InterOil E&P ASA (IOX) has entered into a binding Letter of Intent (LOI) to farm-out 50% of block LLA-47 in Colombia to PetroMagdalena Energy Corp. IOX will remain operator.
"We are extremely pleased to have PetroMagdalena (PM) as a partner in this block. PM has extensive experience of the geology and prospectivity in the Llanos basin, which will bring valuable input to the joint-development program. Our common strategy is to start seismic work this year, followed by a back to back drilling program of 3 wells", explains Mårten Rød, IOX chairman.
Please also see enclosed press release from PetroMagdalena Energy Corp., www.petromagdalena.com.
For more information please contact:
Fredrik von Zernichow
Investor Relation Manager
Tel: +47 6751 8661
Mob: +47 9927 3843
Fax: +47 6751 8660
***************************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.