Oslo, 30 August 2019
Highlights in the quarter
Interoil broadened and diversified its activities through the acquisition of three licenses in Argentina. These are expected to hold in excess of 8 million barrels of reserves and a significant potential in unconventional oil.
In line with the authorisation granted by the shareholders, the Board of Directors resolved to issue approximately 32.3 million new shares as compensation to the sellers of the Argentinian assets and to settle supplier debt.
Gross production increased by 22% in Q2 2019 compared with the previous quarter, partly because the Vikingo well came back on stream in February and partly as a result of increased gas production in the Puli C field following successful workover operations.
Interoil’s EBITDAx in Q2 2019 was USD 2.1 million, compared with a USD 1.4 in Q1 2019. In the first six months of 2019, EBITDAx was USD 3.5 million, compared with USD 7.2 in the same period in the previous year.
Colombian authorities have confirmed an extension of the Altair license until 27th April 2020.
See attached quarterly report for further information.
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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 and Argentina. Interoil currently employs approximately 50 people and is headquartered in Oslo.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act