Production report for March 2023
Oslo, 14 April 2023
| February 2023 | March 2023 | |||
| Operated | Boepd (1) | Bopd (2) | Boepd (1) | Bopd (2) |
| Colombia | 735 | 549 | 665 | 443 |
| Argentina | 2,189 | 422 | 1,942 | 277 |
| Total operated | 2,924 | 971 | 2,607 | 720 |
| Total equity | 638 | 356 | 577 | 308 |
(1) Barrels of oil equivalents per day (includes liquid and gas)
(2) Barrels of oil per day (represents only liquids)
[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 March 2023, unfortunately Interoil’s average daily operated production decreased by 317 boepd where most of the lost production is related with community’s blockage to our operations in Colombia and union strikes in Argentina. Fortunately, both social distress situations have been solved and operations are slowly recovering in Argentina and Colombia.
In Argentina, production losses averaged some 246 boepd, mostly from the Santa Cruz fields, due to a strike held by field personnel. The recovery to pre-strike production levels is expected to last until mid-May this year as most of the producing fields are below their output potential waiting for surface equipment repairing in a period where winter is starting to hit the southern hemisphere.
In Colombia, Puli C production decreased due to community restrictions blocking not only the arrival of the pulling rig but also the arrival of the selling-oil-trucks affecting oil production as Mana Storage Tanks were coming to its full capacity. Fortunately, in mid-April, Interoil was able to remove the blockade and gradually resume production. 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 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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