The average production in February 2012, compared to the average production in January 2012, was:
|Production*||February 2012||January 2012|
*The production is average daily oil production (bopd) before royalty
**InterOil's working interest in Colombia varies from 50% to 90% dependent on license
Bad weather and heavy rain during February and the beginning of March have caused significant flooding of InterOil fields in Block III and IV in Peru, resulting in reduced production. InterOil is working to sustain the production.
As previously noted, the Toqui-Toqui and the Puli-B fields in Colombia expired on February 29, 2012 and were returned to Ecopetrol. This will reduce InterOil's net production with approximately 450 bopd. InterOil will continue to operate these fields for a service fee of USD 12 per barrel.
Oil has been sold at average sales price of USD 117.12 in Peru and USD 100.88 in Colombia per barrel during February.
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.