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InterOil Exploration and Production
Quarterly Report • Jun 16, 2025
3638_rns_2025-06-16_78c9564e-f068-4cc7-85a0-d1b9fa46b3fa.pdf
Quarterly Report
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Report for the First quarter of 2025
Interoil Exploration and Production ASA WWW.INTEROIL.NO
| Key figures | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 |
|---|---|---|---|---|---|
| Gross production oil/gas (boe) | 207 994 | 200 923 | 142 223 | 203 778 | 196 682 |
| Production oil/gas (average boepd) | 2 286 | 2 208 | 1 546 | 2 211 | 2 181 |
| Net Production oil/gas (boe) | 104 836 | 100 334 | 72 289 | 100 211 | 97 505 |
| Net Production oil/gas (average Boepd) | 1 152 | 1 103 | 786 | 1 088 | 1 082 |
| Oil price average (usd/bbl) | 85.0 | 83.3 | 73.6 | 74.0 | 75.8 |
| Revenues (USDm) | 5.3 | 5.3 | 2.8 | 3.3 | 5.7 |
Net production: Represents the percentage of the participating interest corresponding to the Company in the different locations.
Highlights in the quarter
.
- Interoil's Total operated production for the three-month period amounted to 97,506 barrels of oil equivalent (boe), representing a decline from 103,738 boe recorded in the same period of 2024. Operations in Argentina were negatively impacted by the failure of two compressor engines, which led to a sustained drop in gas production from January until the compressors were repaired in February. Despite the lower production, revenue increased to USD 5.7 million, up from USD 5.3 million in the previous year, driven by a favourable rise in gas prices.
- Interoil Colombia successfully completed a downhole intervention to the Vikingo well.
- In January, at the Company's request, bondholders approved amendments to the bond terms to settle the full January 2025 interest payment in kind by issuing and delivering additional bonds.
- In January, Interoil launched its well service campaign in the Mana Field, aiming to service five wells. The campaign sought to recover up to 50 bopd and 600,000 scfpd of gas. As of the date of this report, seven wells have been brought back online, delivering a combined flow of 117 bopd, and 82,000 scfpd of gas.
Portfolio overview
Interoil is an independent oil and gas exploration and production company, currently operating in Colombia and Argentina. Interoil is involved in the acquisition, exploration, development and operation of onshore oil and natural gas assets. Interoil is an operator and an active license partner in several productions and exploration assets in Colombia and Argentina.
The Interoil portfolio consists of two producing licenses in Colombia, one exploration concession, and seven production concessions in Argentina. The licenses in Colombia were acquired through company acquisitions and open bid-rounds for licenses organised by the authorities. The licences in Argentina were acquired through a share purchase agreement with the previous owner, in the case of the blocks located in the Provinces of Jujuy and Chubut, and through an asset purchase agreement in the case of the concession located in the province of Santa Cruz.
Following these transactions, Interoil has hydrocarbon production in both Colombia and Argentina. Income from the sale of petroleum and gas is being used to fund further exploration activities and development of these assets and/or acquire new ones.
In October 2024, the Company and the National Hydrocarbons Agency of Colombia (Agencia Nacional de Hidrocarburos, "ANH") executed a Partial Termination Agreement related to the Exploration and Production Agreement for the LLA-47 block. This agreement formalizes the termination of all outstanding exploration commitments under the LLA-47 E&P Agreement, which included the drilling of nine (9) exploration wells, representing a total exploration investment of USD 27,000,000.
The Company is committed to completing all required administrative and legal procedures to transfer the exploration block to the ANH and will fully adhere to the obligations stipulated in the Agreement.
Notwithstanding the termination of exploration commitments, the Company will continue production operations in the Vikingo Production Area under the LLA-47 E&P Agreement for the duration of the production period.
Furthermore, for reasons similar to those that affected the LLA-47 Agreement, the Exploration and Production Agreement between ICEP and the ANH concerning the adjacent Altair block (the
"Altair Contract") has also been terminated, with no further exploration and production commitments remaining in such blocks.
Colombia - production
Working interest production of oil and gas increase from 33,893 boe in Q4 to 35,234 boe in Q1 2025.
Production during the fourth quarter 2024 was severely affected due to Vikingo downhole pump failure. In November production from the Vikingo well resumed.
The Puli C licence comprises the following three producing fields: Mana, Rio Opia and Ambrosia. The Puli C intervention program sought to recover up to 50 bopd and 600,000 scfpd of gas. As of the date of this report, seven wells have been brought back online, delivering a combined flow of 117 bopd, and 82,000 scfpd of gas.
Argentina - production
Working interest production of oil and gas decrease from 66.318 in Q4 2024 to 62.272 in Q1 2025.
Production during this period was negatively impacted by the failure of two compressor engines, which led to a sustained drop in gas production from January until the compressors were repaired in February.
Financing
In January, the Company requested bondholders to approve a proposal to amend the terms of the Company's senior secured callable bonds enabling to settlement in kind of the full Interest Payment due in January 2025 by issuing and delivering additional Bonds with terms and conditions substantially equal to those of the outstanding Bonds.
In connection with the upcoming interest instalment due in July 2025, the Company intends to request bondholder approval for a similar PIK settlement. If approved, the July 2025 interest payment would likewise be satisfied through the issuance of additional bonds.
Outlook
The Company is implementing a broad strategy to enhance operational and financial stability, focusing on restoring production levels in Argentina and Colombia through the reactivation of shut-in wells and efficiency improvements. At the same time, efforts are underway to optimize lifting costs and
identify new development opportunities. Given the current mismatch between short-term liabilities and assets, the Group is pursuing targeted actions to strengthen liquidity, including production enhancement, cost restructuring, and strict control of discretionary spending.
Statement of responsibility
The Board of Directors and the General Manager have reviewed and approved the unaudited threemonth interim financial report for the period 1 January to 31 March 2025.
The interim report has been prepared following IAS 34 "Interim Financial Reporting" in the context of the International Financial Reporting Standards (IFRS) as adopted by the EU and additional Norwegian disclosure requirements for interim financial reports of listed public limited companies.
We consider, to the best of our knowledge, the accounting policies applied to be appropriate. Accordingly, the interim report gives a true and fair view of the Group's assets, liabilities, financial position and results as of 31 March 2025.
| June 16, 2025 |
|---|
| The Board of Interoil Exploration and Production ASA. |
(signed) (signed) (signed)
Hugo Quevedo Nicolas Acuña Carmela Saccomanno Chairman Board Member Board member
Isabel Valado Ramudo German Ranftl Laura Marmol Leandro Carbone Board Member Board Member Board Member General Manager (signed) (signed) (signed) (signed)
Consolidated interim statement of comprehensive income
| Amounts in USD 1 000 | For the 3- months period ended 31st March 2025 |
For the 3- months period ended 31st December 2024 |
For the 3- months period ended 31st March 2024 |
For the 12 months period ended 31st December 2024 |
|---|---|---|---|---|
| (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | |
| Sales | 5.704 | 3.310 | 5.299 | 16.811 |
| Cost of goods sold ex depreciation | -5.255 | -4.087 | -2.769 | -16.532 |
| Depreciation | -1.649 | -377 | -352 | -7.065 |
| Gross profit | -1.199 | -1.153 | 2.178 | -6.786 |
| Imparement | 1.147 | |||
| Exploration cost expensed | 0 | -31 | -70 | -776 |
| Operating expenses | -1.349 | -2.145 | -1.689 | -5.789 |
| Other (expense)/income | 213 | 1.241 | 110 | 1.260 |
| Result from operating activities | -2.335 | -2.088 | 529 | -10.944 |
| Finance expense – net | -2.511 | -2.119 | -1.711 | -5.024 |
| Result before income tax | -4.847 | -4.207 | -1.181 | -15.968 |
| Income tax (expense)/credit | 25 | -591 | -442 | -1.204 |
| Net result | -4.822 | -4.799 | -1.623 | -17.172 |
Notes 1 to 4 are an integral part of these condensed consolidated financial statements.
Consolidated interim statement of financial position
| As of 31st March 2025 |
As of 31st December 2024 |
|
|---|---|---|
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 15.710 | 14.663 |
| Other intangible assets | 3.442 | 4.589 |
| Exploration and evaluation assets | 3.605 | 3.605 |
| Total non-current assets | 22.758 | 22.857 |
| Current assets | ||
| Inventories | 1.495 | 1.373 |
| Trade and other receivables | 19.131 | 16.824 |
| Assets available for sale | 1.677 | 1.677 |
| Cash and cash equivalents, restricted | 4.529 | 3.806 |
| Cash and cash equivalents, non-restricted | 1.837 | 1.177 |
| Total current assets | 28.670 | 24.856 |
| TOTAL ASSETS | 51.427 | 47.713 |
| TOTAL EQUITY | -37.052 | -32.230 |
| LIABILITIES | ||
| Non-current liabilities | ||
| Borrowings | 29.121 | 26.827 |
| Retirement benefit obligations | 782 | 743 |
| Provisions for other liabilities and charges | 9.253 | 9.042 |
| Other long-term payables | 2.475 | 2.585 |
| Total non-current liabilities | 41.631 | 39.197 |
| Current liabilities | ||
| Borrowings and interest-bearing liabilities | 13.645 | 11.520 |
| Trade and other payables | 30.124 | 26.970 |
| Income tax payable | 1.156 | 1.111 |
| Provisions for other liabilities and charges | 1.922 | 1.145 |
| Total current liabilities | 46.848 | 40.746 |
| TOTAL LIABILITIES | 88.479 | 79.943 |
Notes 1 to 4 are an integral part of these condensed consolidated financial statements.
Consolidated interim statement of changes in equity
| Amounts in USD 1 000 | Share capital and share premium |
Other paid-in equity |
Retained earnings | Total equity |
|---|---|---|---|---|
| Balance at 31st December 2024 | 166.108 | 4.744 | -203.082 | -32.230 |
| Net result | - | - | -4.822 | -4.822 |
| Balance at 31st March 2025 | 166.108 | 4.744 | -207.904 | -37.052 |
Notes 1 to 4 are an integral part of these condensed consolidated financial statements.
Consolidated interim cash flow statement
| As of 31st | As of 31st | ||
|---|---|---|---|
| Amounts in USD 1 000 | March 2025 | December 2024 | |
| Cash generated from operations | |||
| Comprehensive income/(loss) for the period | -4.822 | -17.172 | |
| Income tax | -25 | 1.204 | |
| Net finance expense | 2.511 | 745 | |
| Depreciation, amortization and impairment | 1.649 | 7.218 | |
| Assets retirement increase | 0 | 1.100 | |
| Impairment recovery on PP&E | 0 | -1.087 | |
| Gain on sale of PP&E | 0 | -903 | |
| Changes in assets & liabilities | |||
| Inventories | -122 | -594 | |
| Trade and other receivables | -2.307 | -5.525 | |
| Trade and other payables / provision and other liabilities | 4.072 | 7.639 | |
| Change in tax payable | 70 | -743 | |
| Net cash generated / used in operating activities | 1.026 | -8.118 | |
| Cash flows from investing activities | |||
| Changes in restricted cash classification | -723 | 459 | |
| Capital expenditures | -1.549 | 495 | |
| Net cash used in investing activities | -2.273 | 954 | |
| Cash flows from financing activities | |||
| Finance expense net | -353 | -280 | |
| Increase in borrowings | 2.260 | 7.330 | |
| Net cash used in / generated by financing activities | 1.907 | 7.050 | |
| Net change in cash and cash equivalents | 661 | -114 | |
| Non restricted cash and cash equivalents at beginning of the period | 1.177 | 1.164 | |
| Exchange rate changes on cash and cash equivalents | 127 | ||
| Non restricted cash and cash equivalents at end of the year | 1.837 | 1.177 |
Notes 1 to 4 are an integral part of these condensed consolidated financial statements.
Note1. Corporate information
Interoil Exploration and Production ASA is an independent oil and gas exploration and production company, with offices in Buenos Aires, Argentina, and Bogota, Colombia. The company is listed on the Oslo Stock Exchange with the ticker "IOX". The Company is registered in the Register of Business Enterprises with organisation number 988 247 006.
Interoil is involved in the acquisition, exploration, development and operation of oil and natural gas properties in South America. Several projects are being evaluated; both producing fields and prospecting areas.
Interoil's current asset portfolio is focused on onshore E&P contracts in Colombia and Argentina. The company aims to expand its portfolio through further acquisitions, purchase of license shares and license applications or awarded permits and licenses mainly in South America
The condensed consolidated interim financial information for the period ended 31 March 2025 includes the Company and its subsidiaries. This condensed consolidated interim financial information has been authorised for issue by the Board of Directors on 16 June 2025.
Note 2. Accounting policies
Interoil's condensed consolidated interim financial information is prepared following IAS 34, in the context of the International Financial Reporting Standards (IFRS) as adopted by the European Union.
Interim period results are not necessarily indicative of results of operations or cash flows for an annual period.
Should the Group be affected by the consequences of the exploration activities, the valuation of the Group's assets will need to be further revised, leading to potential further impairment.
The condensed interim financial information is unaudited.
Note 3. Segment information
For the year ended 31st March
| 2025 | ||||
|---|---|---|---|---|
| Amounts in USD 1 000 | Colombia | Argentina | Norway/Corp | Group |
| Total revenue | 2.613 | 3.091 | - | 5.704 |
| Cost of goods sold ex depreciation | -1.823 | -3.431 | - | -5.255 |
| Depreciation | -385 | -1.263 | - | -1.649 |
| Gross profit / (loss) | 405 | -1.604 | - | -1.199 |
| Exploration cost expensed | -0 | - | - | -0 |
| Operating expenses | -678 | -459 | -212 | -1.349 |
| Other income | 97 | - | 116 | 213 |
| Result from operating activities | -177 | -2.063 | -96 | -2.335 |
| Finance expense – net | -975 | -1.030 | -506 | -2.511 |
| Loss before income tax | -1.151 | -3.093 | -602 | -4.847 |
| Income tax expense | 25 | - | - | 25 |
| Loss for the period | -1.127 | -3.093 | -602 | -4.822 |
For the year ended 31st March
| 2024 | ||||
|---|---|---|---|---|
| Amounts in USD 1 000 | Colombia | Argentina | Norway/Corp | Group |
| Total revenue | 2.624 | 2.675 | - | 5.299 |
| Cost of goods sold ex depreciation | -1.023 | -1.746 | - | -2.769 |
| Depreciation | -352 | - | - | -352 |
| Gross profit | 1.250 | 928 | - | 2.178 |
| Exploration cost expensed | -70 | - | - | -70 |
| Operating expenses | -206 | -807 | -675 | -1.689 |
| Other income | 48 | - | 62 | 110 |
| Result from operating activities | 1.022 | 121 | -613 | 529 |
| Finance expense – net | -366 | -860 | -486 | -1.711 |
| Loss before income tax | 656 | -739 | -1.099 | -1.181 |
| Income tax expense | -442 | - | - | -442 |
| Loss for the period | 215 | -739 | -1.099 | -1.623 |
Note 4. Finance expenses
| Amounts in USD 1000 | For the 3-months March 2025 |
For the 3-months period ended 31st period ended 31st March 2024 |
|
|---|---|---|---|
| Interest income / (expense) | 1.516 - | 948 | |
| Exchange gain / (loss) | 366 | 85 | |
| Others | 629 | 848 | |
| Net finance expenses | 2.511 - | 1.711 |
12 INTEROIL EXPLORATION AND PRODUCTION ASA c/o Advokatfirmaet Schjødt AS Oslo, Norway [email protected] [email protected]