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Oslo, 15 December 2014: In order to allow Interoil Exploration and Production ASA ("Interoil") more time to further pursue certain refinancing options, payment of interests that are due on 14 December 2014 will be deferred until 16 March 2015.
As previously reported, the company has in recent months worked intensively on potential mitigating actions and solutions addressing its financial difficulties. These efforts, which are still ongoing, have included strategic opportunities and discussions with parties interested in selected assets of the Company. In October Arctic Securities AS was mandated to provide support in this process.
"The dialogue with key stakeholders is ongoing and constructive and a number of alternatives are being evaluated with the aim to create or preserve values for all stakeholders as a going concern", says Thomas Fjell, CEO of Interoil.
The proposed deferral of interests under the company's bond loan that are due on 14 December 2014 until 16 March 2016 has been discussed with the bond trustee, several major bond holders and their advisers. A substantial majority of the bondholders have provided their prior consent to vote in favor of the proposal.
Meanwhile, discussions with other creditors and Colombian authorities are ongoing. The company has been granted an extension of repayment of a USD 3.6 million bank loan that was falling due in December and a USD 2.5 million guarantee has been extended as anticipated. Discussions about potential longer term refinancing and other guarantees are progressing.
For further information, please see the attached summons to bondholder meeting or email ir@interoil.no
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Interoil Exploration and 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 Colombia. Interoil currently employs approximately 95 people and is headquartered in Oslo.