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mainly due to a combination of weather conditions that affected road
transportation, national strikes and social unrest in Colombia that led to road
blockages causing the suspension of the oil transportation, especially from the
Vikingo operation.
Interoil’s EBITDA in Q3 2021 continues with the same positive tendency
registered in the immediately preceding quarter in terms of improvement.
In Argentina, the workover operations at the MMO-15 continues to be suspended
due to the Covid-19 lockdown imposed by the Argentinian authorities prohibiting
critical field experts from arriving in the country and downhole equipment from
mobilizing to the well-site.
In Colombia, Interoil continues to seek the authorities´ required approval
before spudding a well in Altair and LLA-47 blocks. In addition, the ANH issued
in July 2021 a resolution (Agreement 005) granting companies the right to
request extensions of the terms of exploration programs adversely affected by
blockages, national strikes, the effects of the Covid-19 pandemic and the like.
Interoil has filed with the ANH requests for extensions of the terms to perform
exploration activities in both Altair and LLA-47 blocks.
The Company requests is based on the adverse effect on the progress in
exploration activities resulting from the conjoining effect of social unrest,
national strikes, and adverse conditions and restrictions imposed for the
ongoing serious impact of the Covid-19 pandemic in the area and the communities
located in the vicinities of the blocks which have prevented advance on the
socialization of the project activities. The ANH response to the Company
requests is pending.
Subsequent events and current plans
On October 15th a tower unit was mobilized to Puli C fields to repair and/or
replace downhole production equipment in some producing wells aimed at
recovering oil and gas production.
On October 25th eleven Puli C workers (out of twenty-three affected to the
operation) unilaterally decided to strike and to block the entrance to the Mana
Treatment Facilities with legal collaboration from the Colombian Oil Union
Organization (Union Sindical Obrera - USO) requesting additional benefits and
compensation to Puli C workers. Since then and regardless all the legal actions
taken by Interoil, operational management staff has been immediately mobilized
to Puli C Facilities to, firstly, grant safety and integrity to the operation,
to the environment and to the surrounded communities, and, in addition, to
secure a direct and friendly conversation with the Union and workers illegally
blocking the entrance aiming to find a suitable solution to their request. On
November 4th, the workers agree to end the strike and the blockage and to
continue negotiations with the Company. Regardless the blockage situation at the
entrance in Mana treatment facilities, field operation and wells production have
been normally flowing where oil commercial has been stored in Mana’s main
storage facilities. As a result of the end of the blockage, oil sales dispatch
may resume shortly.
On November 1st, Perenco notified a heavy crumbling on a route section (Aguazul
- Sogamoso) due to heavy rains in the last weeks forcing a temporarily shutdown
of oil export system. Export operation will resume once civil works finish
route repairing and normal pumping operation is restored.
Field operations and production continue at a reasonable level despite the
logistics challenges related to the COVID-19 restriction in Colombia and
lockdown imposed by the Argentinean authorities.
Gross production in Q3 2021 decreased from the production registered in Q2 2021
mainly due to a combination of weather conditions that affected road
transportation, national strikes and social unrest in Colombia that led to road
blockages causing the suspension of the oil transportation, especially from the
Vikingo operation.
Interoil’s EBITDA in Q3 2021 continues with the same positive tendency
registered in the immediately preceding quarter in terms of improvement.
In Argentina, the workover operations at the MMO-15 continues to be suspended
due to the Covid-19 lockdown imposed by the Argentinian authorities prohibiting
critical field experts from arriving in the country and downhole equipment from
mobilizing to the well-site.
In Colombia, Interoil continues to seek the authorities´ required approval
before spudding a well in Altair and LLA-47 blocks. In addition, the ANH issued
in July 2021 a resolution (Agreement 005) granting companies the right to
request extensions of the terms of exploration programs adversely affected by
blockages, national strikes, the effects of the Covid-19 pandemic and the like.
Interoil has filed with the ANH requests for extensions of the terms to perform
exploration activities in both Altair and LLA-47 blocks.
The Company requests is based on the adverse effect on the progress in
exploration activities resulting from the conjoining effect of social unrest,
national strikes, and adverse conditions and restrictions imposed for the
ongoing serious impact of the Covid-19 pandemic in the area and the communities
located in the vicinities of the blocks which have prevented advance on the
socialization of the project activities. The ANH response to the Company
requests is pending.
Subsequent events and current plans
On October 15th a tower unit was mobilized to Puli C fields to repair and/or
replace downhole production equipment in some producing wells aimed at
recovering oil and gas production.
On October 25th eleven Puli C workers (out of twenty-three affected to the
operation) unilaterally decided to strike and to block the entrance to the Mana
Treatment Facilities with legal collaboration from the Colombian Oil Union
Organization (Union Sindical Obrera - USO) requesting additional benefits and
compensation to Puli C workers. Since then and regardless all the legal actions
taken by Interoil, operational management staff has been immediately mobilized
to Puli C Facilities to, firstly, grant safety and integrity to the operation,
to the environment and to the surrounded communities, and, in addition, to
secure a direct and friendly conversation with the Union and workers illegally
blocking the entrance aiming to find a suitable solution to their request. On
November 4th, the workers agree to end the strike and the blockage and to
continue negotiations with the Company. Regardless the blockage situation at the
entrance in Mana treatment facilities, field operation and wells production have
been normally flowing where oil commercial has been stored in Mana’s main
storage facilities. As a result of the end of the blockage, oil sales dispatch
may resume shortly.
On November 1st, Perenco notified a heavy crumbling on a route section (Aguazul
- Sogamoso) due to heavy rains in the last weeks forcing a temporarily shutdown
of oil export system. Export operation will resume once civil works finish
route repairing and normal pumping operation is restored.
Field operations and production continue at a reasonable level despite the
logistics challenges related to the COVID-19 restriction in Colombia and
lockdown imposed by the Argentinean authorities.
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act
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.
Kilde
