InterOil Exploration and Production ASA (DE:1ZD0) has released an update.
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InterOil Exploration and Production ASA’s Colombian subsidiary, ICEP, has negotiated a partial termination of its exploration and production contract for the LLA-47 block in Colombia due to persistent community opposition, which has halted exploration activities. The termination means ICEP will avoid penalties or the need to fulfill outstanding exploratory commitments, including the drilling of nine wells valued at $27 million. A similar total termination is expected for the neighboring Altair block, with ICEP also being released from a commitment to drill one exploration well valued at $3 million.
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