Interoil Q1 2022 interim financial report

Highlights in the period

  • Gross production in Q1 2022 increased 6.83% compared with the Q4 of 2021.
  • On 24th February, Russia invaded Ukraine and with this event the oil price climbed from USD 78 per barrel at the end of December 2021 to USD 98 per barrel on February.
  • All the projections had to be revised and recalculated. The company, as well as the rest of the players in this activity, is in constant contact with experts to make a close follow-up and to perform proper and profitable business.
  • For Interoil the situation has resulted in an increase in revenues with the consequence effect in EBITDA mainly for Colombia.
  • The change in market conditions has required a revision and recalculation of forecasts. The Company is monitoring developments in the new scenario to take full advantage of business opportunities and favourable market and economic conditions.
  • In January 2022 the Company timely paid interest on its Senior Secured Callable Bond Issue 2015/2026 (ISIN NO0010729908) for an amount of USD 978,492.83.
  • In January 2022, the ANH and the Company agreed to an extension of the terms of the LLA-47 contract for force majeure events. The ANH response for the extension of Altair terms is pending.
  • Since the end of December, most of the shut-in wells in Puli C were already in production, recovering a daily output of around 90 barrels of oil (bopd) and 220 barrels of oil equivalents per day (boepd) of gas.

Subsequent events and current plans

  • Effective April 7, the Company appointed Ricardo Romero as its General Manager. Mr Romero continues to hold the position of CFO of Interoil to which he was appointed in July 2021.
  • In April, the ANH granted an extension of another 78 calendar days in LLA47 block, being the new expiration date March 23rd, 2023. In April, Interoil and ANH held a meeting aimed at solving a solution to the disagreement in Altair and LLA-47 blocks with respect the remaining exploration commitments. The Company feels confident a positive solution would be reached between the parties in due course.

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Production report for April 2022

Oslo, 13 May 2022

Below please find average gross operated production in April 2022 and corresponding numbers for March 2022.

IOX operated        April 2022March 2022
 Boepd(1)Bopd (2)Boepd(1)Bopd (2)
Argentina (3)1,8754022,284449

(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.