Production report for December 2021

Oslo, 11 January 2022

Below please find average gross operated production in December 2021 and corresponding numbers for November 2021.

(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.

Comments

In December, average daily production was 3,104 barrels of oil equivalents per day (boepd), compared to 2,986 boepd in November for Argentina and Colombia combined. The increase in total daily average is mainly a result of increased production in Colombia, where oil and gas output was significantly improved compared with the previous month.

In Argentina, oil production in the Moy Aike concession was recovered after fixing some surface equipment at the gas treatment facilities. The same happened in Oceano field where gas surface equipment were reconditioned to treat wellhead production output. On other fields, production remained stable despite some minor production problems related with the chemical products and the gas fuelling network related with power generation units.

In Mata Magallanes Oeste (MMO) Covid-19 restrictions have been removed and arrangements are being made with local authorities and the unions aimed at restart field operation.

In Colombia, oil and gas production has been substantially increased as a result of the reopening of the shut-in wells in Puli C plus the interesting result in intervention in the RO-6 well where oil production reached 30 bopd from its previous 7 bopd after perforating new by-passed oil layers. The pulling/workover campaign brought to stream around 100 bopd in oil and 520 Mscfpd in gas from shut-in wells. The pulling campaign is expected to last until end of January.

In the Llanos area, oil production increased around 34 bopd following the successful replacement of a down-whole pump after some mechanical failures. The planned exploration campaign in the Altair and LLA-47 blocks remains on hold and pending approval from authorities.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

***************************

Please direct any further questions to ir@interoil.no

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.