin beslutning på et ønske om å unngå at nøkkelpersoner havner i en tyngende økonomisk situasjon, at det er rimelighet og balanse i de avtalevilkår som endres av tilleggsavtalen.

Oslo, 17. februar 2010

RevisorGruppen

Abrahamsen & Løken AS

Hallvard Holme
statsautorisert revisor

Postadresse:
Postboks 7154 Majorstuen
0307 OSLO

Kontor:
Oscars gate 30, 5. etg.
0352 OSLO

Telefon:
23 20 49 00

Telefaks:
23 20 49 01

E-post / Hjemmeside:
[email protected]

Bankgiro:
6034.05.40282

www.rg.no

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

Til generalforsamlingen i

Interoil Exploration & Production ASA

REDEGJØRELSE FRA UAVHENGIG SAKKYNDIG

På oppdrag fra styret ("Styret") i Interoil Exploration & Production ASA ("IOX") avgir vi som uavhengig sakkyndig en redegjørelse i samsvar med ASAL § 3-8, jf. § 2-6. Styret er ansvarlige for de vurderinger som er gjort og vilkårene i avtalen som søkes inngått. Vår oppgave er å utarbeide en redegjørelse for mandatavtalen med Eksportconsult AS om arbeid med refinansiering og/eller salg av forretningsområder ("Restruktureringen") mot vederlag fra IOX og uttale oss om det er rimelig samsvar mellom verdien av det vederlaget selskapet skal yte, og det vederlaget selskapet skal motta.

Del 1: Opplysninger om mandatavtalen

Mandatavtalen med Eksportconsult AS som IOX ønsker godkjent, har følgende sentrale bestemmelser:

Tjenester som Eksportconsult AS skal yte
Koordinere, forberede og delta i forhandlinger mellom IOX og obligasjonseiere og/eller investorer.
Identifisere og invitere potensielle investorer.
Gi råd med hensyn til strukturering, tidspunkt, betingelser og vilkår for Restruktureringen.
Yte andre tilknyttede tjenester som avtales mellom IOX og Eksportconsult AS.
Vederlaget som Eksportconsult AS skal motta
Honorar på 1 % av brutto proveny fra refinansiering og/eller 0,75 % av brutto proveny fra salg av forretningsområde(r).
Rett til honorar utløses hver gang IOX har mottatt refinansiering av hele eller deler av IOXs gjeld eller mottatt betaling fra salg av forretningsområde(r).
Honoraret forfaller til betaling to uker etter at retten til honoraret oppstod. Ved betaling etter forfall har Eksportconsult AS rett til renter basert på tre måneders NIBOR pluss to prosent.
Øvrige sentrale vilkår
Avtalen løper ut 31. desember 2010, men kan forlenges av partene uten krav om ny godkjenning fra generalforsamlingen.

Postadresse:
Postboks 7154 Majorstuen
0307 OSLO

Kontor:
Oscars gate 30, 5. etg.
0352 OSLO

Telefon:
23 20 49 00

Telefaks:
23 20 49 01

E-post / Hjemmeside:
[email protected]

www.rg.no

Bankgiro:
6034.05.40282

RevisorGruppen

Abrahamsen & Løken AS

Statsautoriserte revisorer

Medlem i Den norske Revisorforening

Medlem i RevisorGruppen

Foretaksregisteret: NO 980 820 858 MVA

Eksportconsult AS skal ikke ha noe ansvar for tap, krav, skade, kostnader eller forpliktelser for IOX som oppstår som følge av engasjementet, med mindre Eksportconsult AS har opptrådt grovt uaktsomt.
IOX skal holde Eksportconsult AS skadesløs for tap, krav, skade, kostnader eller forpliktelser som måtte oppstå som følge av engasjementet. Herunder skal IOX dekke kostnader til juridisk og annen ekspertbistand i forbindelse med Eksportfinans AS sitt forsvar mot slike krav. Dette gjelder ikke i den utstrekning tap, krav, skade, kostnader eller forpliktelser har oppstått ved grov uaktsomt eller forsettelig vanskjøtte fra Eksportconsult AS sin side.
Eksportconsult AS sitt eventuelle ansvar for tap, krav, skade, kostnader eller forpliktelser skal være begrenset til størrelsen på mottatt honorar og skal ikke kunne omfatte indirekte skade og tap eller følgeskader.
Avtalen kan endres ved skriftlig tilleggsavtale signert av begge parter og godkjent av IOXs styre. Endring av avtalen skal ikke kreve ny godkjenning av generalforsamlingen så lenge endringen ikke medfører noe høyere totalt oppnåelig honorar for Eksportconsult AS.
Avtalen skal være regulert av norsk lov og underlagt Oslo Tingrett.

Del 2: Den uavhengig sakkyndiges uttalelse

Vi har utført vår kontroll og avgir vår uttalelse i samsvar med standard for attestasjonsoppdrag SA 3802 "Revisors uttalelser og redegjørelser etter selskapslovgivningen". Standarden krever at vi planlegger og utfører kontrollen for å oppnå betryggende sikkerhet for at det er rimelig samsvar mellom verdien av det vederlaget selskapet skal yte og det vederlaget selskapet skal motta. Arbeidet har omfattet gjennomgang av avtaletekst, vurdering selskapets finansielle situasjon og behovet for refinansiering eller salg av forretningsområder for å løse situasjonen med misligholdt obligasjonslån. Videre har vi vurdert avtalens formål og vilkår. Vår kontroll gir etter vår mening et forsvarlig grunnlag for vår uttalelse.

Vi mener at det er rimelig samsvar mellom verdien av det vederlaget IOX skal yte på 1 % av brutto refinansieringsproveny og/eller 0,75 % av brutto proveny ved salg av forretningsområde og de tjenester IOX skal motta.

Oslo, 17. februar 2010

RevisorGruppen

Abrahamsen & Løken AS

Hallvard Holme
statsautorisert revisor

Postadresse:
Postboks 7154 Majorstuen
0307 OSLO

Kontor:
Oscars gate 30, 5. etg.
0352 OSLO

Telefon:
23 20 49 00

Telefaks:
23 20 49 01

E-post / Hjemmeside:
[email protected]

www.rg.no

Bankgiro:
6034.05.40282

Appendix 2. Attendance Form

ATTENDANCE FORM

The undersigned will attend the annual general meeting of Interoil Exploration and Production ASA on 11 March 2010.

I own: _______ shares

I am proxy for: _______ shares (please attach proxy form(s))

Signature: _______

Name: _______ (block letters)

Place/date: _______

Please send the attendance form to: Interoil Exploration and Production ASA, Strandveien 50, 1366 Lysaker, Norge or per fax no. (+47) 67 51 86 60 or to: [email protected].

Vedlegg 2. Møteseddel

MØTESEDDEL

Undertegnede vil møte på generalforsamling i Interoil Exploration and Production ASA den 11. mars 2010.

Jeg eier: _____ aksjer

Jeg har fullmakt for: _____ aksjer (fullmakten(e) bes vedlagt)

Underskrift: ______

Navn: ______ (blokkbokstaver)

Sted/dato: ______

Møteseddelen sendes til: Interoil Exploration and Production ASA, Strandveien 50, 1366 Lysaker, Norge eller per fax no. (+47) 67 51 86 60 eller til: [email protected]

Appendix 3. Proxy Form

PROXY FORM

As the owner of ______ [NB – MUST BE FILLED OUT] shares in Interoil Exploration and Production ASA I/we hereby appoint

☐ Thor Håkstad, member of the Board of Directors
☐ _____ (insert name)

as my/our proxy to represent and vote for my/our shares at the extraordinary general meeting of Interoil Exploration and Production ASA to be held on 11 March 2010.

If none of the alternatives above has been crossed out, Board member Thor Håkstad will be considered appointed. If Thor Håkstad has been appointed as proxy, he may appoint another member of the Board or the management to represent and vote for the shares covered by the proxy.

If the shareholder so desires and Thor Håkstad has been appointed as proxy, the voting instructions below can be filled in and returned to the company. Thor Håkstad will accordingly ensure that voting is carried out in accordance with the instructions.

Voting instructions:

Resolution	Vote for	Vote against	Vote withheld
1. Appointment of persons to chair the meeting and to co-sign the minutes
2. Approval of summon of meeting and agenda
4. Authority to the Board of Directors to sell assets
5. Approval of Amendment to Settlement Agreement dated 25 July 2008
6. Approval of Mandate Agreement between Interoil Exploration and Production ASA and Eksportconsult AS.

If voting instructions are given the following applies:

If the box "Vote for" has been crossed out, this implies that the proxy is instructed to vote for the proposal in the notice, with any changes suggested by the Board, the Chairman of the Board, the chairman of the meeting or the nomination committee. In case of amendments of the proposals included in the notice, the proxy can at the proxy's own discretion refrain from voting for the shares.

If the box "Vote against" has been crossed out, this implies that the proxy is instructed to vote against the proposal in the notice, with any changes suggested by the Board, the Chairman of the Board, the chairman of the meeting or the nomination committee. In case of amendments of the proposals included in the notice, the proxy can at the proxy’s own discretion refrain from voting for the shares.
If the box "Vote withheld" has been crossed out, this implies that the proxy is instructed to refrain from voting for the shares.
If none of the boxes has been crossed out, this implies that the proxy can decide at the proxy’s own choice how the shares shall be voted for.
In respect of elections, the instructions are only valid for voting in respect of elections of the candidates that have been listed in the proxy form.
In respect of a vote over matters that are not included on the agenda and which may validly come before the meeting the proxy is free to decide how the shares shall be voted for. The same applies for a vote over matters of formal nature, such as chairperson of the meeting, voting order or voting procedure.
If a shareholder has inserted another person than Thor Håkstad as proxy, and wants to give such person instructions on voting, this is a matter for the shareholder and the proxy that is irrelevant to the company. In such a situation the company does not undertake any responsibility to verify that the proxy votes in accordance with the instructions.

Signature: ____ *
Name: ____ (block letters)
Place/date: _____

Please send the proxy to: Interoil Exploration and Production ASA, Strandveien 50, 1366 Lysaker, Norge or per fax no. (+47) 67 51 86 60 or to: [email protected].

If the proxy is given on behalf of a company or other legal entity, a certificate of registration and/or power of attorney must be attached so as to evidence that the person signing the proxy form is properly authorized.

Vedlegg 3. Fullmakt

FULLMAKT

Som eier av ______ [NB – MÅ FYLLES UT] aksjer i Interoil Exploration and Production ASA gir jeg/vi herved

☐ Styremedlem Thor Håkstad
☐ _______ (sett inn navn)

fullmakt til å representere og avgi stemmer for mine/våre aksjer på ekstraordinær generalforsamling i Interoil Exploration and Production ASA den 11 mars 2010.

Dersom det ikke er krysset av for noen av alternativene ovenfor, vil fullmakten bli ansett gitt til styremedlem Thor Håkstad. Dersom fullmakt er gitt til Thor Håkstad, har han adgang til å gi et annet medlem av styret eller ledelsen rett til å representere, og avgi stemme for, aksjene som fullmakten omfatter.

Dersom aksjonæren ønsker det og Thor Håkstad er innsatt som fullmektig, kan stemmeinstruksen nedenfor fylles ut og sendes til selskapet. Thor Håkstad vil da besørge stemmegivning i henhold til stemmeinstruksen.

Stemmeinstruks:

Vedtak	Stemmer for	Stemmer mot	Avstår fra å stemme
1. Valg av møteleder og en person til å medundertegne protokollen
2. Godkjennelse av innkalling og dagsorden
4. Fullmakt til styret for salg av aktiva
5. Godkjennelse av tillegg til Forliksavtale av 25. Juli 2008
6. Godkjennelse av Mandatavtale mellom Interoil Exploration and Production ASA og Eksportconsult AS.

Dersom det er gitt stemmerettsinstruks gjelder følgende:

Dersom det er krysset av for "Stemmer for" innebærer det en instruks til fullmektigen om å stemme for forslaget i innkallingen, med de endringer som styret, styrets leder, møteleder eller valgkomiteen måtte foreslå. Ved eventuelle endringer i forhold til de forslag som fremgår av innkallingen, kan fullmektigen etter eget skjønn avstå fra å stemme for aksjene.
Dersom det er krysset av for "Stemmer mot" innebærer det en instruks til fullmektigen om å stemme mot forslaget i innkallingen, med de endringer som styret, styrets leder, møteleder eller valgkomiteen måtte foreslå. Ved eventuelle endringer i forhold til de forslag som fremgår av innkallingen, kan fullmektigen etter eget skjønn avstå fra å stemme for aksjene.

-Dersom det er krysset av for "Avstår fra å stemme" innebærer det en instruks til fullmektigen om ikke å avgi stemme for aksjene.

Dersom det ikke krysses av for noe alternativ, innebærer det at fullmektigen står fritt til å avgjøre hvordan det skal stemmes for aksjene.

-Ved valg er instruksen begrenset til å gjelde avstemning over valg av de kandidater som er angitt i fullmaktsskjemaet.

-Ved avstemninger over saker som ikke fremgår av innkallingen, men som lovlig tas opp til avgjørelse ved generalforsamlingen står fullmektigen fritt til å avgjøre hvordan det skal stemmes for aksjene. Det samme gjelder avstemning over formelle forhold, f.eks. møteleder, avstemningsrekkefølge eller avstemningsform.

Dersom aksjonæren har innsatt annen fullmektig enn Thor Håkstad og ønsker å gi vedkommende instruks om stemmegivning er dette et forhold mellom aksjonæren og fullmektigen som er selskapet uvedkommende. For dette tilfellet påtar selskapet seg ikke ansvar for å kontrollere om fullmektigen avgir stemme i henhold til instruksen.

Underskrift: _____*

Navn: _____ (blokkbokstaver)

Sted/dato: _____

Fullmakten sendes til: Interoil Exploration and Production ASA, Strandveien 50, 1366 Lysaker, Norge eller per fax no. (+47) 67 51 86 60 eller til: [email protected]

Dersom fullmakt gis på vegne av et selskap eller annen juridisk person, må det vedlegges firmaattest/og eller fullmakt som viser at den som undertegner har kompetanse til å avgi fullmakten.

Appendix 4. Proposed resolutions
Vedlegg 4. Forslag til vedtak

Proposed resolutions

Item no. 4 of the agenda

The Board proposes that the General Meeting resolves the following:

"The Board is authorized to dispose of the Company's assets in connection with the refinancing/restructuring of the Company, up to a value of USD 300 millions."

Item no. 5 of the agenda

The Board proposes that the General Meeting resolves the following:

Item no. 6 of the agenda

The Board proposes that the General Meeting resolves the following:

"The General Meeting approves the Mandate Agreement dated 16 February 2010 between Interoil on the one side and Eksportconsult AS on the other side, cf the Public Limited Companies Act § 3-8."

Forslag til vedtak

Til agendaens punkt 4:

Styret foreslår at generalforsamlingen vedtar følgende:

"Styret gis fullmakt til å selge aktiva i forbindelse med refinansieringen/-restruktureringen av selskapet, opp til en verdi av USD 300 millioner."

Til agendaens punkt 5:

Styret foreslår at generalforsamlingen vedtar følgende:

Til agendaens punkt 6:

Styret foreslår at generalforsamlingen vedtar følgende:

"Generalforsamlingen godkjenner Mandatavtalen datert 16. februar 2010 mellom Interoil på den ene side og Eksportconsult AS på den annen side, jf. allmennaksjeloven § 3-8."

Appendix 5. Amendment to settlement agreement

Vedlegg 5. Amendment to settlement agreement

ADDENDUM NO.2 TO SHARE PURCHASE AGREEMENTS DATED 15 SEPTEMBER 2005 AND RESTATED 21 SEPTEMBER 2005, BETWEEN INTEROIL EXPLORATION AND PRODUCTION ASA, ON THE ONE SIDE, AND EKSPORTCONSULT AS, FORCE CAPITAL PARTNERS AS AND CABERIAN INVESTMENT INC, ON THE OTHER SIDE

AMENDMENT TO SETTLEMENT AGREEMENT DATED 25 JULY 2008 (THE "SETTLEMENT AGREEMENT")

This amendment (the "Amendment") is made this sixteenth day of February, 2010 between

(1) Eksportconsult AS, Norway, org.no.: 931 390 554, ("EC"),
(2) Force Capital Partners AS, Norway, org.no.: 987 197 722, ("FCP"), and
(3) Caberian Investment Inc, BVI, ("Caberian"), on the one side; and
(4) Interoil Exploration and Production ASA, org.no.: 988 247 006, ("IOX"), on the other side.

BACKGROUND

1.1. Reference is made to the Settlement Agreement, under which IOX have agreed (i) to pay to EC and FCP 90 % of their final amount, respectively, to be paid in accordance with the tax claim of NOK 57.15 million raised by the Norwegian Tax Authorities, (ii) to pay interest on the amounts, and (iii) to cover other costs incurred by EC and FCP in accordance with the tax claim.
1.2. The Parties to the Settlement Agreement have agreed to amend the Settlement Agreement as set forth in this Amendment, and this Amendment shall be regarded as an integral part of the Settlement Agreement.

AMENDMENT

2.1. The Parties have agreed that the wording of Section 2 of the Settlement Agreement shall be amended. Section 2 of the Settlement Agreement is hereby amended into the following:

SETTLEMENT

Upon the completion and fulfillment of each of the Parties' obligations and commitments under this Settlement Agreement, or earlier, if expressly stated herein, the Parties have agreed that IOX shall pay to EC and FCP, respectively, the following:

2.1. An amount corresponding to 90 % (ninety per cent) of the final amount to be paid by EC and FCP, respectively, to the NTA in relation to the capital gain claim from the NTA received by EC and FCP on June 28, 2007, respectively, with a maximum amount to be paid amounting to NOK 44,758,682 for EC, and NOK 7,513,129.8 for FCP, (for the avoidance of doubt; all amounts of the capital of the Claim that may be reimbursed by the NTA to EC and/or FCP respectively, shall be deducted from the agreed amounts to be paid by IOX to EC and FCP respectively, or repaid by the same to IOX as the case may be).
2.2. An interest element corresponding to three months NIBOR plus two per cent on (i) for EC, NOK 44,758,682 for the period from 24 May 2008, and (ii) for FCP, on NOK 7,513,129.8 for the period from 30 May 2008, for both up to the date the amounts payable by IOX to EC and FCP, respectively, under Clause 2.1 are actually paid to EC and FCP (the "Interest Element"), provided, however, that if EC and/or FCP are repaid any or all of the paid in amounts, the interests received by EC and/or FCP from the NTA on such repayments shall

be deducted from the Interest Element, or repaid to IOX as the case may be (for the avoidance of doubt; subject to a possible deduction for received interest on repayments, such Interest Element shall be paid also if the Claim is withdrawn by the NTA in its entirety).

2.3. An amount covering the reasonable costs incurred by EC and FCP to oppose the Claim, respectively, up to the date hereof and further until the final conclusion of the Claim, provided, however, that pertaining to future costs, such costs shall be approved by IOX before they are incurred.

The payment of (i) the agreed portion of the EF-Claim as stipulated in Clauses 2.1 and 2.2, and (ii) the costs as stipulated in Clause 2.3 up to the date hereof, shall be due at the point in time when the NTA reached its final conclusions, upon which the amounts payable under this Settlement Agreement shall be due for payment to EC and FCP, respectively. IOX and EC and FCP shall as soon as possible thereafter negotiate payment terms for the amounts payable.

By this Settlement Agreement and subject to the fulfillment of each of the Parties' rights and obligations hereunder, the Parties have fully and finally settled all of their commitments, claims and liabilities related to or derived from the Claim, the EF Claim and/or the SPA. EC, FCP and Caberian explicitly confirm that no further claim of any nature related to the Claim, EF Claim or the SPA will be forwarded under any jurisdiction whatsoever."

3. APPROVAL BY IOX GENERAL MEETING

This Amendment’s validity is subject to approval by the General Meeting of IOX. Such General Meeting is planned to take place in mid March 2010.

4. CHOICE OF LAW AND LEGAL VENUE

The Parties agree that this Addendum No.2 shall be governed by, and interpreted in accordance with, the laws of Norway with legal venue in Oslo, Norway.

For and on behalf of
Eksportconsult AS
Mårten Rød
Place and date: 17/2-10

For and on behalf of
Interoil Exploration and Production ASA
Patricia Guerra
Place and date:

For and on behalf of
Force Capital Partners AS
Nils Nilsen Trulsvik
Place and date: 17/2-10

For and on behalf of
Caberian Investment Inc

Place and date: February 17, 2010

3. APPROVAL BY IOX GENERAL MEETING

This Amendment's validity is subject to approval by the General Meeting of IOX. Such General Meeting is planned to take place in mid March 2010.

4. CHOICE OF LAW AND LEGAL VENUE

The Parties agree that this Addendum No.2 shall be governed by, and interpreted in accordance with, the laws of Norway with legal venue in Oslo, Norway.

For and on behalf of
Eksportconsult AS

Mårten Rød
Place and date: ___

For and on behalf of
Force Capital Partners AS

Nils Nilsen Trulsvik
Place and date: ___

For and on behalf of
Caberian Investment Inc.

Giovanni Colombo
Place and date: ___

For and on behalf of
Interoll Exploration and Production ASA

Patricia Guerra
Place and date: Zelikon, 17.2.2010

Berit Kjøll
Place and date: ___

Thor Håkstad
Place and date: ___

17/02 2010 14:41 FAX 76967501
From:FRA-WIERSHOLM
HURTIGRUTEN ASA
To:076967501
17/02/2010 13:21
002

044 P.012/016

3. APPROVAL BY IOX GENERAL MEETING

This Amendment's validity is subject to approval by the General Meeting of IOX. Such General Meeting is planned to take place in mid March 2010.

4. CHOICE OF LAW AND LEGAL VENUE

The Parties agree that this Addendum No.2 shall be governed by, and interpreted in accordance with, the laws of Norway with legal venue in Oslo, Norway.

For and on behalf of
Elenartconsult AS
Marten Red
Place and date: 17/2-10

For and on behalf of
For the Capitol Partners AS
Nils Nilsen Thulsvik
Place and date: 17/9-10

For and on behalf of
Caberian Investment Inc

For and on behalf of
Interoil Exploration and Production ASA
Patricia Guerra
Place and date:

Berit Kjell
Place and date: Naugk 17.02.10

Thor Håkstad
Place and date: Lyse 17.02.10

Place and date: February 17, 2010

Appendix 6. Mandate agreement

Vedlegg 6. Mandate agreement

MANDATE AGREEMENT

This Agreement (the "Agreement") between

(1) Interoil Exploration and Production ASA, ("Interoil" or the "Company"),
and
(2) Eksportconsult AS, ("Eksportconsult"),
(hereinafter referred to as "Party" in the singular and "Parties" in the plural),

was agreed between the Parties on the twenty-ninth day of May 2009, and is on this sixteenth day of February 2010 formalized in writing by the board of directors of the Company and Eksportconsult.

1. INTRODUCTION

In connection with Interoil’s restructuring process, Interoil wishes to engage Eksportconsult as a consultant with the purpose of assisting Interoil in a refinancing of the Company’s debt, or divesture of any of the Company’s material assets, as the case may be, and thereby secure further funding of Interoil (the “Restructuring”).

Eksportconsult accepts such engagement (the “Engagement”) on the terms set out in this Agreement.

2. SCOPE OF ENGAGEMENT

Eksportconsult’s role pursuant to the Agreement is to facilitate, and to actively assist in the co-ordination and execution of the Restructuring. Drawing on Mårten Rød’s full experience, market knowledge, contacts and other resources, Eksportconsult will use its full endeavours to assist the Company in reaching a satisfactory Restructuring.

More specifically, the tasks will among others include:

(i) Co-ordinating, preparing and participating in negotiations between the Company and bondholders and/or investors;
(ii) Identifying and inviting potential investors;
(iii) Providing advice with regard to the structuring, timing, conditions and terms of the Restructuring; and
(iv) Providing of other related services to be agreed between the Company and Eksportconsult.

3. FEE AND PAYMENT TERMS

3.1 Restructuring fee

Eksportconsult is entitled to (i) a fee of 1 % of the gross refinancing amount in case of one or more events of refinancing of the whole or parts of the Company’s debt, (ii) a fee of 0.75 % of the gross proceeds in one or more events of divesture of any of the Company’s material assets, and (iii) in case of a combination of refinancing and divesture, a fee of 1 % of the gross refinancing amount and 0.75 % of the gross proceeds from the divesture.

Eksportconsult’s entitlement to the fee is triggered by the occurrence of a Restructuring Event as set forth below.

A restructuring event “Restructuring Event” shall be deemed to have taken place at each point in time when the Company has received the actual refinancing of a portion or whole of the Company’s debt or received payment for a divesture of any of the Company’s material assets, as the case may be.

3.2 Time of payment

Payment of the fee to Eksportconsult shall fall due two weeks after the date of the actual Restructuring Event.

Eksportconsult shall be entitled to an interest of three months NIBOR plus two per cent, calculated from due date until actual payment is made, in the case of payment after due date.

3.3 VAT

Any amount specified in this Agreement is exclusive of Value Added Tax and other government duties.

4. DURATION OF ENGAGEMENT

The Engagement lasts until 31 December 2010, and may be prolonged by agreement of the Parties without obtaining confirmation by the Company’s general meeting.

5. LIABILITY AND INDEMNIFICATION

Eksportconsult shall have no liability whatsoever for any losses, claims, damages, costs or liability of the Company which arises out of the Engagement, except in the event of gross negligence of Eksportconsult.

The Company shall indemnify and hold harmless Eksportconsult for any losses, claims, costs or liability of Eksportconsult in connection with the Engagement, including but not limited to any losses, claims, damages, costs or liability which arises out of wrongful or incomplete information and/or documentation in connection with the Restructuring. This indemnification includes all costs of Eksportconsult in relation to legal advice and all other expert advice submitted in relation to the preparation and defence of such claims, regardless of whether a judgement against Eksportconsult is passed or not. The undertaking to indemnify Eksportconsult against any losses, claims, damages, costs or liability shall not apply if and to the extent this results solely from gross negligence or wilful misconduct on the part of Eksportconsult.

The Company shall immediately notify Eksportconsult of any events which result in any losses, claims, costs or liability of Eksportconsult. Such notification does not limit the liability of the Company.

6. LIMITATION OF LIABILITY

In the event Eksportconsult is held liable for any loss, claim, damages, costs or liability in relation to the Restructuring, such liability shall be limited to the fees received by Eksportconsult for the Engagement. Eksportconsult shall not be liable for any indirect or consequential damage or loss.

7. EXPIRY AND ALTERATION OF THE AGREEMENT

This Agreement expires at 31 December 2010. The provisions regarding fees, indemnification and limitation of liability in Clauses 3, 5 and 6, shall survive such expiry.

If the Engagement is not completed prior to 31 December 2010 this Agreement may be prolonged by a written amendment to this Agreement signed by both parties. Any prolongation shall be agreed between the parties at least one month prior to the expiry of the Agreement and shall in case be entered into on the same conditions as this

Page 2 of 3

Agreement, unless alternative conditions are expressly mentioned in the prolongation agreement. For the avoidance of doubt, a prolongation of the Agreement shall not require confirmation by the Company's general meeting.

This Agreement can only be altered by a written amendment to this Agreement signed by both parties. Any prolonging and/or alteration of the Agreement shall be resolved by the Company's board of directors.

An alteration of the Agreement shall not require confirmation by the Company's general meeting, unless the alteration of the Agreement leads to a higher total achievable fee for Eksportconsult. Hence, an including of other Restructuring Events (e.g. a merger), without an increase of the total achievable fee, shall not require confirmation by the Company's general meeting.

8. CONFIDENTIALITY

Eksportconsult hereby agrees that it will not disclose confidential information received from the Company to others, other than its employees, agents, accountants, attorneys, advisors or other such of its officers and employees who reasonably need the same in connection with Eksportconsult's intended use of the information. Eksportconsult shall inform such persons of the existence and contents of this confidentiality obligation under the Agreement and shall take all reasonable measures to ensure that such persons comply with the provisions contained herein, except as contemplated by this Engagement or as such disclosure may be required by law.

9. APPROVAL BY IOX GENERAL MEETING

This Agreement's validity is subject to approval by the General Meeting of IOX. Such General Meeting is planned to take place in mid March 2010.

10. CHOICE OF LAW AND JURISDICTION

This Agreement shall be governed by Norwegian law and the Parties hereby submit to the jurisdiction of the Oslo District Court.

For and on behalf of
Interoil Exploration and Production ASA

Patricia Guerra
Place and date: ___

For and on behalf of
Eksportconsult

Mårten Rød
Place and date: 17/2-10

Berit Kjøll
Place and date: ___

Thor Håkstad
Place and date: Lysaker 17.02.2010

Page 3 of 3

8. CONFIDENTIALITY

9. APPROVAL BY IOX GENERAL MEETING

This Agreement's validity is subject to approval by the General Meeting of IOX. Such General Meeting is planned to take place in mid March 2010.

10. CHOICE OF LAW AND JURISDICTION

This Agreement shall be governed by Norwegian law and the Parties hereby submit to the jurisdiction of the Oslo District Court.

| For and on behalf of
~~Interall Exploration and Production ASA~~
P. Cane ma
Patricia Guerra
Place and date: Zollikon, 17.2.2010 | For and on behalf of
Eksportconsult
Mårten Rød
Place and date: __ |
| --- | --- |
| Berit Kjøll
Place and date: __ | |
| Thor Håkstad
Place and date: ___ | |

Page 3 of 3

17/02 2010 14:41 FAX 76967501
From:FRA-WIERSHOLM
HURTIGRUTEN ASA
To:076967501
004
17/02/2010 13:22

044 P.016/016

8. CONFIDENTIALITY

9. APPROVAL BY IOX GENERAL MEETING

This Agreement's validity is subject to approval by the General Meeting of IOX. Such General Meeting is planned to take place in mid March 2010.

10. CHOICE OF LAW AND JURISDICTION

This Agreement shall be governed by Norwegian law and the Parties hereby submit to the jurisdiction of the Oslo District Court.

For and on behalf of
Interoil Exploration and Production ASA

Patricia Guerra
Place and date: ___

Baut Kien
Berit Kjell
Place and date: Næmik 17.02.10

Thor Håkstad
Place and date: Lysaker 17.02.2010

For and on behalf of
Eksportconsult

Mårten Rød
Place and date: 17/2-10

Page 3 of 3

AI assistant

InterOil Exploration and Production — Proxy Solicitation & Information Statement 2010

3638_rns_2010-02-18_d7597eac-2c4e-4429-8485-a69668f900f1.pdf

Summon to an extraordinary general meeting¹

Proposed agenda:

Innkalling til ekstraordinær generalforsamling

Forslag til dagsorden:

5. Approval of Amendment to Settlement Agreement dated 25 July 2008

5. Godkjenning av tillegg til Forliksavtale av 25. juli 2008

Appendices:

Vedlegg:

Appendix 1. Statements of the Independent Auditor

INDEPENDENT EXPERT STATEMENT

Part 1: Information regarding the Amendment

Part 2: The independent expert opinion

PLEASE NOTE:

INDEPENDENT EXPERT STATEMENT

Part 1: Information regarding the Mandate Agreement

Part 2: The independent expert opinion

REDEGJØRELSE FRA UAVHENGIG SAKKYNDIG

Del 1: Opplysninger om tilleggsavtalen

Del 2: Den uavhengig sakkyndiges uttalelse

REDEGJØRELSE FRA UAVHENGIG SAKKYNDIG

Del 1: Opplysninger om mandatavtalen

Del 2: Den uavhengig sakkyndiges uttalelse

ATTENDANCE FORM

MØTESEDDEL

PROXY FORM

FULLMAKT

Proposed resolutions

Item no. 4 of the agenda

Item no. 5 of the agenda

Item no. 6 of the agenda

Forslag til vedtak

Til agendaens punkt 4:

Til agendaens punkt 5:

Til agendaens punkt 6:

Appendix 5. Amendment to settlement agreement

Vedlegg 5. Amendment to settlement agreement

3. APPROVAL BY IOX GENERAL MEETING

4. CHOICE OF LAW AND LEGAL VENUE

3. APPROVAL BY IOX GENERAL MEETING

4. CHOICE OF LAW AND LEGAL VENUE

044 P.012/016

3. APPROVAL BY IOX GENERAL MEETING

4. CHOICE OF LAW AND LEGAL VENUE

Appendix 6. Mandate agreement

Vedlegg 6. Mandate agreement

MANDATE AGREEMENT

1. INTRODUCTION

2. SCOPE OF ENGAGEMENT

3. FEE AND PAYMENT TERMS

3.1 Restructuring fee

3.2 Time of payment

3.3 VAT

4. DURATION OF ENGAGEMENT

5. LIABILITY AND INDEMNIFICATION

6. LIMITATION OF LIABILITY

7. EXPIRY AND ALTERATION OF THE AGREEMENT

8. CONFIDENTIALITY

9. APPROVAL BY IOX GENERAL MEETING

10. CHOICE OF LAW AND JURISDICTION

8. CONFIDENTIALITY

9. APPROVAL BY IOX GENERAL MEETING

10. CHOICE OF LAW AND JURISDICTION

044 P.016/016

8. CONFIDENTIALITY

9. APPROVAL BY IOX GENERAL MEETING

10. CHOICE OF LAW AND JURISDICTION

More from InterOil Exploration and Production

InterOil Exploration and Production Proxy Solicitation & Information Statement 2010