Production report for February 2023

13 Mar 2023 08:30 CET

Oslo, 13 March 2023

+----------------+----------------------+----------------------+
|          | January 2023 | February 2023 |
+----------------+-----------+----------+-----------+----------+
| Operated | Boepd (1) | Bopd (2) | Boepd (1) | Bopd (2) |
+----------------+-----------+----------+-----------+----------+
| Colombia | 758 | 525 | 735 | 549 |
+----------------+-----------+----------+-----------+----------+
| Argentina | 1,592 | 265 | 2,189 | 422 |
+----------------+-----------+----------+-----------+----------+
| Total operated | 2,350 | 790 | 2,924 | 971 |
+----------------+-----------+----------+-----------+----------+
| Total equity | 610 | 358 | 638 | 356 |
+----------------+-----------+----------+-----------+----------+

(1)   Barrels of oil equivalents per day (includes liquid and gas)
(2)   Barrels of oil per day (represents only liquids)

[boepd]: barrels of oil equivalents per day (includes liquid and gas)
[Operated]: 100% field production operated by Interoil
[Equity]        : Interoil's share production net of royalties.

Comments

In February 2023, Interoil's average daily operated production increased by 573
boepd recovering most of the lost production from previous months. During
February the production growth is explained by the recovering of shut-in wells
in Argentina whilst Colombia's production still faces community's issues causing
the mobilization of the pulling rig to be postponed.

In Argentina, production flow increments were recorded in all of the Santa Cruz
fields due to the reopening of wells after having field personnel back to their
operational duties after the union strike in the last months. The recovery to
pre-strike production levels is expected by the end of March.

In Colombia, Puli C production decreased due to some community restrictions
blocking the arrival of the pulling rig thus delaying wells interventions to
recover lost production due to downhole equipment failure. After some recent
community meetings, Interoil is expecting the arrival of the work over rig
somewhere around June this year or immediately after the finalisation of some
civil works are performed in two access roads required by the local community.

In the Llanos area, Vikingo production flows remained stable, while following
its natural depletion rate. The exploration campaign in Altair and LLA-47 blocks
remains on hold and pending approval from local authorities. Conversations with
the ANH concerning the formal approval is still on hold waiting for the new
authorities to take position.

Additional information

Further details about production performance are shown in the document attached.
The two graphs and tables show operated and equity production of oil and gas
respectively and by country. Operated production is defined as total output from
fields operated by Interoil. Equity production is Interoil's share of production
net of royalties.

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


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Please direct any further questions to ir@interoil.no (mailto: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 with headquarter in Oslo.

More information:
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584990_Interoil February 2023 Detailed production report.pdf