Oslo, 18 July 2023

Interoil Exploration and Production ASA (the "Company") has today requested Nordic Trustee AS to summon for a bondholders' written resolution (the "Summons") for the Company's senior secured callable bonds with ISIN NO 001 0729908 (the "Bonds").

The purpose of the written resolution is to approve a proposal to amend the bond terms regarding the settlement of the interest payment on the Bonds falling due on 31 July 2023 (the "July Interest Payment"). The Company wishes to settle the full July Interest Payment in kind by issuing and delivering additional Bonds (the "July PIK Bonds") with terms and conditions substantially equal to those of the outstanding Bonds. Provided that bondholders approve the issuance of the July PIK Bonds, the Company is offering that the interest rate for all outstanding Bonds (from and including 31 July 2023), shall be increased from seven point fifty per cent (7.50%) to eight point fifty per cent (8.50%).

For further background and details of the proposed resolution, please see the attached Summons.

The proposed resolution will be passed if a simple majority of the voting bonds vote in favor of the proposed resolution prior to the expiry of the voting period. The voting period shall expire ten (10) business days after the date of the Summons, i.e., at 5 pm Oslo time on 1 August 2023.

Please direct any further questions to: ir@interoil.no

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