Highlights in the period
Interoil’s total operated production for the first nine months of 2024 was 551,140 barrels of oil equivalent (boe), a decrease from 698,659 boe in the same period of 2023. Operations in 2024 were impacted by downhole equipment failure at the Vikingo well and harsh winter conditions in Argentina. These challenges resulted in revenues of USD 13.5 million, down from USD 16.4 million in the prior year.
In July, at the Company’s request, bondholders approved amendments to the bond terms to settle the full July 2024 interest payment in kind by issuing and delivering additional bonds.
In August Interoil Colombia Exploration and Production ("ICEP") reached an agreement with the Colombian National Hydrocarbons Agency -Agencia Nacional de Hidrocarburos- (the "ANH") for a partial termination of the Exploration and Production contract between ICEP and the ANH over the LLA-47 block. As part of the agreement, the provisions related to exploration activities will be terminated with no penalties, and the exploration area shall be returned to the ANH. However, ICEP will continue production from the Vikingo well, for the remainder of its economic life.
In August, Interoil issued a correction to its Q2 and H1 financial reports due to an unintentional error in the Q1 figures. As a result, Finanstilsynet and Oslo Børs (“OSE”) initiated formal investigations. The company has provided responses to the inquiries received in connection with these proceedings, and a final decision is still pending.
In September the Company appointed Mr. Pablo Creta as new Chief Financial Officer (CFO). Mr. Creta served as both General Manager and CFO of the Company from 2017 to 2020.
