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Report for the fourth quarter and the twelve months of 2021

Oslo, February 24th, 2022

Highlights in the period

Gross production in Q4 2021 remained stable compared with the one in Q3 2021.

Interoil’s EBITDA in Q4 2021 shows a correction compared with the precedent period. Opex expenses in Colombia raised due to workover tasks which were successful.  The Company will have a fast recovery of such expenses.  

In Argentina, the workover operations at the MMO-15 continued to be suspended initially for restrictions due to Covid-19 and lockdown imposed by the Argentinian authorities. Since October operations are waiting environmental approval from the local authority to resume field operation and mobilize equipment to the well-site.

In Colombia, Interoil received the approval by the ANH for an extension of the terms of exploration period over LLA-47 until January 9th, 2023 as the new expiration date for LLA-47. The extension of 336 days was granted for events that prevented progress in activities, including strikes, social unrest and the continuing impact of the Covid-19 pandemic. A similar request for extension made for Altair, which was affected by similar events, is awaiting a response from the ANH. 

In the case concerning tax liability described in the Company’s annual report for 2020 and dating back to 2011, the Colombian National Tax and Customs Office (DIAN), has accepted Interoil petition to pay amounts that were subject to litigation and eventually to be borne by the Company in five (5) years and with a reduced interest rate equal to 20% of the market interest rate, pursuant to the benefits granted by Section 45 of Colombian law 2155/2021 (the “Beneficial Regime”). The Company had already established a provision for these concepts for an amount of US$ 3.128M. The State Council eventually issued judgement against the Company for an amount of USD 767,953 plus interest, which result in an aggregated amount payable of US$2.161M. Following the acceptance by the DIAN to make payments under the Beneficial Regime, the aggregate amount payable by the Company in five (5) years shall be reduced to USD 1,093M plus interest at a rate of approximately 3.5% p.a. The Company is required to set up a guarantee in favor of the DIAN and is currently working to structure the necessary security.

Subsequent events and current plans

On January 26th, Interoil has paid interest related to its Senior Secured Callable Bond Issue 2015/2026.

On January 28th, Interoil paid the first instalment of the fiscal beneficial regime accepted by the DIAN.

Interoil continued to be affected by events that prevented progress in exploration activities in Colombia. The Company has filed with the ANH a request for additional extension providing the evidence that substantiate such petition.



This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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Q4 2021 Report

Interoil Main Office:
c/o Advokatfirmaet Schjødt AS
Ruseløkkveien 14
NO-0251 Oslo, Norway

Phone: (+47) 67 51 86 50
Fax: (+47) 67 51 86 60
info@interoil.no

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