Continuity of Exploitation in the Vikingo Production Area and Termination of Exploration Commitments of LLA-47 Contract

Interoil Exploration and Production ASA

1.26 NOK -2.33%

• Charts
• News
• Analysen

Kaufen / Verkaufen

Oslo, 11 October 2024

Reference is made to the announcements published by Interoil Exploration and Production ASA (the "Company") on 26 August 2024 regarding the termination of ANH Contracts, on 28 August 2024 concerning the summons for a related written resolution with respect to the Company's senior secured callable bonds with ISIN NO 001 0729908 (the "Bonds"), and on 11 September 2024, reporting the passing of such written resolution by the holders of the Bonds.

The Company announces that its Colombian subsidiary and the National Hydrocarbons Agency of Colombia -Agencia Nacional de Hidrocarburos- ("ANH”) have entered into a partial termination agreement (the "Partial Termination Agreement”) of the Exploration and Production Agreement corresponding to the LLA-47 block (the "LLA-47 E&P Agreement”) upon the terms and conditions anticipated in the Company’s announcement of 26 August 2024.

In accordance with the Partial Termination Agreement, the Parties have agreed to terminate all pending exploration commitments of the Company arising out of the LLA-47 E&P Agreement. The Company is bound to finalize all administrative and other legal proceedings for the transfer to the ANH of the exploration block of the LLA-47 E&P Agreement as well as to satisfy the termination obligations set out in the LLA-47 E&P Agreement.

The Company shall continue to carry out exploitation activities during the whole production period in the Vikingo Production Area of the LLA-47 E&P Agreement.

Hugo Quevedo, Chair of the Board, commented:

"We are very pleased to have reached an agreement with the Colombian authorities to resolve all the matters in the LLA-47 block, while preserving at the same time the production activities in the Vikingo area that so many and fruitful benefits have produced for Interoil and Colombia. This is a major step forward for our Company that will allow it to fully focus its activities and resources in the development of its valuable assets in Colombia and Argentina.”

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 of several production and exploration assets in Colombia and Argentina. Interoil currently employs approximately 50 people and is headquartered in Oslo.

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