Production report for January 2023
Oslo, 10 February 2023
| January 2023 | December 2022 | |||
| Operated | Boepd (1) | Bopd (2) | Boepd (1) | Bopd (2) |
| Colombia | 758 | 525 | 811 | 549 |
| Argentina (3) | 1,592 | 265 | 2,235 | 422 |
| Total operated | 2,350 | 790 | 3,046 | 971 |
| Total equity | 610 | 358 | 690 | 384 |
(1) Barrels of oil equivalents per day (includes liquid and gas)
(2) Barrels of oil per day (represents only liquids)
(3) Operated by Selva Maria Oil on behalf of IOX until local authorities approve operator’s licence.
[boepd]: barrels of oil equivalents per day (includes liquid and gas)
[Operated]: 100% field production operated by Interoil
[Equity] : Interoil’s share production net of royalties.
Comments
In January 2023, the combined daily average operated production from fields in Argentina and Colombia declined by 697 boepd compared with the previous month. Output has declined over the past three months due to a combination of downhole lifting equipment failure and operational issues in Argentina and Colombia, as explained below.
In Argentina, production in all the Santa Cruz fields declined due to some delays during repair of surface infrastructure plus the reopening of producing wells, which took longer than expected after two-month union strike. The recovery to pre-strike production levels is expected by the end of February.
In Colombia, Puli C production declined as community restrictions were blocking nearby access roads, thereby delaying the arrival of production related products and downhole production equipment required prior to the arrival of the pulling rig. This pulling rig is expected to arrive at the first well site in the second half of March.
In the Llanos area, Vikingo production flows remained stable following at its natural depletion rate. The exploration campaign in Altair and LLA-47 blocks remains on hold and pending approval from local authorities. Conversations with the ANH concerning the formal approval is still on hold waiting for the new authorities to take position.
Additional information
Further details about production performance are shown in the document attached. The two graphs and tables show operated and equity production of oil and gas respectively and by country. Operated production is defined as total output from fields operated by Interoil. Equity production is Interoil’s share of production net of royalties.
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
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Please direct any further questions to
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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