NSX Announcement
27 May 2013

Update on Loan Facility

ABN: 76 118 108 615

Corporate Office

32 Harrogate Street

West Leederville, WA 6007

P.O. Box 1385

West Leederville, WA 6901

T +61 8 9388 0744

F +61 8 9382 1411

E admin@intpet.com.au
W www.internationalpetroleum.com.au

Further to the announcements made on 5 April 2013, 19 April 2013 and 26 April 2013, International Petroleum Limited (NSX: IOP) ("International Petroleum" or the "Company"), advises its shareholders that it has, so far, received US$5million of the total US$15million loan funds from Range Resources Limited (ASX: RRS) pursuant to the loan facility ("Loan").
Range Resources Limited has indicated that it plans to pay to the Company a second instalment of US$5 million in the coming days and the remaining US$5 million of the Loan over the coming weeks. Once received, the funds will be applied towards payment of the Company's Russian creditors and general working capital. The Company requests that trading in its shares remains suspended until the Company receives the total funds pursuant to the Loan.
The Company will keep shareholders updated in respect to this matter. Yours faithfully
International Petroleum Limited
Tony Sage

Non-Executive Chairman

For further information, please contact:

International Petroleum Limited Announcement - 27 May 2013

About International Petroleum

International Petroleum is an oil and gas exploration and production company. The Company is listed on the National Stock Exchange of Australia (NSX: IOP).
The Company owns:
1. a 100% equity interest in a licence over the Zapadno-Novomolodezhny field for geological study of subsoil, prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia, the largest oil-producing region of Russia (the "Zapadno-Novomolodezhny Project").
2. a 100% equity interest in a licence over the Yuzhno-Sardakovsky field for geological study of subsoil, prospecting and extraction of oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia (the "Yuzhno-Sardakovsky Project").
3. a 100% equity interest in a licence over the Yanchinsky block for geological study of subsoil and prospecting for oil and gas in the Khanty-Mansiysk Autonomous Region in Western Siberia (the "Yanchinsky Project").
4. a 75% equity interest in the exploration rights to four blocks, covering a total area of 1,467 km², located in the Khanty-Mansiysk Autonomous Region in Western Siberia (the "Krasnoleninsky Project"). During 2011, the Company drilled two exploration wells in the Krasnoleninsky Project and discovered commercial quantities of oil in both wells and registered these two oil fields as the Vostochno-Kamskoye field and the Yanlotskoye field.
5. a 75% equity interest in an exploration licence in the Tomsk region of Western Siberia (the "Tomsk

Exploration Licence" or the "Druzhny Project").

6. a 50% interest in an early stage project covering 24,649 km2 in eastern and south eastern Kazakhstan (the "Alakol Project"), which borders the western boundary of the People's Republic of China.
7. a 100% interest in four production sharing contracts and four Exclusive Exploration Authorisations relating to four blocks in the Republic of Niger known as Manga 1, Manga 2, Aborak and Ténéré Ouest (the "Niger Project").
Whilst the Company is focused on exploration at its existing projects in Russia, Kazakhstan and Niger, it continues to review other companies and areas, such as Russia and Africa, for opportunities to acquire additional exploration and/or production projects.

NSX: IOP Page 2 of 2

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