Interoil completes strategic exit from Argentina

09 Feb 2026 15:00 CET

Oslo, Norway - February 9, 2025 - Interoil Exploration and Production ASA
("Interoil" or the "Company") announces that it has completed a strategic
decision to exit its conventional operations in Argentina. The exit covers the
interests held by Interoil in the country in all of the Santa Cruz Sur joint
operations (due to expire between April and August 2026), and the La Brea Block,
as well as the right to challenge the termination of the Mata Magallanes Oeste
(MMO) production concession and the Cañadón Ramírez (CR) exploration block.

This decision follows a comprehensive review of Interoil's conventional onshore
portfolio and reflects the Company's continued commitment to disciplined capital
allocation and operational focus.

The decision to exit Argentina is also informed by a sustained deterioration in
the operating and investment environment in the Province of Santa Cruz. Over
time, several major international and national operators, including YPF, Pan
American Energy, Petrobras, Sinopec and Total, have progressively reduced or
exited their conventional positions in the region as asset competitiveness
declined. Increased fiscal and regulatory complexity, recurring labor and social
disruptions, and reduced long-term investment visibility have negatively
impacted capital allocation decisions. When combined with the mature nature of
the assets and rising operating costs, these factors have contributed to a
structurally less attractive environment for large-scale operators.

The withdrawal process is being carried out in close coordination with local
partners and regulatory authorities to ensure a responsible and orderly
transition for all stakeholders.

Interoil additionally confirms that the above-mentioned Argentine assets were
sold to an Argentine investor in a transaction valued at a price of up to USD
1,000,000, payable in ten contingent installments. Each installment is subject
to the condition that, at the time of payment, production must have reached a
threshold of 47,000 BOE per month.

Furthermore, as part of the transaction structure, Interoil will receive an
Overriding Royalty Interest (ORRI) equivalent to 80% of the profits generated
from production exceeding 57,000 BOE per month.

"Exiting Argentina's conventional assets represents a significant strategic
milestone for Interoil," said Leandro Carbone, Chief Executive Officer of
Interoil. "Our Argentine operations have contributed valuable production and
experience over the years; however, this transition allows the Company to
further sharpen its strategic focus and optimize its capital allocation. Going
forward, Interoil intends to concentrate on the identification and development
of non-conventional energy assets, as well as the evaluation of select
complementary assets, in line with the Company's long-term objective of
enhancing operational efficiency and value creation."

Interoil views the current industry context as an appropriate moment to finalize
its Argentine operations, taking advantage of conditions that allow for an
orderly divestment from mature, conventional assets. The Company remains
committed to maintaining the highest standards of operational responsibility
throughout the transition process.


This notice contains information which is considered inside information pursuant
to the European Market Abuse Regulation. The notice has been published by Geir
Arne Drangeid (Partner and Senior Advisor, First House AS) at 15:00 CET on 9
February 2026.


About Interoil Exploration and Production ASA

Interoil Exploration and Production ASA is a Norwegian-based independent oil and
gas exploration and production company listed on the Oslo Stock Exchange under
the ticker IOX. The Company has operated in Latin America for over two decades,
applying strong technical capabilities and a disciplined approach to value
creation and sustainability.

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

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