Production report for September 2023

Oslo, 2 November 2023

(1)   Barrels of oil equivalents per day (includes liquid and gas)
(2)   Barrels of oil per day (represents only liquids)

[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

After closing the Santa Cruz transaction last week of May (see NewsWeb announcement here), Interoil is happy to reassume the monthly Production Report following a suspension period of four months. A period where Interoil profited to reorganize the Argentine business either operationally among Santa Cruz and Mata Magallanes Oeste and, more importantly, on the marketing side. In this respect, Interoil was able to sign a series of offtake contracts either for the oil and the gas, specially the Plan Gas 5.2 (see Interoil's Half-Year 2023 report here) improving significantly Interoil overall net revenues in Argentina.

On the production flows Interoil’s average daily operated production increased by 160 boepd when comparing May (last Production Report published) against September figures, where most of the additional production comes from the Argentinean operations opposingly to a reduction in the Colombian figures.

In Argentina, the operated production increased by 207 boepd when comparing September against May. Most of this increment comes from the reactivation of shut-in wells after reassuming field activity with the pulling rig last month plus the reconfiguration of the compressor operational parameters. In this regard, Interoil is pleased to have the pulling rig finally in operation since it triggers a series of downhole interventions programmed for the Santa Cruz assets. Another vital milestone for Interoil in Argentina comes from the 12 boepd incremental production in MMO thanks to the reopening of two shut-in wells. It should be mentioned, the Santa Cruz pulling rig is expected to be mobilized on site as some gas well interventions are needed to increase fuelled gas from shut in wells to stream around 150 boepd from existing wells in the coming months.

In Colombia, Puli C production experienced a reduction of 27 boepd due to downhole problems in some production strings. Interoil is working in bringing a pulling rig to intervene eight shut-in wells aimed at recovering around 100 boepd of production in the coming weeks. In the Llanos area, Vikingo production flows decreased by 20 bopd following its natural depletion rate. The exploration campaign in Altair and LLA-47 blocks remains on hold 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.

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Please direct any further questions to [email protected]
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.

Attachment

• Interoil September 2023 Detailed Production Report