Interoil Production Report for July 2024 Highlights

Interoil Production Report for July 2024

Oslo, August 2024

Production Overview

Interoil's daily average operated production for July 2024 stands at 1,348 barrels of oil equivalents per day (boepd), indicating a decrease of 215 boepd from June figures. The reduction primarily reflects ongoing operational challenges in its South American assets.

Production by Country

In Colombia, the production breakdown for July shows operational performance with a total output of 543 boepd, down from 629 boepd in June. The company faced a significant reduction in Argentina, where the output dropped from 1,090 boepd to 805 boepd. This discrepancy highlights the volatility in production levels across different regions.

Operational Challenges in Argentina

The production issues in Argentina are significantly attributed to adverse weather conditions. The province of Santa Cruz encountered one of the worst snow and windstorms on record, affecting field operations drastically. Local authorities imposed restrictions, closing secondary roads and limiting interstate travel, which hindered the mobilization of necessary personnel.

Interoil prioritized safety, restricting field personnel to only essential tasks and minimizing non-critical operations. The inability to conduct routine field activities like pulling rigs and maintenance has directly impacted the overall production capabilities.

Plans to Restore Production

The company aims to resume operations and restore production levels amid these challenges. The expectation is that by mid-August, weather conditions will improve, allowing Interoil to effectively mobilize resources and resume full operational capacity. The focus remains on ensuring safety while restoring equipment and field services to optimal operational levels.

Colombia Production Insights

In Colombia, production in the Puli C area has maintained its previous output levels, yet the Vikingo-1 well faced operational setbacks due to a downhole failure. Interoil is actively engaging with local communities to secure necessary approvals for a pulling campaign. This approach is designed to recover both oil and gas production from affected wells.

The expected outcome of these initiatives is a restoration of approximately 100 barrels per day (bpd) of oil from Puli C and an additional 150 bopd from the Vikingo well. The pulling campaign is anticipated to commence in the latter half of August, pending approval from local stakeholders.

Graphical Representation of Production

Diving deeper into the production statistics, further details are available showcasing the operated and equity production split between oil and gas. The visuals reflect total output from all fields operated by Interoil, providing a clearer view of its performance in Latin America.

Company Overview

Interoil Exploration and Production ASA, a publicly traded company listed on the Oslo Stock Exchange, focuses on oil and gas exploration and production activities across Latin America. The company operates several production and exploration assets in Colombia and Argentina, with its headquarters situated in Oslo. As a significant player in these markets, Interoil continuously seeks opportunities to enhance its production capabilities while navigating operational challenges.

For more detailed inquiries regarding production performance or operational adjustments, interested parties can reach Interoil through dedicated communication channels.

Frequently Asked Questions

What were Interoil's production numbers for July 2024?

Interoil's daily average operated production for July 2024 was 1,348 boepd, showing a decrease from the previous month.

How did weather conditions affect production in Argentina?

Severe weather conditions, including a significant snow and windstorm, disrupted field operations in Santa Cruz, leading to a notable drop in production.

What steps is Interoil taking to address production losses?

Interoil is prioritizing safety and plans to restore production by improving operational conditions in Argentina and initiating recovery campaigns in Colombia.

What challenges did the company face in Colombia?

The Vikingo-1 well experienced a downhole failure, which led to temporary shutdowns in production, though Puli C maintained consistent output.

How can stakeholders obtain further information about Interoil's performance?

Stakeholders interested in detailed performance data can contact Interoil directly through their investor relations email for queries.

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