The company previously announced that it had filed a reconsideration motion with the Court to try to overturn the Court's decision to not ratify the settlement agreement reached with the Agencia Nacional de Hidrocarburos ("ANH") on COR-6.
Whilst the company has now been advised that the Court has rejected the reconsideration motion, the company has commenced the work program as provided under the terms of the settlement agreement.
The company, although disappointed that the Court has not ratified the settlement agreement, will continue to pursue all legal alternatives including arbitration and administrative actions. The company continues to have a positive dialogue with the ANH to resolve this situation and remains optimistic that a mutually agreeable solution can be reached as expressed by the ANH at the time of signing the settlement agreement. The market will be advised of any future action taken at such time and as appropriate.
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.