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Interoil Exploration & Production ASA

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14 June 2022

Interoil Exploration and Production ASA (the “Company”) is pleased to announce its accelerated growth strategy with the aim of generating strong production growth. This strategy will be supported by organic growth and acquisitions.

The Company will invest in organic growth by reopening closed wells in its Santa Cruz, Mata Magallanes Oeste (“MMO”) and La Brea portfolio. Additionally, the company has developed a deal pipeline that will allow it to consolidate its portfolio in Santa Cruz and establish beachheads for future growth in other prolific basins. The Company has entered into an option agreement to acquire a working interest in the Bajo Guanaco block, located within the profiled Vaca Muerta shale oil and gas play.

Leandro Carbone, CEO of Interoil, said:

Our accelerated growth strategy will provide up to 270% equity production growth already in 2022. These are very profitable barrels in today’s oil and gas price environment. But we have even higher ambitions. With the supplement opportunities in our M&A pipeline and the rise of our portfolio in Colombia, Interoil is strongly positioned to further accelerate the growth of its production. Our industry has an important role to play in delivering reliable and safe energy more than ever. It requires investment, and the accelerated growth strategy is our answer.”

The Company will broadcast a webinar for investors on June 16, 2022 at 2:00 p.m. (CEST). Leandro Carbone (CEO) will make a brief presentation of the Company’s accelerated growth strategy, followed by a Q&A session. The Company invites all interested investors to join the online event by registering via this link: https://channel.royalcast.com/landingpage/interoil/20220616_1/

Sharing problem
The Company announces an offering of new shares of the Company with gross proceeds of up to NOK 30 million. The issue of shares is intended for Norwegian investors and international institutional investors in accordance with applicable exemptions from applicable registration, filing and prospectus requirements, and subject to other applicable selling restrictions.

The minimum subscription amount for the issue of shares will be NOK 10,000. The Issue of Shares will be governed by a national prospectus registered in Norway (the “Prospectus”).

The net proceeds from the share issue will be used to partially fund the company’s growth strategy. The Company decided that the best alternative was to raise the necessary funds to execute its growth strategy through the issuance of shares.

The subscription price for the Issue of Shares is set at NOK 1.30 per share. This price was calculated based on a 90-day volume-weighted average price, plus a 34% discount, as of the close of business on June 13, 2022. The application period begins on June 16, 2022 at 9:00 a.m. (CEST) and will close on July 1, 2022 at 4:30 p.m. (CEST). The Company reserves the right to close or extend the application period at any time, at its sole discretion, on short notice.

Instructions on how to submit requests for the issue of shares, as well as the expected timetable for the settlement and delivery of shares will be published by the Company in the Prospectus before the start of the subscription period. Prior to the start of the subscription period, the Company will also publish a separate announcement informing investors how to access the Prospectus. The final allocation will be made at the discretion of the Board.

Completion of the share issue is subject to Board approval. The company has considered the issue of shares in light of equal treatment obligations under the Norwegian Securities Act and equal treatment rules under the Oslo II Regulation for companies listed on the Oslo Stock Exchange and the Oslo Stock Exchange Guidelines on Equal Treatment Rule, and the Board is of the opinion that the Proposed Transaction complies with these requirements and guidelines. Considering the expected time, cost and terms of alternative methods of obtaining the desired financing, the Board has concluded that offering new shares through a share issue on terms acceptable at this stage is within the common interest of the Company’s shareholders.

Advokatfirmaet Schjødt AS acts as legal adviser to the Company in connection with the Issue of Shares.

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Please direct any additional questions to [email protected]

Registration for the webinar on June 16 at 2:00 p.m. CEST: https://channel.royalcast.com/landingpage/interoil/20220616_1/

Interoil Exploration and Production ASA is a Norway-based exploration and production company listed on the Oslo Stock Exchange with a focus on Latin America. The Company is the operator and licensee of several production and exploration assets in Colombia and Argentina, headquartered in Oslo.

This notice contains information that is considered inside information under the European Market Abuse Regulation. The notice was published by Mr. Geir Arne Drangeid (Partner and Senior Advisor, First House AS) at 5:20 p.m. CEST on June 14, 2022.

The notice is subject to the disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Act.