Interoil Exploration & Production ASA

17 March 2021

Production report for February 2021

Below please find average gross operated production in February 2021 and corresponding numbers for January 2021.

IOX operated	February 2021		January 2021
	Boepd(1)	Bopd (2)	Boepd(1)	Bopd (2)
Colombia	885	612	901	615
Argentina (3)	2,545	279	2,548	270

1. Barrels of oil equivalents per day
2. Barrels of oil per day
3. Operated by Selva Maria Oil on behalf of IOX until local authorities approves operator’s licence.

Comments

Production in February 2021 was largely in line with that in January 2021.

In Colombia, the company is currently preparing the pulling rig which will be used to repair equipment in several wells at the Puli C field and bring production back to former levels.  The rig is likely to be mobilised to the field around mid-April.  Vikingo keeps its steady flow, and the oil deliveries continues as programmed.  The oil spill remediation work is completed and Interoil is awaiting environmental authorities’ confirmation for a site visit prior to deploy clean new topsoil, which is still pending.

Preparations for Mazorca drilling, the commitment well on the Altair license, continues according to plan, and the company is expecting Agencia Nacional de Hidrocarburos (ANH) to approve drilling program soon. According to current licence terms this well should be drilled by April 2021. Conversations are continuing with potential farm-in partners for the drilling programme in LLA-47.

In Argentina, Interoil is working Velitec SA to develop a detailed plan for the reopening of oil production from 15 wells in the Mata Magallanes Oeste (MMO).  A pulling rig has been identified and is currently being inspected and procurement of equipment and spare parts is underway.

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Please direct further questions to ir@interoil.no

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 operator and license holder of several production and exploration assets in Colombia and Argentina. Interoil currently employs approximately 50 people and is headquartered in Oslo.

The notice has been published by Mr. Geir Arne Drangeid, Partner and Senior Advisor, First House AS, at 08:30 CET, 17 March 2021.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.