Interoil Exploration and Production ASA is pleased to release its Q3 2020 interim financial report.
Highlights in the quarter
- The COVID-19 pandemic effect on the company had impacted its figures due to the fall of prices and decreased volumes.
- Gross production increased by 198% in Q3 2020 compared with Q2 2020 and decreased 9% compared with the same period of last year.
- Interoil’s EBITDA in Q3 2020 was positive USD 0.2 million, compared with a negative USD 0.6 in Q2 2020 and positive USD 2.1 in Q3 2019. Variation is related to a lower production, due to the halt of operations both in Mana and Vikingo in the Q2 2020 and the lower value of oil and gas prices.
- Since its closure of production in Vikingo and Puli C areas, Interoil has kept a steady campaign of reopening wells and increase production in both areas.
- On July 30, Bondholders approved a resolution to introduce certain flexibility in the payment terms of the interests on the Senior Secured Callable Bonds.
Subsequent events
On November 2, the Company refinanced a total amount of $COL 5,250 million equal to around USD 1.5 million with Banco Occidente. The loan terms include four-year repayment in six-months instalments after a one-year of grace period.
