InterOil Prepares to Drill the Black Bass Prospect

Bontan also has a 49% working interest in a gas exploration project in
eastern Calcasieu Parish, Louisiana.

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The target is a
reef limestone, which has been identified by a seismic survey and is estimated
to be approximately 3,937 feet (1,200 meters) deep. web site.(InterOil).

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(OTCBB: BNTNF)
("Bontan"), is pleased to announce that InterOil Corp.

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75% indirect participation interest in an oil
exploration prospect in Papua New Guinea operated by InterOil. In the event
that drilling continues and sufficient oil is found for commercialization,
InterOil will make a capital call of all interests in amounts to fund the
operations.

No regulatory authority has approved nor disapproved the content of this
release.

This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 (the "Act").

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InterOil Corporation (TSX:IOL) (ASX.

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Although still subject to wet weather conditions, the well is expected
to be spudded by Friday April 22, 2005.

InterOil's common shares trade on the Toronto Stock Exchange
under the symbol IOL in Canadian dollars; on the American Stock
Exchange under the symbol IOC in US dollars; and on the Australian
Stock Exchange in CHESS Depositary Interests in Australian dollars
under the symbol IOC which trade on a 10:1 basis to common shares. (OTCBB: BNTNF) is an international diversified
natural resource company that operates and invests in major exploration
prospects.

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Bontan Corporation Inc. Provides Progress Report on Oil Exploration Project in Papua New Guinea

The Company has the option of either making a capital call
contribution on a pro rata basis and thereby convert its IPI into direct
working interest or electing to convert its IPI into shares of InterOil at a
rate of US$17.

Includes regional and local government, law and military sites located in Papua New Guinea .

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The Black Bass well is the first of the recently announced eight
well drilling program which will extend into 2006.:IOC) (AMEX:IOC)

In
particular, when used in the preceding discussion , the words "plans",
"confident that", "believe", "expect", or "intend to", and similar conditional
expressions are intended to identify forward-looking statements within the
meaning of the Act and are subject to the safe harbor created by the Act.

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Its assets comprise an oil refinery, upstream petroleum exploration
licenses, and retail and commercial distribution assets. BP Singapore is InterOil 's agent for crude
oil supplied to the refinery. All
statements, other than statements of historical facts, included in
this release, including without limitation, statements regarding our
drilling plans, business strategy, plans and objectives of management
for future operations and those statements preceded by, followed by
or that otherwise include the words "believe", "expects",
"anticipates ", "intends", "estimates" or similar expressions or
variations on such expressions are forward-looking statements.

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Risks and uncertainties include, but are
not limited to, the existence of underground deposits of commercial
quantities of oil and gas; fluctuations in prices for oil and gas
production; curtailments or delays in development due to mechanical,
operating, marketing or other problems; capital expenditures that are
either significantly higher or lower than anticipated because the
actual cost of identified projects varied from original estimates;
and from the number of exploration and development opportunities
being greater or fewer than currently anticipated. InterOil
Corp. Bontan will seek
to minimize risk by bringing in either joint venture, carried or working
interest partners , depending on the size and scale of the project.

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This well will target a reef
limestone which has been identified by a seismic survey, and is
estimated to be approximately 3,937 feet (1,200 meters ) deep.

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InterOil is also undertaking an
extensive petroleum exploration program within its eight million acre
license area located in Papua New Guinea. The exploration drilling is being conducted by InterOil on
various identified structures within the exploration prospect.

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For more information please see the InterOil website at:
www. Bontan, through its wholly owned subsidiary Bontan Oil + Gas
Corporation , currently holds a 0.

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Such
statements are subject to certain risks and uncertainties and actual results
could differ materially from those expressed in any of the forward-looking
statements.

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interoil . (AMEX: IOC) has
commenced drilling of its first exploration well on the Black Bass Prospect in
Papua New Guinea, located within Petroleum Prospecting License 236.

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The
Company can give no assurances that such forward-looking statements
will prove to be correct. Technical specifications
on the Black Bass Prospect and the complete press release can be found on the
InterOil Corp.

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The Company currently has no reserves as defined under Canadian
National Instrument 51-101 reserve definitions . expects this well to reach target depth within 45 days.

About Bontan Corporation Inc.

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News Editors

TORONTO----InterOil Corporation
(TSX:IOL) (AMEX:IOC) (ASX/POMSoX:IOC), a Canadian company with
operations in Papua New Guinea, announced today that it has completed
the mobilization of the rig and is currently 'rigging-up' the drilling
rig on the Black Bass Prospect, the company 's next exploration target.
Bontan currently holds a 0.

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"Recent heavy rainfalls and other factors beyond our control
delayed the spud date, which was anticipated to be by the end of
March 2005.

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See the Company's
filings with the Canadian securities regulators for additional risks
and information about the Company's business.:

Bontan Corporation Inc.

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The majority
of the refined products from InterOil's refinery are secured by
off-take contracts with Shell and InterOil 's wholly-owned subsidiary,
InterOil Products Limited. TORONTO, April 26 - Bontan Oil + Gas Corporation ,
a wholly-owned subsidiary of Bontan Corporation Inc.75.
Through its wholly owned subsidiaries , Bontan seeks highly visible
opportunities in countries around the globe with a history of natural resource
production that offer exciting and attractive propositions.

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We are confident that the delay has not affected our
overall exploration program," said Mr Phil Mulacek, CEO of InterOil.com

Cautionary Statements

This press release contains forward-looking statements.

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InterOil is developing a vertically integrated energy company
whose primary focus is Papua New Guinea and the surrounding region.75% indirect participation interest (IPI) in
an oil exploration prospect in Papua New Guinea operated by InterOil
Corp.

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- - kjjkjk

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