Correction to Financial Report for Q2 2024
Interoil has issued a clarification following their recent stock exchange announcement regarding the financial report for the second quarter and first half of 2024.
Revised Financial Figures
In the previous announcement, there were inaccuracies in the stated revenues and EBITDA for the first half of 2024. The figures have been corrected to reflect revenues of USD 10.6 million and an EBITDA of USD -0.8 million. This correction is crucial for investors and stakeholders who rely on accurate financial data.
Furthermore, for the first three months of 2024, revenues were reported at USD 5.3 million. This figure had been mistakenly presented as higher in earlier documents, demonstrating the importance of precision in financial reporting.
Highlights of Q2 2024
During the first six months of 2024, Interoil achieved a net production of 100,334 barrels of oil equivalents (boe), a significant increase from 54,310 boe produced in the same period of the previous year. This growth can be largely attributed to the acquisition of a 43% stake in the Santa Cruz assets in Argentina, which took place in June 2023.
The adjusted EBITDA of USD -0.8 million marks a slight decline from the USD -0.1 million reported in the first half of 2023, indicating ongoing challenges in the operational landscape that need to be addressed for profitability.
Key Commercial Developments
In 2024, Interoil Argentina forged a new commercial agreement with Compañia General de Combustibles (CGC), a major player in Argentina's oil and gas sector. This agreement provides Interoil with an alternative route for crude oil delivery, minimizing freight costs and allowing for price increases of up to USD 10 per barrel compared to previous delivery methods.
Operational Challenges in Argentina
Despite these advancements, Interoil faced significant operational challenges due to adverse winter conditions in Argentina. The severe cold weather, with temperatures dropping to 20°C below zero, adversely affected production from the Santa Cruz fields. National routes were blocked during this period, and local authorities implemented roadblocks for safety, complicating access to necessary services and equipment.
Company Information
For further information, investors and stakeholders can reach out to Interoil at their investor relations email: ir@interoil.no.
Interoil Exploration and Production ASA is an exploration and production company based in Norway, primarily focused on the Latin American market. The company operates several production and exploration assets in Colombia and is noted for its commitment to accurate and transparent reporting.
Frequently Asked Questions
What corrections were made to Interoil's Q2 2024 report?
The report corrected the revenues to USD 10.6 million and EBITDA to USD -0.8 million for the first half of 2024.
How did Interoil's production change compared to the previous year?
Interoil's net production increased significantly to 100,334 barrels of oil equivalents (boe) in the first six months of 2024, compared to 54,310 boe during the same period in 2023.
What challenges did Interoil face during the reporting period?
The company experienced operational challenges in Argentina, primarily due to harsh winter conditions that hindered access to production sites.
Who can I contact for more information about Interoil?
You can contact Interoil at their investor relations email: ir@interoil.no for detailed inquiries.
What is Interoil's focus area in its operations?
Interoil focuses on exploration and production activities in Latin America, primarily operating in Colombia and Argentina.
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