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Interoil Colombia (IOC) has today signed an agreement with the Colombian company, Trayectoria Oil & Gas (Trayectoria) under which IOC will sell 100% of their participating interest in the Altair and COR-6 exploration licenses (Transaction).
IOC will receive a cash consideration of USD 2 million and be relived of exploration commitments of USD 26 million.
The transaction is subject to approval from local banks in Colombia, bondholders and the Colombian national hydrocarbons agency (ANH). IOC will initiate the approval process immediately and anticipates that the process with ANH will take approximately 6 months.
IOC is continuing its dialog with several parties regarding the divestment of the LLA-47 license.
For more information please contact:
Thomas J. Fjell
CEO
Mob: +47 958 15 300
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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 280 people and is headquartered in Oslo.