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Production report for March 2020 and operational update

           

16 April 2020

Below please find average gross operated production in March 2020 and corresponding numbers for February 2020.

IOX operatedMarch 2020February 2020
 Boe/d(1)Bopd (2)Boe/d(1)Bopd (2)
Colombia(3)1.2836871.7811.185
Argentina(4)3.3988063.500914
  1. Barrels of oil equivalents per day
  2. Barrels of oil per day
  3. As of 1st March Interoil no longer operates the Toqui Toqui field
  4. Operated by Selva Maria Oil on behalf of IOX until local authorities approves operator’s licence.

On 3 April 2020 Interoil received a notification from Turgas, our sole gas off-taker for the Mana and Ambrosia fields, that excess pressure was building in some points of the main trunk line and that as a result, the access valve for our gas had been closed until pressure returns to safe levels.

As the Mana and Ambrosia are gas driven fields, Interoil was forced to shut in all producing wells in those fields, affecting not only our gas but also the oil production. Under normal circumstances production from these fields would typically be around 440 barrels of oil equivalents per day.

Whereas operations in the Rio Opia and LLA-47 fields in Colombia continue uninterrupted and according to production forecasts, it is currently not possible to indicate when production from the Mana and Ambrosia fields can resume.

All producing fields in Argentina continue to operate without any interruption and with stable production.

Leandro Carbone, Interoil’s CEO, commented:

"The COVID-19 pandemic and market conditions have rapidly evolved in recent weeks with strict quarantine measures being implemented by Argentinian and Colombian authorities affecting industrial production and gas demand.

We are in constant dialogue with Turgas monitoring the trunk line situation. Furthermore, we are working on alternatives to resume production as soon as possible.

Our employees and community’s health is a top priority for Interoil, home office and field safety measures have been implemented to ensure safety whilst continuing with operations.”

Please direct any further questions to: ir@interoil.no.

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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 and license holder 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 of the Norwegian Securities Trading Act.

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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