(Oslo, 2 March, 2012) As a result of the farm-outs to Pangea Energy Corp and Petromagdalena Energy Corp of COR-6, LLA-47 and Altair in Colombia, Interoils previous commitment of approx. USD 70 mill have been reduced to approx. USD 15 mill. over the next 3 years. IOX will in addition receive a total of USD 5 mill. in sign-on fees. The first phase program includes drilling of 13 exploration wells and two 3D seismic surveys of 600 km2 in total.
Interoil remain as operator in all 3 blocks with our 50% interest.
About Pangea: Pangea is an early-stage Canadian-based oil and gas exploration and production company with interests in assets in Colombia and other strategic jurisdictions. Pangea is focused on increasing and optimizing production from oil producing assets, while also undertaking comprehensive exploration programs on the core oil properties in its portfolio to identify targets and increase reserves.
About Petromagdalena: Please see www.petromagdalena.com
For more information please contact:
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.