Interoil Reached Agreement with the ANH

Source: www.gulfoilandgas.com 3/29/2017, Location: South America

The company previously announced that the Court had rejected a reconsideration motion filed with the Court to try to overturn the Court's decision to not ratify the settlement agreement reached with the Agencia Nacional de Hidrocarburos (ANH) on COR-6.

The company has now received a notice from the ANH inviting it to pay US$22MM pursuant to the ANH's claim for damages for breach of contract. This is not a mandatory payment order and the company has responded to the ANH reiterating its position and its continuing willingness to formalise the agreement reached with the ANH to transfer the COR-6 licence commitments to the Altair and LLA-47 licences.

The company is still optimistic that a mutually agreeable solution can be reached with the ANH and will continue to pursue all legal alternatives. The market will be advised of any future action taken at such time and as appropriate.

Altair
The company previously announced that it had elected to combine the phase 1 and 2 work programs. The company is pleased to announce that this has now been approved by the ANH.

LLA-47
The company has elected to combine the phase 1 and 2 work programs, which has been approved by the ANH. The combination of the phases means the company has 36 months to execute its commitments with effect from 10 February of 2017. However, the company will have an obligation to drill 2 additional wells in addition to the 8 wells already committed. As previously announced, the company has agreed to drill the first 3 wells under a participation agreement with SLS.


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