Report for the second quarter and first half year 2023
Oslo, 29 August 2023
Highlights in the period
Interoil’s net production in the first six months of 2023 was 108 971 barrels of oil equivalents (boe), down from 150 445 boe in the same period in 2022.
Revenues were USD 5.9 million compared with USD 10.9 million in the corresponding period the previous year. The decline is due to reduced production and reduced price of products sold in the market.
EBITDA in the first half of 2023 was USD -0.1 million, compared with USD 4.0 million in the same period of 2022.
In May, Interoil announced the acquisition, together with the Argentine company Selva Maria Oil S.A., of an additional 65 percent of the concessions located in the Province of Santa Cruz, where the Company already had an 8.34 per cent share, and where the company serves as operator. The transaction was concluded in July 2023. By this transaction, Interoil increased its participating interest in the aforementioned Santa Cruz concessions adding a significant number of boepd to its equity production against a convenient consideration substantially payable in kind and with limited dilution.
In July, upon the Company’s request, bondholders approved amendments to the terms of the Company’s senior secured callable bonds providing for a settlement in kind of the full interest payment due in July 2023 by issuing and delivering additional bonds. The interest rates for all outstanding bonds were increased from 7.50% p.a. to 8.50% p.a.
In April, the Company appointed Leandro Carbone as new General Manager Gonzalo Ricci as new Chief Financial Officer (CFO). Leandro and Gonzalo replace Ricardo Romero who had been serving both as General Manager and CFO.
On July 27, Interoil Colombia filed a request with the DIAN (tax authority in Colombia) to be granted the possibility to pay income tax owed in arrears. As of the date of these financial statements the DIAN has not yet answered.
By virtue of requests filed by Interoil Colombia to the Colombian hydrocarbons regulatory agency (ANH) in May and June 2023, the terms applicable to Interoil’s drilling obligations in Llanos-47 and Altair have been postponed at least through October 2024 and November 2023, respectively. While no assurance can be given, postponement should continue beyond such dates as long as there are underlying reasons causing force majeure.
For more information, please see enclosed Interoil Exploration and Production ASA’s Report for the the second quarter and first half of 2023.
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 ir@interoil.no (mailto:ir@interoil.no)
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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