Report for the fourth quarter of 2024
Oslo, 28 February 2025
Highlights in the quarter and for the full year
Interoil’s total operated production 2024 was 754.918 barrels of oil equivalent (boe), a decrease from 949.778 boe in the same period of 2023. Operations in 2024 were impacted by downhole equipment failure at the Vikingo well and harsh winter conditions in Argentina. These challenges resulted in revenues of USD 16.8 million, down from USD 19.2 million in the prior year.
Interoil Colombia successfully completed a downhole intervention to the Vikingo well. Current production at present is on average 150 bopd.
The Company decided to establish an Audit Committee on 18 October. The initial members are Ms. Isabel Valado, who possesses a recognized background and extensive experience in accounting, administration, and finance; Mr. Germán Ranftl Moreno, who brings 25 years of experience in finance and accounting; and Mr. Hugo Quevedo, Chair of the who has extensive experience in corporate matters and the oil and gas and energy sectors
In August, Interoil revised its Q2 and H1 financial reports due to an unintentional error in the Q1 figures, prompting formal investigations by Finanstilsynet and Oslo Børs (OSE). In December, the investigations concluded, resulting in a NOK 750,000 violation charge from Oslo Børs. Additionally, the Norwegian Financial Supervisory Authority, imposed a NOK 800,000 violation charge for breaches of applicable regulations.
Subsequent Events
In January, at the Company’s request, bondholders approved amendments to the bond terms to settle the full January 2025 interest payment in kind by issuing and delivering additional bonds.
In January, Interoil launched its well service campaign in the Mana Field, aiming to service five wells. The pulling rig is currently working on the second well of the planned sequence. The campaign seeks to recover up to 50 bopd and 600 kscfpd of gas.
For more information, please see enclosed Interoil Exploration and Production ASA's Report for the fourth quarter of 2024.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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About Interoil
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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