INTL PETR ADR : Extended Repayment Dates of Loans

NSX Announcement
1 October 2013

Extended repayment date of loans

ABN: 76 118 108 615

Corporate Office

32 Harrogate Street

West Leederville, WA 6007

P.O. Box 1385

West Leederville, WA 6901

T [phone]

F [phone]

E [e-mail]
W www.internationalpetroleum.com.au

International Petroleum Limited (NSX: IOP) ("International Petroleum" or the "Company") announces that it has extended the repayment date of three of its convertible loans ("Loans") to the earlier of:
(a) 31 December 2013,
(b) the date on which an event of default occurs; and
(c) any other date agreed between the parties (the "Repayment Date").
The three convertible loans are owed by the Company to Varesona Participation Corporation, an entity controlled by Frank Timis, a non-executive director and have the following terms:
1) Loan agreement dated 6 August 2012 - amount borrowed US$2,000,000 - interest rate of 5% per annum - originally repayable by the Company 12 months from the date of the agreement. If the amount borrowed and interest owed (together the "Amount Outstanding") is not repaid by 31
December 2013, the Amount Outstanding will be converted, subject to the receipt of all necessary shareholder approvals, into shares at a deemed issue price equal to A$0.15 per share.
2) Loan agreement dated 14 September 2012 - amount borrowed US$2,000,000 - interest rate of 5% per annum - originally repayable by the Company 12 months from the date of the agreement. If the Amount Outstanding is not repaid by the Repayment Date, the Amount Outstanding will be converted, subject to the receipt of all necessary shareholder approvals, into shares at a deemed issue price equal to A$0.15 per share.
3) Loan agreement dated 16 October 2012 - amount borrowed US$2,000,000 - interest rate of 5% per annum - originally repayable by the Company 12 months from the date of the agreement. If the Amount Outstanding is not repaid by the Repayment Date, the Amount Outstanding will be converted, subject to the receipt of all necessary shareholder approvals, into shares at a deemed issue price equal to A$0.15 per share.
If all necessary shareholder approvals for the conversion of the Amount Outstanding into shares are not obtained, the Company must satisfy the Amount Outstanding in cash and not shares.

To allow the Company the future flexibility to determine whether to satisfy the Amount Outstanding in cash or shares, the Company may seek all necessary shareholder approvals for the conversion of the Amount Outstanding into shares prior to the Repayment Date.
Yours faithfully
Tony Sage

Non-Executive Chairman

1 October 2013 - 2 -

For further information, please contact:

Tony Sage Non-Executive Chairman International Petroleum Limited Ph: [phone]	Chris Hopkinson Chief Executive Officer International Petroleum Limited Ph: [phone]	Claire Tolcon Company Secretary International Petroleum Limited Ph: [phone]
Eloise von Puttkammer Investor Relations International Petroleum Limited Ph: [phone]

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 100% equity interest in two production licences for the Vostochno-Kamskoye oilfield and the Yanlotskoye oilfield, covering a total area of 161 km², and 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").
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 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.