With reference to the press release issued by Interoil on 7 June 2013, which stated that the Agency of Environmental Supervision and Control in Peru (OEFA) had imposed a fine of USD 1,8 million on Interoil Peru SA due to the drilling of four wells outside the locations approved by the Agency.
As previously communicated, Interoil Peru SA appealed the fine imposed by OEFA.
On 26 March 2014, Interoil Peru SA was notified by the OEFA Tribunal that the fine has been reversed, as it recognized that Interoil, by moving the well locations, actually reduced the environmental impact.
Interoil Peru SA has not yet been notified of any ruling by the arbitral tribunal on the arbitration proceeding against Perupetro regarding the force majeure case, but expects the final ruling to be made by 31 March 2014.
As previously stated, Interoil's legal advisors are of the opinion that Interoil has a strong case. However, as a contingency in the event that Interoil receives a negative ruling from the arbitral tribunal, Interoil is currently in negotiations regarding a 12 month license contract.
For more information please contact:
Thomas J. Fjell CEO Mob: +47 958 15 300 E-mail: email@example.com Erik Sandøy CFO Mob: +47 488 94 426 E-mail: firstname.lastname@example.org www.interoil.no
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, and Colombia. Interoil currently employs approximately 275 people and is headquartered in Oslo.