First Quarter 2010 Presentation Tom Wolden Managing Director Wilhelm Matheson Chief Financial Officer
DISCLAIMER This presentation includes forward looking statements regarding InterOil Exploration & Production ASA, which are subject to various risks, uncertainties and other factors that could cause actual results to differ from the…
AGENDA 1. Highlights 2. Financial Data 3. Operational Development & Plans 2010 Peru Colombia Angola Ghana 4. 2010 Outlook 5. Q&As 3
Q1 HIGHLIGHTS Operational Highlights: WI production of 594155 bbl in Q1 Total production in Q1 decreased by 5% since Q4 2009 Signed agreement with Colombian drilling contractor to drill a minimum of two exploration wells on…
INTEROIL IN BRIEF Peru Colombia Group HIGHLIGHTS Production boe/day 4248 2136 6384 Drilling of more than 60 wells in Reserves Mmboe Peru and 25 in Colombia since 2006 P1 8.2 4.9 13.1 P2 8.7 6.3 15.0 All wells, except four,…
Q1 FINANCIAL RESULTS UNAUDITED Figures in USD millions Q1 2010 Q1 2009 Q4 2009 FY 2009 Production, before royalties (boe) 594155 780946 627120 2729691 Production, net of royalties (boe) 385967 545375 409213 1811684 Sales (boe) 342946…
REVENUES AND PRODUCTION Average quarterly production decreased by 5% since last quarter Revenue decreased by 15% since Q4 2009 Realized average oil price of USD 73.9 per barrel increased by 2% since Q4 2009 Normalized EBITDA…
CURRENT CASH POSITION Cash flow Q1 2010 (USD million) Cash position of USD 11.0 million decreased by USD 2.4 million since prior quarter 18 2.2 (4.6) 16 Cash position decreased due to: 13.4 Lower sales due to decreased…
STATUS REFINANCING Working to refinance all debt in Interoil ASA Final round of negotiations on bank financing in Peru and Colombia for up to USD 120 million Proceeds to be used to repay Secured Bonds USD 60 million approved by…
AGENDA 1. Highlights 2. InterOil In Brief 3. Financial Data 4. Operational Development & Plans 2010 Colombia Peru Angola Ghana 5. 2010 Outlook 6. Q&As 10
OPERATIONS UPDATE PERU Peruvian assets 11
PERU HIGHLIGHTS Started the drilling of two new wells at the end of Q1 Both wells encountered oil and the first well produce around 200 bopd The second well was drilled as an exploration well and discovered a separate structure…
BLOCK III: 2010 WELL PROGRAM Wells planned to be drilled 2010 Existing wells 2 1 Block III South Salina Mogollon Top 12th Sand Depth Map 13
BLOCK IV: 2010 WELL PROGRAM (Bronco Area) Wells planned to be drilled 2010 Existing wells 14
COLOMBIA HIGHLIGHTS No new wells drilled in Q1 10% of Altair exploration license traded against the drilling of at least two exploration wells with the Colombian drilling contractor Erazo Valencia SA Started the drilling of…
ALTAIR EXPLORATION LICENSE IN LANOS BASIN Exploration Block Altair Prospective 27 MMb Resources 1st Investment Phase 18 Months starts Nov. 08 3D Seismic 1 well Cost per well 4.5 MMUSD Llianos savannah Corporate Tax 33% Royalty 8.0%…
ALTAIR RIG DEAL Deal signed with major Colombian drilling contractor Erazo Valencia S.A. Drilling contractor will receive 10% of the Altair license against the drilling and testing of minimum two exploration wells at their cost…
ALTAIR PROSPECTIVE TREND A B Altair 1 Prospective trend A B 20
ALTAIR-1 PRELIMINARY RESULTS Spud date 2nd April. Reached total depth of 7,206 ft (MD) and 6,743 ft (TVD) and terminated in economic basement Encountered good oil shows in C-5, C-7 and Guadelope formation 17ft of net pay in a good…
DEVELOPMENT PROGRAM 2010 22
MANA Main Structures & Remaining Prospectivity 2 km remaining prospectivity Ambrosia Reserve Workover Drilling Total Category Location Mana-N PUD 0 15 15 PROB 0 4 4 Toqui ChicoralToqui Toqui POSS 0 2 2 Unrisked 0 18…
WEST AFRICAN ASSETS InterOil is working diligently to find a strategic partner or to sell the West African assets Further investments is depending on having a partner in place InterOil was not able to meet all cash call…
AGENDA 1. Highlights 2. InterOil In Brief 3. Financial Data 4. Operational Development & Plans 2010 Peru Colombia Angola Ghana 5. 2010 Outlook 6. Q&As 25
OPERATIONAL OUTLOOK & SUMMARY Production guidance 2010: 8500 - 9500 bopd Current drilling plan 2010 Colombia: 6 production/appraisal wells in Mana and Rio Opia and two exploration wells in Altair Production estimate of 2-300…
PRODUCTION GUIDANCE AND CAPEX Production boe/day Target of 8500 - 9500 boe/day in 2010 from 16000 Average Daily Production WI, per year current concessions in Latin America Production Latin America 14000 All infrastructure in…
INTEROIL E&P ASA STRANDVEIEN 50 N-1366 LYSAKER NORWAY T +47 6751 8650 F +47 6751 8660 Q&A - Thank you for your attention INFOINTEROIL.NO WWW.INTEROIL.NO VISIT US 28
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