Oslo, 28 February 2023
Highlights in the period
Gross production in Q4 2022 increased 4.3% as compared to the previous quarter (Q3).
Oil Brent prices for Q4 2022 decreased to the range of USD 80-93/barrel, which reduced the Company’s revenues and consequently, the EBITDA when compared to the previous quarter.
While the quarter overall operated production increased, the equity output experienced a slightly reduction caused by a decrease in Colombian production which was not compensated by Argentine equity figures.
Most of the Colombian flows’ reduction is explained by the number of shut-in wells in Mana Field due to downhole equipment failure waiting for the arrival of the next work-over campaign expected to start as soon as enabling conditions (including community approval) are satisfied.
The Vikingo well production continues its slow but steady reduction in its flow as per its forecasted natural depletion rate.
Interoil finished the environmental survey in Bajo Guanaco Block, a required document to be filled-in with the Neuquen Authorities prior to the downhole interventions and testing of the two existing wells.
Subsequent events and current plans
In January 2023, the Company timely paid accrued and due interest on its corporate bond.
Early in February 2023, the Company received formal approval to its acquisition of the 8.34% participating interests in five concessions in Santa Cruz, Argentina where the Company also serves as operator
The Company has continued to work with the relevant Provincial authorities on the satisfaction of the requirements to restart full activities in the MMO and Cañadón Ramírez fields (Chubut) and expects an imminent reopening of such fields.
For more information, please see enclosed Interoil Exploration and Production ASA's Report for the fourth quarter 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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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.