The new board of Interoil Exploration and Production ASA (IOX) held its first board meeting on 11. January 2013. In the meeting Anne-Grete Ellingsen was elected as the new chair of the board.
Interoil Switzerland to Interoil Colombia and Interoil Peru will be now provided on an arm's length basis. All services from Eksportconsult and Mårten Rød have been terminated with immediate effect. Further IOX is in the process of vacating its current offices and will relocate to cheaper offices in Oslo. The board has further instructed the administration to develop a new information policy that will increase the transparency of the operations of IOX.
By implementing a new governance structure and implementing the overhead cost reduction program IOX expects to achieve annual cost savings of approximately USD 10 million in addition to increased operational efficiency.
The board has decided to engage Ernst & Young to conduct an independent review of all related party transactions for the last 3 years. Ernst & Young will report directly to Anne-Grete Ellingsen.
The board also resolved to continue the ongoing sales process of Interoil Colombia. In addition the Company will consider all available alternatives including a refinancing which may result in issuing new bonds and/or equity to strengthen the liquidity.
For more information please contact:
Thomas J. Fjell
Tel: +47 67518661
Mob: +47 95815300
Fax: +47 67518660
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 280 people and is headquartered in Oslo.