Interoil Announces Q2 2021 and Half Year Financial Report

Source: www.gulfoilandgas.com 8/16/2021, Location: South America

Interoil Exploration and Production ASA is pleased to release its report for the second quarter and first half of 2021.

Highlights in the period
- Gross production stabilized in Q2 2021 compared with Q1 2021, which had slightly decreased due to the social unrest in Colombia with road blockage causing the suspension of the oil transportation specially from the Vikingo operation.
- During the second half of June the road transportation has been restored, allowing the Vikingo Production to be exported and sold through the Perenco Facilities, as was the case prior to the blockage.
- Interoil continues working actively to move a tower rig to the Puli C fields. The rig will be deployed to restore production which was shut down due to downhole mechanical failures in the well.
- Interoil’s EBITDA in Q2 2021 shows an important improvement compared with previous quarters due to COGS and fixed expenses efficiency, combined with the oil price increases.
- On April 26th, the Company successfully completed the second private placement of new shares for USD 2.6M. These funds are earmarked for exploration investment and reserved in the Company´s bank account.
- In Argentina, the workover operations at the MMO-15 continues to be suspended due to Covid-19 lockdown imposed by the Argentinian authorities prohibiting critical field experts from arriving the country and downhole equipment from mobilizing to the wellsite.
- With respect to the exploration drilling campaign, Interoil continues waiting for the authorities´ required approval prior to spudding a well in Altair and Lla-47 blocks


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