Oslo, May 12, 2022
Highlights of the period
- Gross production in Q1 2022 increased by 6.83% compared to Q4 2021.
- On February 24, Russia invaded Ukraine and with this event the price of oil rose from 78 USD per barrel at the end of December 2021 to 98 USD per barrel in February.
- All projections had to be revised and recalculated. The company, as well as the rest of the players in this activity, is in constant contact with experts to carry out close monitoring and achieve correct and profitable business.
- For Interoil, the situation resulted in an increase in revenues with a consequent EBITDA mainly for Colombia.
- Changing market conditions necessitated a revision and recalculation of forecasts. The Company is monitoring the development of the new scenario in order to take full advantage of business opportunities and favorable market and economic conditions.
- In January 2022, the Company made timely interest payments on its 2015/2026 senior redeemable bond issue (ISIN NO0010729908) for an amount of USD 978,492.83.
- In January 2022, the ANH and the Company agreed to an extension of the terms of the LLA-47 contract for force majeure. ANH’s response to extending Altair’s terms is pending.
- Since the end of December, most of the closed wells of Puli C were already in production, recovering a daily production of around 90 barrels of oil (bopd) and 220 barrels of oil equivalent per day (boepd) of gas.
Subsequent events and current plans
- Effective April 7, the Company appointed Ricardo Romero as Chief Executive Officer. Mr. Romero continues to serve as Chief Financial Officer of Interoil to which he was appointed in July 2021.
- In April, the ANH granted an extension of an additional 78 calendar days in block LLA47, with the new expiry date being March 23, 2023. In April, Interoil and the ANH held a meeting aimed at resolving a solution to the disagreement in Altair and LLA-47. blocks with respect to remaining exploration commitments. The Company is convinced that a positive solution will be found between the parties in due course.
This information is subject to the disclosure requirements in accordance with Section 5 -12 of the Norwegian Securities Act.
Please direct any further questions to [email protected]
Interoil Exploration and Production ASA is a Norway-based exploration and production company listed on the Oslo Stock Exchange with a focus on Latin America. The Company is the operator and licensee of several production and exploration assets in Colombia and Argentina, headquartered in Oslo.