12 August 2022
Highlights in the period
- Gross production in Q2 2022 remains stable compared with the previous periods. Improvement in the fields, especially in Argentina will show an increase in production in Q3 and Q4.
- The prices for Q2 2022 were in the range of USD 105-115/barrel together with the constant cost of goods sold (COGS), which allowed the company to keep up the level of revenues and consequently, the earnings before interest, tax, depreciation and amortization (EBITDA).
- In April, the Oceano field remained shut in after a mechanical failure in a gas compression unit dedicated to injecting sale gas into the main gas trunkline (San Martin Pipeline). This unit came back onstream during the first days of May. Since then, the unit is running and the Oceano field is producing at a higher flow rate. Some minor debottlenecking configuration was done whilst the field production remained shut in.
- In June 2022, Vikingo production was shut-in for a week to perform a static pressure survey for reservoir management purposes. Since then, the Vikingo production is open and flowing as forecasted
- Last week of July, the Company installed three new gas-fueled power generator units spread out among different fields aimed at opening currently shut-in producing wells to increase oil and gas production mainly in the Chorrillos Field.
- Interoil is preparing a call for a tender process to hire a workover unit to perform a downhole intervention in Bajo del Guanaco field programmed to start around October this year.
- On August 1st, the company paid the interests of the bond.
- On August 2nd, Interoil closed fundraising of USD 1.8 million by issuing a total of 14 million of new shares. The funds will be applied in accordance with the plan presented for this placement
Subsequent events and current plans
- Last week of July, the Company installed three new gas-fueled power generator units spread out among different fields aimed at opening currently shut-in producing wells to increase oil and gas production mainly in the Chorrillos Field.
- Interoil is preparing a call for a tender process to hire a workover unit to perform a downhole intervention in Bajo del Guanaco field programmed to start around October this year.
- On August 1st, the company paid the interests of the bond.
- On August 2nd, Interoil closed fundraising of USD 1.8 million by issuing a total of 14 million of new shares. The funds will be applied in accordance with the plan presented for this placement.
For more information, please see enclosed Interoil Exploration and Production ASA's Report for the second quarter and first half of 2022.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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Please direct any further questions to ir@interoil.no
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 and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.
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