Interoil produced net income from continuing operations of USD 12,5 million (Q1 2014: USD 1,9 million) and EBITDAx (EBITDA adjusted for exploration expenses) of USD 4,8 million (Q1 2014: USD 7 million) on operating revenues of USD 4.7 million (Q1 2014: USD 11.4 million). The decrease in revenues primarily results from the fall in the oil price and production, in addition to increased inventory during the quarter. A one off item relating to the Trayectoria settlement of USD 4 million positively affected the EBITDAx. The net income increased due to remission of debt related to the restructuring executed in January of net USD 12,5 million.
The equity position of the Group has significantly improved from negative USD 4.9 million as at 31 December 2014 to positive USD 15.1 million as at 31 March 2015.
Detailed information on the operational and financial activities of Interoil is presented in Interoil's Q1 2015 Report enclosed.
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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 production and exploration assets in Colombia. Interoil currently employs approximately 95 people and is headquartered in Oslo.