Oslo, 17 June 2019
The ANH has decided to resume the terms of the Altair contract (that had been previously suspended) and to extend its expiration date to August 26th, 2019. Without prejudice to the foregoing, an additional extension of the Altair contract for a term of one year is pending resolution by the ANH. This additional extension has been requested by Interoil on the basis of events of force majeure that affected the Altair contract. Such events are the same facts that constituted the basis of the request by Interoil of an extension of the LLA-47 license which was accepted by the ANH.
Leandro Carbone, CEO, commented: “Due to the proximity of the fields the force majeure measures affecting the Vikingowell also prevented the access to the Altair licence. Based on the fact that the events constituted grounds for an extension of the LLA-47 licence, we are confident that the best industry practice will prevail and the time loss caused by events outside the operator’s control will be restored”.
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 50 people and is headquartered in Oslo.