Report for the first quarter of 2024
Oslo, 30 May 2024
Highlights
- Interoil’s net production in the first three months of 2024 was 104,836 barrels of oil equivalents (boe), up from 54,661 boe in the same period in 2023.
- Revenues were USD 7.8 million compared with USD 1.2 million in the corresponding period the previous year. The increase is mainly due to increased share in Argentina’s operations.
- EBITDA in the first three months of 2024 was USD 3.3 million, compared with USD -0.5 million in the same period of 2023.
- By virtue of requests filed by Interoil Colombia to the Colombian hydrocarbons regulatory agency (ANH), the terms applicable to Interoil’s exploratory drilling obligations in Llanos-47 have been postponed at least through June 2025. In the case of Altair, the current exploratory period is suspended until the end of August 2024. Once suspension is terminated, Interoil Colombia would be granted an additional term extension of 145 days, expected to be counted from August 31, 2024, onwards. In such event, the new deadline would be postponed to January, 2025. While no assurance can be given, postponement should continue beyond such dates as long as there are underlying reasons causing force majeure.
- In January, on the Company’s request, bondholders approved amendments to the bond terms to settle the full January 2024 interest payment in kind by issuing and delivering additional bonds.
- In 2024, Interoil Argentina entered into a new commercial agreement with Compañia General de Combustibles (CGC), one of the biggest O&G companies in Argentina, which operates the Loyola Port facilities, nearby Interoil O&G fields. This new commercial contract provides Interoil an alternative and profitable spot to deliver crude oil minimizing freight and increasing prices up to USD 10/bbl compared to previous destinations.
For more information, please see enclosed Interoil Exploration and Production ASA's Report for the first 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.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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