New Share Capital

1 July 2023

Reference is made to the stock exchange announcement published on 27 June 2023 by Interoil Exploration and Production ASA the ("Company") regarding the successful completion of an acquisition of additional participation in Santa Cruz concessions.

As part of the closing of the transaction, the Company's board of directors resolved to issue 4,824,591 shares to Echo at a subscription price of NOK 1.15 per share as payment in kind of GBP 400,000 of the purchase price of part of the acquisition.

The new share capital pertaining to this has now been registered with the Norwegian Register of Business Enterprises, and as such, the new share capital of the Company is NOK 100,672,137, divided into 201,344,274 shares, each with a par value of NOK 0.50.

Please direct any further questions to: [email protected]

The disclosure set out in this announcement is subject to the disclosure requirement pursuant to section 5-12 of the Norwegian Securities Trading Act.