Interoil confirms planned start of downhole operations at MMO, update on status on drilling of the Mazorca well

Oslo, 19 April 2021 – Interoil Exploration and Production ASA (Interoil) is pleased to confirm that after successful inspection and testing, the workover rig has now arrived at the Mata Magallanes Oeste Field in Argentina and downhole operations are about to start. This milestone marks an important step towards re-opening of 15 oil producing wells in the field.

The initial scope involves retrieving existing malfunctioning downhole equipment from two wells, clean up, opening new by-pass hydrocarbon layers, and leaving them flowing oil and gas. The gas will be used to fuel surface facilities (production and treatment equipment) required for oil production and formation water disposal. This initial phase involves the opening of 15 existing wells where oil production is expected to increase to around 120 bopd from the current level of 17 bopd.

In Colombia, the protracted negotiations with local communities continue prior to drilling the Mazorca well. These negotiations are undertaken in consultation with authorities. In addition, the ANH has requested Interoil to pause the drilling of the well until certain environmental studies pertaining to the neighboring Altair-1 well are completed.

The ANH has also indicated its view that the well qualifies as an exploration well of the A2-b type rather than as one of the A3 type committed to be drilled by the company. Interoil is

providing the ANH with its technical considerations and working with the ANH in resolving the characterization of the well with the view of discharging the company’s contractual commitments and enable drilling operations as promptly as reasonably possible.

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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.

The notice has been published by Mr. Geir Arne Drangeid, Partner and Senior Advisor, First House AS, at 08:45 CEST, 19 April 2021.

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