Oslo, 16 December 2020
Below please find average gross operated production in November 2020 and corresponding numbers for October 2020.
| IOX operated | November 2020 | October 2020 | ||
| Boepd(1) | Bopd (2) | Boepd(1) | Bopd (2) | |
| Colombia | 1,114 | 665 | 1,160 | 663 |
| Argentina (3) | 2,812 | 283 | 2,754 | 261 |
- Barrels of oil equivalents per day
- Barrels of oil per day
- Operated by Selva Maria Oil on behalf of IOX until local authorities approves operator’s licence.
Comments
There were no major changes in total production from October to November. Oil production in Argentina increased slightly, but output continues to be affected by weak markets and challenging logistics.
There were no new covid-19 infections reported among Interoil personnel during November.
As mentioned in the October production report, a minor oil spill occurred at the Vikingo field in Colombia. It had no significant impact on output. Clean-up after the spill was effectuated immediately. Remediation work will be completed when new topsoil has been laid.
Also, in Colombia, the company has started preparations for drilling of one commitment well on the Altair license, which according to current licence terms should be drilled by April 2021.
Furthermore, the company is in the process of considering potential farm-in partners for the drilling programme in LLA-47. At present the company is committed to drill nine more exploration wells in licence by February 2022.
Meanwhile, Interoil continues its diligent and disciplined approach in its operations and in the management of its financial resources, reflecting the uncertainty in the market and the strains of the pandemic.
As previously reported, the company has implemented short term measures including a downsizing of the workforce in Colombia, tight control of outflows of cash and active negotiations with existing providers in order to generate a sustainable working capital under current conditions. These measures remain in force.
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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.