Publication of supplemental prospectus for Share Issue in Interoil Exploration and Production ASA

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Interoil Exploration and Production ASA (the "Company") refers to the announcement published on 15 April 2021 in which the Company announced revised terms for its ongoing share issue with gross process of up to NOK 30.4 million (the "Share Issue"), including the new price per share in the Share Issue of NOK 1.20.

A supplemental national prospectus setting out the new terms of the Share Issue (the "Supplemental Prospectus") has now been registered with the Norwegian Register of Business Enterprises, and is available on the Company's web site together with the original prospectus for the Share Issue (the "Original Prospectus"):

https://www.interoil.no/?page_id=5469

Applications already received in the Share Issue will be adjusted in accordance with the new terms without the need to submit a new application. Further details are provided in the
Supplemental Prospectus.

The Share Issue remains directed towards Norwegian retail and institutional investors and international institutional investors pursuant to and in compliance with applicable exemptions from relevant registration, filing and prospectus requirements, and subject to other applicable selling restrictions.

Norwegian investors with access to VPS investor services may also access the Original Prospectus and the Supplemental Prospectus and submit applications online by using the following link:

https://investor.vps.no/sc/servlet/no.vps.sc.servlets.SCLogonServlet?I ...

Allocations of shares in the Share Issue will be made at the discretion of the Company's Board of Directors and the completion of the Share Issue is conditional upon approval by the Company's Board of Directors.

Further information regarding the Share Issue and the terms thereof, is included in the Prospectus and the Supplemental Prospectus.

The right to withdrawal as described in the Supplemental Prospectus will expire at 16:30 (CEST) on 22 April 2021.

Important Notice

The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.