Interoil Exploration and Production ASA ("Interoil") provides an update on its 2015 results
Subsequent to the release of the preliminary results for 2015 on 16 February 2016, and following a review of the Colombian subsidiary's application of IAS 12.41 on the effect of changes in exchange rates on the tax base of non-monetary assets and liabilities where the functional currency is different from the local currency; deferred tax balances have been restated.
The effect of this is an increase of USD 4,3 million in deferred tax liabilities and a decrease of USD 2,3 million in deferred tax assets, of which USD 2,2 million is recognised as an expense in the 2015 income statement and USD 4,4 million as an expense in the 2014 income statement.
Recognition of this expense is required under IFRS, even if the revalued tax basis does not generate any tax payable in local currency in the future. There is no impact on cash flow.
These adjustments will be reflected in the final results to be released on 29 April 2016.
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 the operator of several production and exploration assets in Colombia. Interoil currently employs approximately 71 people and is headquartered in Oslo.