Interoil proposes amendments of bond terms

Oslo, 16 July 2020

Interoil Exploration and Production ASA (the “Company”) has summoned a written resolution to introduce certain flexibility in the payment terms of the interests on the Senior Secured Callable Bonds with ISIN NO 001 0729908 (the “Bonds”).

The proposed flexibility consists in the option of the Company to settle the payment of 50 per cent of the next three interest payments due and payable on 31 July 2020, 31 January 2021 and 31 July 2021, respectively, in kind by the issuance and delivery of new bonds with terms and conditions substantially equal to those of the outstanding bonds. The remaining 50 per cent of the interest payments due on 31 July 2020, 31 January 2021 and 31 July 2021, respectively, is to be settled in cash.

Please see the attached summons for further background and a complete and detailed description of the proposal.

The proposed resolution will be passed if a simple majority of the voting bonds vote in favor of the proposed resolution prior to the expiry of the voting period ten (10) business days after the date of this Summons, i.e. at 5 pm Oslo Time on 3 August 2020.

Please direct any further questions to:

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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 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.

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