UK Markets close in 2 hrs 28 mins

Production report for October 2021

  • Oops!
    Something went wrong.
    Please try again later.
·2-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Oslo, 14 November 2021

Below please find average gross operated production in October 2021 and corresponding numbers for September 2021.

IOX operated

October 2021

September 2021

Boepd(1)

Bopd (2)

Boepd(1)

Bopd (2)

Colombia

782

556

747

507

Argentina (3)

2,114

382

2,247

431

(1) Barrels of oil equivalents per day
(2) Barrels of oil per day
(3) Operated by Selva Maria Oil on behalf of IOX until local authorities approve operator’s licence.


Comments

In October, average daily production was 2,896 barrels of oil equivalents per day (boepd), compared to 2,994 boepd in September for Argentina and Colombia combined. The slight decrease in production is mainly due to certain temporary operational issues that are further explained below.

In Argentina, a combination of operational commercial issues in the Campo Molino field affected oil and gas production. Campo Molino is one the most important fields among the Santa Cruz concessions. On other fields production remained stable regardless some minor gas sales problem related with compression spare-parts; a situation affected with the pandemic COVID-19 restrictions imposed by local authorities.

In Mata Magallanes Oeste (MMO) Covid-19 restrictions continued to delay the specialist’s arrival to the operations. Nevertheless, environmental remedial actions in MMO-27 were completed. Final site-inspection from the local environmental authorities is still pending.

In Colombia, Interoil was finally able to successfully move and rigg-up a pulling unit. Repair of the oil and gas producing wells in Puli C commenced on October 15th. Whilst the pulling unit was working the second well, eleven out of the twenty-three workers engaged at the site unilaterally decided with legal union assistance to strike and to block the entrance to the Mana Treatment Facilities, requesting additional benefits and compensation.

On November 4th, after conducting friendly conversations with the workers and Union Representatives, workers agreed to reassume field operation and continue negotiations with the Company in parallel.

Interoil emphasises that production from the wells was flowing as normal throughout the strike, and only oil commercial sales were stopped due to the blockage. As a result of the actions taken by Interoil management, entrance blockage was removed and oil sales dispatch resumed with no major consequences to the personnel, environment, facilities and the operation itself.

In the Llanos area, Interoil continues stable production in Vikingo. Start of the drilling campaign of exploration wells in the Altair and LLA-47 blocks remains on hold and pending approval from the related 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.


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting