Mr. James Macarthur of Richard reports

RICHARD CHANDLER CORPORATION ANNOUNCES ACQUISITION OF SHARES OF INTEROIL CORPORATION

On May 16, 2012, Richard Chandler Corp.'s Orchid Fund Pte. Ltd. acquired beneficial ownership of 180,000 common shares of the capital of InterOil Corp. which represent approximately 0.37 per cent of the issued and outstanding common shares of the issuer. As a result of this acquisition, Orchid's shareholding in the issuer is now a total of 6,025,851 common shares of the capital of the issuer, which represents approximately 12.51 per cent of the issued and outstanding common shares of the issuer. The acquired shares were purchased on the New York Stock Exchange at an average price of $56.8759 (U.S.) per common share.

As a result of this acquisition and applicable Canadian securities laws, each of Richard Chandler Capital Corp. (RCCC), RCCC's sole shareholder, Cosimo Management Ltd. (in its capacity as trustee of the RF Chandler Capital Trust, a discretionary trust) and RCCC's direct wholly owned subsidiary, Richard Chandler Capital Corp. Pte. Ltd. (which owns all of the shares of Orchid), is deemed to beneficially own the acquired shares.

The acquired shares were acquired in the ordinary course of business. Orchid, RCCC, Richard Chandler Capital Corp. Pte. and Cosimo Management (in its capacity as trustee of the RF Chandler Capital Trust, a discretionary trust) may, from time to time and at any time, subject to applicable securities laws, acquire additional common shares of the issuer and/or other equity, debt or other securities or instruments of the issuer in the open market or otherwise may dispose of any or all of its securities in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the securities, in each case subject to applicable securities laws.