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The average production in November 2011, compared to the average production in October 2011, was:
Production* November 2011 October 2011
Peru 3'794 3'551
Colombia 1'762 1'583
Total 5'556 5'134
*The production is average daily oil production (bopd) and is working interest before royalty.
The increase in production is primarily caused by new wells set in production in both Peru and Colombia during November.
The third well in the Colombian drilling campaign was set in production last week and produce today 105 bopd, which is less than expected. The fourth well encountered oil in the Monserrate formation. The well is presently being prepared for completion, and first oil is expected within few days. InterOil will evaluate the results from the four wells drilled before proceeding with the fifth well.
Oil has been sold at average sales price of USD 108.91 in Peru and USD 99.46 in Colombia per barrel during November.
For more information please contact:
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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, Colombia and Ghana. InterOil currently employs approximately 250 people and is headquartered in Oslo.