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14 June 2022

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

The Company will invest in organic growth by re-opening shut-in wells in its Santa Cruz portfolio, Mata Magallanes Oeste (“MMO”) and La Brea. Further, the Company has developed a deal pipeline which will allow the Company 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 direct interest in the Bajo Guanaco block, located in the profilic Vaca Muerta shale oil and gas play.

Leandro Carbone, CEO of Interoil, commented:

“Our accelerated growth strategy will deliver up to 270% equity production growth already in 2022. These are highly profitable barrels in the current oil and gas price context. But we have even higher ambitions. With the additional opportunities in our M&A pipeline and the upside in our portfolio in Colombia, Interoil is strongly positioned to further accelerate its production growth. Our industry has an important role to play in delivering reliable, secure energy now more than ever. This requires investment, and the accelerated growth strategy is our response.”

The Company will be streaming an investor webinar on 16 June 2022 at 14:00 (CEST). Leandro Carbone (CEO) will provide 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/

Share Issue
The Company is announcing an offering of new shares in the Company with gross proceeds of up to NOK 30 million. The Share Issue is directed towards Norwegian investors and international institutional investors pursuant to and in compliance with applicable exemptions from relevant registration, filing and prospectus requirements, and subject to other applicable selling restrictions.

The minimum subscription amount in the Share Issue will be NOK 10,000. The Share Issue will be governed by a national prospectus registered in Norway (the "Prospectus").

The net proceeds from the Share Issue will be used for partially funding the Company´s growth strategy. The Company decided that the best alternative is to raise the necessary funding to execute its growth strategy through the Share Issue.

The subscription price in the Share Issue is established at NOK 1.30 per share. This price was calculated on the basis of a 90-day, volume-weighted average price plus a 34 percent discount, as of close of business 13 June, 2022. The application period commences on 16 June 2022 at 09:00 (CEST) and will close on 1 July 2022 at 16:30 hours (CEST). The Company reserves the right to close or extend the application period at any time at its sole discretion, at short notice.

Instructions on how to submit applications in the Share Issue, as well as expected timeline for settlement and delivery of shares will be published by the Company in the Prospectus prior to the commencement of the application period. The Company will prior to commencement of the application period also publish a separate announcement informing investors on how to access the Prospectus. The final allocation will be made at the discretion of the Board.

The completion of the Share Issue is conditional upon approval by the Board. The Company has considered the Share Issue in light of the equal treatment obligations under the Norwegian Securities Trading Act and the rules on equal treatment under Oslo Rule Book II for companies listed on the Oslo Stock Exchange and the Oslo Stock Exchange's Guidelines on the rule of equal treatment, and the Board is of the opinion that the contemplated transaction is in compliance with these requirements and guidelines. Taking into consideration the time, costs and expected terms of alternative methods of the securing the desired funding, the Board has concluded that offering new shares in a Share Issue on acceptable terms at this time is in the common interest of the shareholders of the Company.

Advokatfirmaet Schjødt AS is acting as legal advisor to the Company in connection with the Share Issue.

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Please direct further questions to ir@interoil.no

Registration for the webinar on 16 June at 14:00 CEST: https://channel.royalcast.com/landingpage/interoil/20220616_1/

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 and license holder of several production and exploration assets in Colombia and Argentina with headquarter 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 17:20 CEST on 14 June 2022.

The notice is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.