Interoil successfully completes acquisition of an additional participation in Santa Cruz concessions
27 Junio 2023 - 4:45PM
Interoil successfully completes acquisition of an additional
participation in Santa Cruz concessions
Oslo, 27 June 2023
Interoil Exploration and Production ASA (the "Company" or "IOX")
is pleased to announce that it has successfully completed the
acquisition of (i) a 42.69 % participating interest in and to five
exploitation concessions located in the Province of Santa Cruz,
Argentina, namely CA-1 “Campo Bremen”, CA-4 “Moy Aike”, CA-6
“Chorrillos”, CA-10 “Palermo Aike” and CA-9 “Océano” (the
“Exploitation Concessions’), and the related joint venture, and
(ii) a 62.39% interest in and to the transport concession (the
“Transport Concession”) on the Océano area (the “Acquisition”, and
the purchased interest and assets, the “Acquired Interest and
Assets”). The Acquired Interest and Assets has been
assigned to and shall be hold by the Argentine subsidiary of the
Company, Interoil Argentina S.A. (“IASA”).
The Acquired Interests and Assets in the Exploitation
Concessions add up to the 8.34% that the Company already holds
through IASA in the Exploitation Concessions and the related joint
venture where IASA serves as operator. As a result of the
Acquisition, IASA shall own an aggregate of 51.03% in the
Exploitation Concessions and shall continue to serve as
operator.
The Acquisition has been made pursuant to the terms and
conditions of a Purchase and Sale Agreement (the "PSA") entered
into by and among Interoil and the Argentine company Selva María
Oil S.A. (“SMO”, and with Interoil each a “Buyer” and together the
“Buyers”) and Echo Energy Plc (“Echo”) and its subsidiaries Eco
Energy CDL OP Ltd. and Eco Energy TA OP Ltd. (both such
subsidiaries together with Echo, the “Sellers”). The Acquisition
represents the consummation of the transactions contemplated by the
PSA, pursuant to the announcements made by the Company on May 9th,
and May 26th, 2023.
In consideration for the Acquisition of the Acquired Interest
and Assets the Company has paid a fixed cash consideration equal to
GBP 825,000.
In addition, as part of the closing of the transaction, the
Board of Directors of the Company has resolved to issue 4,824,591
shares to Echo at a subscription price of NOK 1.15 per share as
payment in kind of GBP 400,000 of the purchase price of the
Acquisition. Once the share capital increase related to the
issuance of these shares has been registered with the Norwegian
Register of Business Enterprises, the new share capital of Interoil
Exploration and Production ASA will be NOK 100,672,137, divided
into 201,304,274 shares, each with a par value of NOK 0.50.
Additionally, the Company has subscribed Echo shares for an
aggregate amount GBP 75,000, at a value of 0.065GBP per Echo
share.
For a term of 6 month from Closing, Echo will also retain an
option to repurchase a 5% interest in the joint venture and related
assets for a consideration of £ 100,000.
The Acquisition is lined with an announced strategy of growth
through purchases of interests in producing assets, in addition to
organic development. In practice, the Acquisition consolidates a
majority position in the Santa Cruz concessions both by increasing
the interests in the Exploitation Concessions, as well as by giving
a new and majority participation in the Transport Concession. The
transaction also entails a growth in the equity production share of
the Company in the exploitation activities which, based on the
monthly production report of May 2023, represents an increase in
the share of flowing production from the Santa Cruz Sur assets that
adds to the previous equity share around 570 boepd (67 bopd of oil
plus 503 boepd of gas) material equity production.
Please direct any further questions to: 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 of
several production and exploration assets in Colombia and
Argentina. Interoil currently employs approximately 50 people and
is headquartered in Oslo.
This notice contains information which is considered inside
information pursuant to the European Market Abuse Regulation. The
notice has been published by Mr. Geir Arne Drangeid (Partner and
Senior Advisor, First House AS) at 23:45 CEST on 27 June 2023.
This information is subject to the disclosure requirements
pursuant to section 5 -12 of the Norwegian Securities Trading
Act.
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