Oslo, 29 November 2020
Interoil Exploration and Production ASA is pleased to release its Q3 2020 interim financial report.
Highlights in the quarter
- The COVID-19 pandemic effect on the company had impacted its figures due to the fall of prices and decreased volumes.
- Gross production increased by 198% in Q3 2020 compared with Q2 2020 and decreased 9% compared with the same period of last year.
- Interoil’s EBITDA in Q3 2020 was positive USD 0.2 million, compared with a negative USD 0.6 in Q2 2020 and positive USD 2.1 in Q3 2019. Variation is related to a lower production, due to the halt of operations both in Mana and Vikingo in the Q2 2020 and the lower value of oil and gas prices.
- Since its closure of production in Vikingo and Puli C areas, Interoil has kept a steady campaign of reopening wells and increase production in both areas.
- On July 30, Bondholders approved a resolution to introduce certain flexibility in the payment terms of the interests on the Senior Secured Callable Bonds.
- On November 2, the Company refinanced a total amount of $COL 5,250 million equal to around USD 1.5 million with Banco Occidente. The loan terms include four-year repayment in six-months instalments after a one-year of grace period.
For more information, please see attached Q3 2020 interim report.
Please direct further questions to email@example.com
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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