Oslo, 27 February 2020
Highlights in the quarter
Gross production increased by 19.5 % in Q4 2019 compared with the same period of last year, partly as a result of increased gas production in the Puli C field thanks to the work over campaign and start of oil production in Argentina.
Interoil’s EBITDAx in Q4 2019 was USD 1.5 million, compared with a USD 2.1 in Q3 2019 and USD 1.8 in Q4 2018. For the full year 2019, EBITDAx was USD 6.9 million, compared with USD 9.7 in the previous year. Decline is related to a lower production, due to Mana and Vikingo natural decline and lower oil prices.
During the past twelve months, Interoil has made several accretive and transformational transactions in Argentina and successfully restructured and strengthened its balance sheet through conversion of bonds, approved by the General Meeting in January 2020.
In parallel workover operations and various debottlenecking initiatives have increased production and recovery rates from existing wells in fields in Colombia and Argentina.
On 30 December 2019, the bondholder’s approved the proposal for debt to equity conversion and maturity extension. As a result, and after the shareholders approved the terms on 16 January, maturity has been extended 6 years until January 2026, interest rate was fixed at 7.5 % and 35 % of the outstanding bonds were converted into equity
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 and Argentina. 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