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Production report for December 2022

Interoil Exploration & Production ASA
Interoil Exploration & Production ASA

Oslo, 17 January 2023

        

December 2022

November 2022

Operated

Boepd (1)

Bopd (2)

Boepd (1)

Bopd (2)

Colombia

811

549

923

580

Argentina (3)

2,235

422

2,261

409

Total operated

3,046

971

3,184

989

Total equity

690

384

764

402

(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.


[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 December 2022, the average daily operated production from fields in Argentina and Colombia combined decreased by 137 boepd when compared with the previous month. November and December production has seen a reduction in output explained by a combination of downhole lifting equipment failure and operational issues in Argentina, especially in the Santa Cruz operation. This was related to workers demand resulting in more than 20 days of union strike. Fortunately, union demand was solved, and field operation is slowly returning back to normal.

In Argentina, reduced production was recorded in the Santa Cruz fields due to gas compression units’ failures. Repairs took longer than expected due to the union strike situation. Output is now coming back to its pre-strike rate.

In Colombia, Puli C production decreased especially in the Mana Field due to paraffins and asphaltenes blocking surface production lines and downhole production equipment failures requiring a pulling rig. This pulling rig is expected to arrive at well site around second half February. 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 and 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.

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

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.

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