Interoil’s net production in the first nine months of 2023 was 178,340 barrels of oil equivalents (boe), down from 223,342 boe in the same period in 2022.
Revenues were USD 16.4 million compared with USD 15.7 million in the corresponding period the previous year. The increase is due to increased share in Argentina’s operations.
EBITDA in the first nine months of 2023 was USD 2.4 million, compared with USD 5.2 million in the same period of 2022.
In November a new President was elected in Argentina, who will take charge on December 10. Mr. Milei has publicly announced a number of measures that should have a positive impact in the Company’s business, including decrease of existing gap between the official exchange rate and the actual exchange rate between the Argentine peso and the US dollar, deregulation of O&G prices and other measures which would create a better business environment.
By virtue of requests filed by Interoil Colombia to the Colombian hydrocarbons regulatory agency (ANH), the terms applicable to Interoil’s drilling obligations in Llanos-47 and Altair have been postponed at least through October 2024 and July 2024, respectively. While no assurance can be given, postponement should continue beyond such dates as long as there are underlying reasons causing force majeure.