Interoil Releases Feb. 2023 Production Report

(Interoil, 13.Mar.2023) — In February 2023, Interoil’s average daily operated production increased by 573 boepd recovering most of the lost production from previous months. During February the production growth is explained by the recovering of shut-in wells in Argentina whilst Colombia’s production still faces community’s issues causing the mobilization of the pulling rig to be postponed.

Oslo, 13 March 2023

        Jan. 2023Feb. 2023
OperatedBoepd (1)Bopd (2)Boepd (1)Bopd (2)
Colombia758525735549
Argentina1,5922652,189422
Total operated2,3507902,924971
Total equity610358638356

(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.

In Argentina, production flow increments were recorded in all of the Santa Cruz fields due to the reopening of wells after having field personnel back to their operational duties after the union strike in the last months. The recovery to pre-strike production levels is expected by the end of March.

In Colombia, Puli C production decreased due to some community restrictions blocking the arrival of the pulling rig thus delaying wells interventions to recover lost production due to downhole equipment failure. After some recent community meetings, Interoil is expecting the arrival of the work over rig somewhere around June this year or immediately after the finalisation of some civil works are performed in two access roads required by the local community.

In the Llanos area, Vikingo production flows remained stable, while following 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.

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