The reserves of InterOil Exploration & Production ASA ("InterOil") are located in Peru and Colombia. As of 31 December, 2011, InterOil's proven reserves ("1P") are 6.2 million barrels of oil equivalent ("mmboe"), the 2P reserves are 7.2 mmboe and the 3P reserves are 7.8. This represents a decrease of 4.7 mmboe of the 1P, a decrease of 5.5 mmboe of the 2P reserves and a decrease of 5.7 mmboe of the 3P reserves compared to 31 December, 2010.
The equity production in 2011 amounted to 2.4 mmboe as compared to 2.2 mmboe for 2010; nevertheless the proved developed reserves decreased by only 1.4 mmboe to 4.1 mmboe, due to development drilling in both Peru and Colombia.
The decrease in total reserves was mainly caused by production and the transfer to post license contingent resources.
The reserves have been estimated and classified according to the "Petroleum Resources Management System", developed and approved in March 2007 jointly by the Society of Petroleum Engineers, World Petroleum Council, American Society of Petroleum Geologists and Society of Petroleum Evaluations Engineers, here after referred to as the "SPE PRMS"1 and have been audited by the independent petroleum engineering firm of Gaffney, Cline & Associates Inc. The corresponding audit reports are attached in the Annual Statement of Reserves (ASR).
This annual statement of reserves has been prepared according to the guidelines issued by the Oslo Børs in Circular No. 9/2009 of 17 December 2009.
For further information regarding InterOil's reserves, please see the Annual Statement of Reserves (ASR) for 2011 enclosed.
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InterOil Exploration & 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 Peru, Colombia and Ghana. InterOil currently employs approximately 250 people and is headquartered in Oslo.