Invicta Oil & Gas Signs MOU with InterOil Corporation for Licences in Papua New Guinea

Vancouver-based Invicta Oil & Gas Ltd. signed a memorandum of understanding with InterOil Corporation, an integrated oil and gas company in Papua New Guinea, on three petroleum prospecting licences in Papua New Guinea. Invicta and InterOil plan to reach agreements to share data in respect of Invicta Properties and the InterOil Properties; to jointly explore and develop a program in respect of up to four wells; and for offtake arrangements for the possible supply of natural gas from the Invicta Properties to InterOil's planned LNG facilities in Papua New Guinea. The MOU expires on December 31, 2007.

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