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ANH Grants Extension of LLA-47 & Altair Exploration Periods

Source: www.gulfoilandgas.com 8/19/2020, Location: South America

Interoil Exploration and Production ASA (Interoil) is pleased to announce that the national E&P authority Agencia Nacional de Hidrocarburos (ANH) in Colombia has granted an extension of 12 months for the LLA47 and the Altair exploration licenses respectively. These extensions have been issued pursuant to the provisions of Agreement No. 002/2020 of the ANH, a legal framework established by the ANH in March 2020 setting forth mitigating measures for the industry affected by the lock-in period and other economic consequences resulting from the COVID-19 pandemic. The new expiration date of the exploration period for LLA-47 is 7 February 2022, while the new expiration date for Altair is 27 April 2021. These extensions of contracts provide Interoil with an additional exploration term aimed at offsetting delays suffered in the industry in the recent trying times as well as with an adequate time frame to make the most of the ongoing exploration phases while continuing with the efforts to improve efficiencies and benefits as markets and prices start to recover.

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