Correction: Report for the second quarter and first half of 2024
Source: GlobeNewswire30 August 2024
Interoil refers to the company’s stock exchange announcement on 29 August 2024 and the Report for the second quarter and first half of 2024 which was attached thereto.
In that announcement and in the highlights section of that attached report, Revenues and EBITDA for the first six months of 2024 were incorrectly stated. The correct numbers are USD 10.6 million and USD -0.8 million, as shown below and in the corrected report attached.
It should also be noted that revenues for the first three months of 2024 were USD 5.3 million. As a result of an involuntary error, revenues for this period was regrettably overstated in the company’s report for the first quarter of the year.
The corrected announcement below and attached.
Highlights in the period
Interoil’s net production in the first six months of 2024 was 100 334 barrels of oil equivalents (boe), as compared to 54,310 boe in the same period in 2023. Revenues were USD 10.6 million compared with USD 3.4 million in the corresponding period the previous year. These increases come mostly from the acquisition of an additional 43% stake in the Santa Cruz (Argentina) assets in June 2023.
EBITDA in the first half of 2024 was USD -0.8 million, compared with USD -0.1 million in the same period of 2023.
In 2024 Interoil Argentina entered into a new commercial agreement with Compañia General de Combustibles (CGC), one of the biggest O&G companies in Argentina, which operates the Loyola Port facilities, nearby Interoil O&G fields. This new commercial contract provides Interoil an alternative and profitable spot to deliver crude oil minimizing freight and increasing prices by up to USD 10/bbl compared to previous destinations.
In Argentina, the decrease in operated production stems mainly from the Santa Cruz fields, where harsh winter conditions impacted the Patagonian region with temperatures reaching 20°C below zero. These events blocked national routes and oilfield paths, and the local authorities issued roadblocks as a safety measure, making it difficult to access services and materials to the operations. The pulling rig in some oilfields had to be postponed, due to road access impediments and safety considerations.
Contact: ir@interoil.no
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Interoil Exploration and Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The Company is the operator of several production and exploration assets in Colombia. Interoil currently employs approximately 70 people and is headquartered in Oslo.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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