Euronext Oslo Børs imposes Violation Charge on Interoil Exploration and Production ASA

12 Dec 2024 11:25 CET

On 12 December 2024, Euronext Oslo Børs resolved to impose a violation charge on
Interoil Exploration and Production ASA for breaching its duty to disclose
inside information. Euronext Oslo Børs has passed the following resolution:

“For breaching the duty to disclose inside information in a timely manner, a
violation charge of NOK 750,000 is imposed on Interoil Exploration and
Production ASA, cf. Article 17 (1) of MAR, cf. section 4.2.1.1 of the Euronext
Oslo Rule Book II, and section 21-1 (5), cf. section 19-1 (3) of the Securities
Trading Act, cf. section 17-1 of the Securities Trading Regulation”.

A brief summary of the case:

On 30 August 2024, Interoil Exploration and Production ASA (the “Company”)
published a stock exchange announcement correcting the Q1 revenue reported in
the stock exchange announcement dated 29 May 2024, revising it from USD 7.8
million to USD 5.3 million. Euronext Oslo Børs’ assessment is that the Q1
reporting error constituted inside information and that the Company’s obligation
to promptly disclose this information arose when the then CFO became aware of
the error on 21 August 2024. The inside information, however, was first
disclosed on 30 August 2024, nine days, including seven trading days, after the
Company’s disclosure obligation arose. Based on an overall assessment, Euronext
Oslo Børs has resolved that the violation charge shall be set at NOK 750,000.

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