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Interoil E&P Colombia (IOC) has been awarded a 10 month extension to complete the investment commitments on the LLA-47 exploration block. As per ANH requirements, IOC will proceed with the shooting of seismic in Q4 2013 and Q1 2014, at a total cost of USD 14 million, but will then have more time to drill the required 8 exploration wells by November 29th 2015. The first well is estimated to be drilled in 4Q 2014.
The extension was granted due to delays by the environmental entity in Colombia to issue the necessary permits.
IOC will continue its efforts to farm-down its working interest on the block.
For more information please contact:
Thomas J. Fjell
CEO
Mob: +47 958 15 300
Erik Sandøy
CFO
Mob: +47 488 94 426
www.interoil.no
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Interoil Exploration & Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The company is operator of several production and exploration assets in Peru and Colombia. Interoil is headquartered in Oslo.