Interoil Q4 report
Oslo, 24 February 2021
Interoil Exploration and Production ASA is pleased to release its Q4 2020 interim financial report.
Highlights in the quarter
• Oil and gas markets continue being affected by COVID-19. Oil and gas prices have shown some recovery in Q4 2020, but uncertainty remains high. Despite this challenging context, Interoil managed to re-open production to nearly pre-pandemic levels while navigating challenging logistics.
• Gross production increased by 3% in Q4 2020 compared with Q3 2020 and 61% compared with the same period of last year.
• Interoil’s EBITDA in Q4 2020 was positive USD 0.6 million, compared with a USD 0.2 in Q3 2020 and positive USD 0.9 in Q4 2019. Variation is related to a lower production, due to the slowly recovery in the reopening of wells in Mana in the Q4 2020 after the sudden shutdown on production due to COVID-19.
• The Vikingo field in Colombia suffered a minor spill on October 30th, following the rupture of an inlet surface pump hose. The rupture was fixed, and remediation work is close to completion. Relevant authorities have been notified.
• In Colombia, the company has started preparations for drilling of one commitment well on the Altair license. Furthermore, farm-out negotiations are ongoing in license LLA-47 to support the financing of the drilling programme.
• Interoil has continued its diligent and disciplined approach in its operations and in the management of its financial resources, reflecting the uncertainty in the market and the strains of the pandemic.
• Since end of December, several wells at Puli C have been shut in due to mechanical failure of equipment, reducing daily output with around 90 barrels of oil (bopd) and 220 barrels of oil equivalents per day (boepd) of gas. The company is preparing to mobilize the necessary equipment to bring these wells back on stream by Q2 2021.
For more information, please see Interoil Q4 2020 Report
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Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America and Argentina. The company is operator of several production and exploration assets in Colombia and Argentina. Interoil currently employs approximately 50 people and is headquartered in Oslo.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act